Current Affairs March 2026

Daily Current Affairs Quiz
28 February, 2026

National Affairs

1. INS Anjadip Commissioned

Source: TOI

Why in News?

The Indian Navy commissioned INS Anjadip, the fourth indigenously designed Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), at Chennai Port.

Key Details

• Commissioned by Chief of Naval Staff Admiral Dinesh K. Tripathi.
• Built by Garden Reach Shipbuilders & Engineers (GRSE) at Kattupalli.
• Length: 77 metres.
• Named after the historic Anjadip Island near Karwar.

Capabilities and Features

• Designed to detect, track and neutralise enemy submarines in coastal and shallow waters.
• Equipped with:
  • Shallow-water sonars
  • Lightweight torpedoes
  • Anti-submarine rockets
  • Advanced combat management system
• Suitable for:
  • Coastal surveillance
  • Low-intensity maritime operations
  • Search and rescue missions

2. Rail Tech Policy

Source: TOI

Why in News?

The Ministry of Railways launched the Rail Tech Policy along with a dedicated Rail Tech Portal. The initiative aims to involve startups and innovators in solving railway challenges through technology.

About Rail Tech Policy

• A technology-driven innovation framework of Indian Railways.
• Provides a structured platform for startups, industry, researchers, and innovators to develop and test technological solutions for railway operations.

Ministry: Ministry of Railways, Government of India.

Objectives

• Transform Indian Railways into a technology-enabled and innovation-led transport system.
• Promote adoption of:
  • Artificial Intelligence (AI)
  • Automation
  • Data analytics
  • Digital systems
• Improve safety, maintenance, and operational efficiency.

Key Features

Rail Tech Portal

• 24×7 digital platform inviting innovative ideas and solutions.
• Facilitates proposal submission, evaluation, and pilot implementation.

Innovation Challenges

Focus on emerging technological solutions such as:

• AI-based monitoring systems
• Drone-based rail inspection
• Rail stress and track monitoring
• Sensor-based predictive maintenance

Safety Priority

• Highest priority given to startup solutions related to railway safety.

3. ASTraM – Actionable Intelligence for Sustainable Traffic Management

Source: The Hindu

Why in News?

Former Dutch Prime Minister Dick Schoof visited the Bengaluru Traffic Management Centre to study the ASTraM system, which has drawn global attention for its AI-based traffic prediction and management capabilities.

About ASTraM

• An AI-driven big data platform for macro-level traffic management.
• Provides city authorities with real-time, integrated situational awareness of traffic conditions.
• Goes beyond GPS navigation by enabling predictive and strategic traffic control.

Developed By

• Bengaluru Traffic Police in collaboration with Arcadis, a Dutch design and consultancy firm.

Objective

• Shift traffic management from a reactive approach to a proactive, data-driven system.
• Reduce congestion and improve road safety.
• Enable faster and automated incident detection and response.

4. India’s Young Adults Rank 60th in Global Mental Health Report

Source: IE

In February 2026, US-based NGO Sapien Labs released its report titled
“Global Mind Health in 2025: Mind Health – The Ability to Navigate Life’s Challenges and Function Productively.”

India’s Ranking

• Youth (18–34 years):
  • Rank: 60th out of 84 countries
  • Mind Health Quotient (MHQ) Score: 33
• Older Adults (55+ years):
  • Rank: 49th globally
  • MHQ Score: 96

Observation: Older Indians perform significantly better in mental health indicators compared to young adults.

About the Global Mind Health 2025 Report

Methodology

Countries are ranked using the Mind Health Quotient (MHQ), which measures:

• Emotional capacity
• Social functioning
• Cognitive abilities
• Physical well-being

Global Findings

• Global Average MHQ Score: 66
• Adults 55+ years:
  • Average MHQ: 101
  • Nearly 10% face clinically major mental health challenges
• Youth (18–34 years):
  • Average MHQ: 36
  • 41% experience clinically major mental health issues

Top Performing Countries

Youth (18–34 years)

1. Ghana
2. Nigeria
3. Kenya and Zimbabwe

Adults (55+ years)

1. Indonesia
2. El Salvador
3. Ghana and Mexico

5. India’s First State Innovation Mission (SIM) Launched in Tripura

Source: PIB

Context:

Launched by Dr. Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science & Technology.

• Venue: Hapania International Exhibition Center, Agartala, Tripura.
• Northeast described as the “New Engine of India’s Growth.”

About State Innovation Mission (SIM)

• First State-level innovation mission in India.
• Part of Atal Innovation Mission (AIM) 2.0.
• Implemented under NITI Aayog’s State Support Mission (SSM).
• Purpose:
  • Build strong and inclusive innovation ecosystems in States and UTs.
  • Align innovation with national priorities and local capabilities.
  • Provide long-term institutional support for innovation-led development.

Other Key Launches in Tripura

• T-NEST (Tripura: Nurturing Entrepreneurship and Startups)
  • First premier incubation and innovation hub of Tripura.
  • Focus on startup promotion and entrepreneurship development.
• District Innovator Fellowship (DIF)
  • Among India’s first district-level innovation fellowship programmes.
  • Identifies grassroots innovators and supports them through structured lifecycle mentoring.
• Upcoming AI Policy
  • Tripura announced plans to introduce a state Artificial Intelligence policy.

Banking/Finance

1. New GDP Series (Base Year FY23)

Source: IE

Why in News?

The Ministry of Statistics and Programme Implementation (MoSPI) has revised India’s national accounts. GDP base year shifted from 2011–12 to 2022–23 to improve accuracy and align with global statistical standards.

What is GDP Base Year?

• A base year is a reference year used to calculate Real GDP by removing inflation effects.
• It reflects a year with relatively stable prices and economic structure.
• Helps measure actual growth in output and production, not just price changes.

New Base Year

• Earlier base year: 2011–12
• Revised base year: 2022–23 (FY23)
• Updated periodically to align with the System of National Accounts (SNA).

Objective of the Revision

• Reflect modern economic structure and consumption patterns.
• Capture growth of digital economy and new industries.
• Improve measurement of informal and gig sectors.
• Align with global statistical best practices.

Key Methodological Changes

Advanced Inflation Adjustment (Deflation)

• Number of price indicators increased significantly (approx. 180 → 600).
• Sector-specific price indices replace broad economy-wide deflators.
• Double deflation introduced in manufacturing and agriculture:
  • Inputs and outputs deflated separately.
  • Prevents raw material price changes from appearing as production growth.

Better Measurement of Informal & Household Sector

• Uses updated annual data instead of outdated proxies.
• Data sources include:
  • Annual Survey of Unincorporated Sector Enterprise (ASUSE)
  • Periodic Labour Force Survey (PLFS)
• Explicit tracking of gig and platform workers.

Integration of Big Data & Administrative Sources

• GST data used to verify corporate activity and regional output.
• e-Vahan data for transport sector estimation.
• Public Finance Management System (PFMS) for real-time government spending.

Improved Structural Consistency

• Supply and Use Tables (SUT) reconcile production and expenditure estimates.
• Reduces statistical discrepancies in GDP calculations.

Refined Consumption Estimation

• Private Final Consumption Expenditure (PFCE) estimated using:
  • Survey data
  • Commodity flow approach
  • Production data
• Based on global COICOP 2018 classification.

Improved Quarterly Estimates

• Proportional Denton method used to smooth quarterly data.
• Removes artificial spikes in short-term growth numbers.

2. New GDP Series Upgrades FY26 Growth to 7.6%

Source: TOI

Why in News?

The Government released Second Advance Estimates of GDP based on the new national accounts series. India’s GDP growth for FY 2025–26 is now estimated at 7.6%, higher than earlier projections.

Key Highlights:

• FY 2025–26 GDP growth revised to 7.6%.
• Earlier First Advance Estimate (January): 7.4% (based on old series).
• New GDP series includes:
  • Updated base year: 2022–23 (earlier 2011–12).
  • Improved methodologies.
  • Additional data sources for better accuracy and granularity.

Revisions to Previous Years

• FY 2023–24 growth revised down:
  • From 9.2% (old series) → 7.2% (new series)
• FY 2024–25 growth revised up:
  • From 6.5% → 7.1%

Nominal GDP Impact

• Nominal GDP (size of the economy) revised downward for 2023–26.
• This may worsen key fiscal indicators such as:
  • Fiscal deficit-to-GDP ratio
  • Debt-to-GDP ratio

3. MSME Ministry Upgrades NSIC to Schedule ‘A’ Category CPSE

Source: PIB

Why in News?

• The Ministry of MSME has upgraded the National Small Industries Corporation (NSIC) to Schedule ‘A’ status from Schedule ‘B’.
• The move recognises NSIC’s consistent “Excellent” performance and growing operational scale.

About Central Public Sector Enterprises (CPSEs)

• Companies in which the Central Government holds 51% or more equity.
• Operate in sectors such as infrastructure, manufacturing, finance, energy, and services.

Governing Framework

• Incorporation:
  • Companies Act, 2013 (or earlier 1956 Act), or
  • Established as statutory corporations through Acts of Parliament.
• Administrative Authority:
  • Department of Public Enterprises (DPE), Ministry of Finance.

History of Categorisation

• Introduced in 1965 following recommendations of the Committee on Top Posts.
• Purpose: Create hierarchy among CPSEs for:
  • Pay scale determination
  • Board-level executive ranking
  • Governance structure

Four Schedules of CPSEs

Schedule A

• Highest tier.
• Large enterprises with major national and strategic importance.

Schedule B

• Mid-sized enterprises.

Schedule C

• Smaller enterprises or niche operations.

Schedule D

• Smallest tier; often for newly established CPSEs.

Basis of Categorisation

Quantitative Criteria

• Investment
• Capital employed
• Net sales
• Profit before tax
• Number of employees
  (Performance assessed over last five years)

Qualitative Criteria

• National importance
• Technological complexity
• Strategic significance
• Expansion potential

Implications of Schedule ‘A’ Status

• Higher Industrial Dearness Allowance (IDA) pay scales for CMD and Directors.
• Stronger board structure.
• Greater operational and strategic recognition.
• Enhanced institutional stature.

Agriculture

1. Women’s Role in Agriculture Shifting from Drudgery to Systematic Work

Source: TH

Why in News?

At the 5th Agri and Commodity Summit in New Delhi, the Agriculture Secretary highlighted that women’s role in agriculture is evolving from manual labour to more organised and systematic participation.

Key Observations

• Women’s participation in agriculture is becoming more structured and professional.
• Changes in land ownership laws across many states have enabled more women to own agricultural land.
• Increasing number of women joining Farmer Producer Organisations (FPOs).
• Women constitute nearly 50% of the rural agricultural workforce.

Structural Challenges

• Many women still lack formal recognition as farmers.
• Around 50–70% of women farmers do not hold land titles in their names.
• Limited access to markets, finance, and value-chain opportunities.
• Need for improved basic amenities and institutional support.

Economic Role of Women

• Women play a crucial role in dairying, which has grown larger in value than grains and pulses.
• Strong involvement in nutrition, food security, and household welfare.
• Increasing contribution through Self-Help Groups (SHGs) and rural entrepreneurship.

Policy and Institutional Suggestions

• Formal recognition of women as farmers.
• Greater access to land ownership and financial services.
• Support for women to move up the agricultural value chain.
• Better market linkages and structured support for SHGs.

Facts To Remember

1. Fiscal deficit at 63% of full-year target: CGA

The Centre’s fiscal deficit at the end of January stood at ₹9.8 lakh crore, or 63% of the annual budget target for 2025-26, compared with 74.5% in the year-ago period, government data released on Friday showed.

2. Rail Tech Policy and e-RCT System Launched by Ashwini Vaishnaw

Union Minister Ashwini Vaishnaw launched the Rail Tech Policy and full digitisation of the Railway Claims Tribunal under the ‘52 Reforms in 52 Weeks’ initiative.
The policy aims to promote innovation by engaging startups, industry, and research institutions in railway technology.
A dedicated RailTech Portal will enable end-to-end digital proposal submission.
Indian Railways will fund up to 50% of development costs and support large-scale adoption of successful solutions.

3. India’s First State Innovation Mission Launched in Tripura

Union Minister Jitendra Singh launched India’s first State Innovation Mission (SIM) in Tripura under Atal Innovation Mission 2.0.
The mission aims to build inclusive and state-specific innovation ecosystems across states and UTs.
It will support startups, grassroots innovators, and research-driven development.
The initiative also aligns with strengthening innovation capacity in the Northeast region.

4. NSIC Upgraded to Schedule ‘A’ CPSE by MoMSME

The Ministry of MSME upgraded National Small Industries Corporation from Schedule ‘B’ to Schedule ‘A’ CPSE status in February 2026.
The upgrade provides greater financial and operational autonomy to support MSMEs.
NSIC plays a key role in credit facilitation, marketing support, and enterprise development.
The move recognises its strong performance and contribution to the MSME ecosystem.

5. India–Sweden Sign SoI to Strengthen AI and Digital Cooperation

India AI Mission signed a Statement of Intent with Business Sweden at the India AI Impact Summit 2026.
The partnership will promote responsible AI development and deployment.
Both countries will launch the Sweden-India Technology and AI Corridor (SITAC) programme.
It will enhance collaboration among governments, startups, academia, and industries.

6. NMDC and IIT Hyderabad Sign MoU for Indigenous Mining Technologies

NMDC Limited signed an MoU with IIT Hyderabad to boost research in mining and metallurgical technologies.
The collaboration focuses on green steelmaking, iron ore beneficiation, and Mining 4.0 solutions.
It will promote AI, IoT, autonomous vehicles, and drone-based mining systems.
The initiative supports Atmanirbhar Bharat and sustainable mining development.

7. Ministry of Culture Signs MoU with FICCI for Cultural & Creative Economy

The Ministry of Culture signed an MoU with FICCI to develop a national strategy for the Cultural and Creative Economy.
The agreement aims to integrate culture with economic policy and promote entrepreneurship.
It will enhance global market access and employment opportunities for artists and artisans.
The collaboration covers sectors like crafts, media, design, tourism, and heritage.

8. UIDAI Partners with Google to Show Verified Aadhaar Centres on Maps

UIDAI collaborated with Google to display authorised Aadhaar Centres on Google Maps.
The initiative will improve accessibility and transparency in Aadhaar services.
Over 60,000 Aadhaar Centres, including Aadhaar Seva Kendras, will be covered in phases.
It will also enable service details, feedback, and future appointment booking features.

9. India’s Young Adults Rank 60th in Global Mind Health Report 2025

Sapien Labs’ Global Mind Health Report 2025 ranked India’s young adults (18–34) 60th out of 84 countries.
India recorded a Mind Health Quotient (MHQ) score of 33 among youth.
Older adults (55+) performed better with a higher global ranking.
The report highlights growing mental health challenges among young populations worldwide.

10. Børge Brende Resigns as WEF President and CEO

Børge Brende resigned as President and CEO of the World Economic Forum in February 2026.
Alois Zwinggi was appointed as the interim President and CEO.
Brende had led the WEF since 2017 with a focus on global economic cooperation.
He is a former Norwegian Foreign Minister and diplomat.

11. RBI Approves SBI MF to Acquire Up to 9.99% Stake in RBL Bank and Bandhan Bank

The Reserve Bank of India approved SBI Mutual Fund to acquire up to 9.99% stake in RBL Bank and Bandhan Bank.
The acquisition must be completed within one year and comply with regulatory norms.
Fresh approval will be required if the stake falls below 5% and is raised again.
The move ensures transparent ownership and financial stability in the banking sector.

12. Facebook Overseas Acquires 30% Stake in REIL

Facebook Overseas acquired a 30% stake in Reliance Enterprise Intelligence Limited (REIL) for Rs.256.6 crore.
REIL focuses on enterprise Artificial Intelligence solutions and digital infrastructure.
Reliance Intelligence will retain 70% ownership after the transaction.
The deal was disclosed under SEBI’s listing regulations.

13. Veteran CPI Leader R. Nallakannu Passed Away

Veteran communist leader R. Nallakannu passed away at the age of 101 in Chennai.
He was a freedom struggle participant and a prominent leader of the Communist Party of India.
He strongly advocated for farmers’ rights, land reforms, and social justice.
His legacy includes decades of grassroots activism and public service.

14. World NGO Day 2026 Observed on 27 February

World NGO Day is observed globally on 27 February to recognise the role of NGOs in social welfare and development.
The 2026 observance marked the 13th edition of the global event.
It highlights contributions of non-profits in human rights, inclusion, and sustainability.
The day was founded in 2009 and first celebrated globally in 2014.

15. Rare Disease Day 2026 Observed on 28 February

Rare Disease Day is observed annually on the last day of February to raise awareness about rare conditions.
The 2026 theme is “More than you can imagine: the realities behind rare diseases”.
The campaign promotes research, healthcare access, and policy support.
It was first launched in 2008 by EURORDIS and is now observed in over 100 countries.

15. Chhattisgarh Presents ₹1.72 Lakh Crore Budget for FY27

Finance Minister O. P. Chaudhary presented the ₹1.72 lakh crore FY27 Budget in the state assembly.
The budget focuses on Bastar development, education, agriculture, and industry.
Capital expenditure is estimated at ₹26,500 crore with a fiscal deficit of 2.87% of GSDP.
Social sector received the highest allocation with emphasis on inclusive growth.

16. Sikkim Renames Pakyong Airport After Trilochan Pokhrel

Pakyong Airport will be renamed after freedom fighter Trilochan Pokhrel.
The announcement was made by Chief Minister Prem Singh Tamang in February 2026.
Pokhrel, known as ‘Gandhi Pokhrel’, contributed to India’s freedom movement.
The airport was inaugurated in 2018 as India’s 100th operational airport.

17. Delhi Launches ‘CM Jansunwai Portal’ for Grievance Redressal

Delhi CM Rekha Gupta launched the CM Jansunwai Portal to strengthen public grievance redressal.
The platform centralises complaints across departments with digital tracking.
Citizens can submit grievances via portal, app, helpline, and offline channels.
It features a three-tier mechanism for faster resolution and transparency.

Daily Current Affairs Quiz
01 & 02 March, 2026

International Affairs

1. Pakistan–Afghanistan War

Context:

Tensions between Pakistan and Afghanistan have reportedly escalated into a major military confrontation following Pakistan’s launch of Operation Ghazab lil-Haq, marking one of the most serious crises between the two neighbours in recent years.

What is the Conflict About?

The present escalation represents a shift from:

• Sporadic border skirmishes
• Diplomatic tensions
• Proxy accusations

to a more conventional military confrontation, involving:

• Air force strikes
• Heavy artillery
• Armoured units

The fighting is primarily between the Pakistan Armed Forces and the Afghan Taliban authorities.

Region of Tension

1. The Durand Line

The conflict centres around the Durand Line, a 2,640 km porous border between the two countries.
Afghanistan has historically refused to formally recognise it as an international boundary.

2. Key Flashpoints

• Torkham Border Crossing (major trade and transit route)
• Kandahar (Taliban stronghold)
• Paktia Province
• Reports indicate airstrikes extending towards Kabul

Core Points of Conflict

Cross-Border Terrorism

Pakistan accuses the Afghan Taliban of providing sanctuary to the Tehrik-i-Taliban Pakistan (TTP), which has carried out attacks inside Pakistan.

Border Fencing Dispute

Pakistan has attempted to fence the Durand Line.
The Taliban opposes this, leading to frequent armed clashes.

Operation Launched

Operation Ghazab lil-Haq

Launched by Pakistan with the stated objective of:

• Neutralising Afghan combatants
• Destroying militant infrastructure
• Securing border areas

National Affairs

1. PM Launches Micron ATMP Semiconductor Plant in Gujarat

Source: News on Air

Prime Minister Narendra Modi inaugurated Micron Technology Inc.’s Assembly, Test, Marking and Packaging (ATMP) semiconductor facility in Sanand, Gujarat — a major milestone in India’s semiconductor manufacturing push.

What is the ATMP Plant?

An ATMP (Assembly, Test, Marking and Packaging) facility:

• Packages semiconductor chips after fabrication (which occurs elsewhere).
• Converts advanced DRAM and NAND wafers into finished memory and storage products.
• Prepares chips for use in electronics, data centres, AI systems, and mobile devices.

This marks one of India’s first large-scale semiconductor packaging units.

Government Support

The project has received strong public backing under the India Semiconductor Mission:

• 50% capital subsidy from the Union Government (around ₹22,516 crore support).
• 20% additional support from the Gujarat Government.

2. Government Bank Dashboard & Manual Initiative

Source: ET

The Controller General of Accounts (CGA), under the Government of India, has launched the Government Bank Dashboard and Government Bank Manual to modernise oversight of government banking operations.

What is the Initiative?

It is a dual reform measure comprising:

1. Government Bank Dashboard — A real-time digital monitoring platform
2. Government Bank Manual — A standardized operational rulebook for banks handling government transactions

Together, they aim to strengthen transparency, efficiency, and accountability in managing public funds.

Objective

• Reduce operational risks in government banking
• Minimise delays and reconciliation gaps
• Standardise procedures across all banks
• Ensure uniform handling of government receipts and payments
• Shift from reactive (post-facto) correction to proactive oversight

Key Features

1. Real-Time Monitoring

The Dashboard tracks critical performance indicators such as:

• Remittance timelines
• Transaction success and failure rates
• Scroll submission compliance
• Reconciliation status

This allows continuous tracking of banks’ performance in handling government funds.

2. Standardised Operational Framework

The Government Bank Manual:

• Defines clear operational procedures
• Sets reporting obligations
• Specifies strict reconciliation timelines
• Establishes accountability benchmarks

This reduces ambiguity in government banking operations.

3. Proactive Oversight

Instead of detecting irregularities after delays occur, the system enables:

• Immediate alerts
• Performance-based evaluation
• Early risk detection

4. Service-Level Tracking

Banks’ adherence to service standards in managing government transactions is continuously monitored.

5. Future-Ready Architecture

The initiative is designed to support:

• Advanced data analytics
• Cybersecurity safeguards
• Strengthened digital financial governance

3. LCH Prachand — India’s Indigenous Light Combat Helicopter

Context:

President Droupadi Murmu recently undertook a historic sortie in the LCH Prachand at an Indian Air Force base, highlighting India’s growing indigenous defence capabilities.

What is LCH Prachand?

LCH Prachand is India’s first indigenously designed and developed dedicated combat helicopter, built for offensive missions in high-altitude and battlefield environments.

It is a multi-role light attack helicopter capable of:

• Air-to-air combat
• Air-to-ground strikes
• Anti-armour operations
• Counter-insurgency missions

Developed By

Designed and manufactured by Hindustan Aeronautics Limited (HAL) under the Light Combat Helicopter programme.

Strategic Objective

To provide India with a high-altitude combat platform capable of operating effectively in mountainous terrain such as:

• Siachen Glacier
• Leh–Ladakh region

These areas pose challenges for heavier helicopters due to thin air and extreme conditions.

4. Inland Waterway Projects on National Waterway-2

Context:

Union Minister Sarbananda Sonowal inaugurated three major inland waterway infrastructure projects on National Waterway 2 (River Brahmaputra) in Dibrugarh, Assam to strengthen logistics, trade, and river tourism in the North Eastern Region.

Key Projects

1. Bogibeel Customs & Immigration Complex (CIC)

• Modern tourist-cum-cargo terminal
• Integrates customs, immigration, and Inland Waterways Authority of India operations
• Includes arrival/departure halls, cargo storage, security systems, and staff facilities

2. Dhubri Gateway CIC

• Enhances export-import regulation and cargo movement
• Strengthens cross-border trade connectivity with Bangladesh and Bhutan
• Positions Dhubri as a strategic inland water transport hub

3. Renovated IWAI Heritage Building, Dibrugarh

• Restored administrative facility of Inland Waterways Authority of India
• Supports NW-2 management
• Promotes riverine tourism along the Brahmaputra

5. Tamil Nadu Launches First Dark Sky Park in Kolli Hills

Source: TH

Context:

Tamil Nadu’s first Dark Sky Park has been inaugurated at the Ariyur Shola Reserve Forest in Kolli Hills, Namakkal district by Forest Minister R S Rajakannappan, promoting astro-tourism and scientific awareness.

About the Dark Sky Park

• Established at a cost of ₹1 crore
• Equipped with advanced telescopes and solar-powered infrastructure
• Enables observation of stars, planets, the Milky Way, and the moon
• Minimal artificial light within a 1.5 km radius ensures ideal dark-sky conditions
• Operational from January 15 to June 15 (closed during monsoon)

India’s First Official Dark Sky Park

India’s first internationally recognised Dark Sky Park is Pench Tiger Reserve in Madhya Pradesh, designated in 2024 under the International Dark-Sky Places programme.

Banking/Finance

1. Small, Steady Steps Toward Rupee Internationalisation

Source: BS

India has begun a gradual, long-term process to make the rupee more widely used in global trade and finance. While progress is modest so far, policymakers view it as the beginning of a multi-decade transformation.

Current Status

The Reserve Bank of India (RBI) now tracks how much of India’s trade is invoiced and settled in rupees.

• About 5% of India’s international trade is now conducted in rupees.
• FY26 (Apr–Dec):
  • Exports invoiced in rupees: 6.08%
  • Imports invoiced in rupees: 4.82%
  • Settlements in rupees remain lower but are gradually rising.

These numbers are small but signal early movement away from exclusive reliance on hard currencies like the US dollar.

Why India Wants Rupee Internationalisation

1. Reduce dependence on the dollar-based global system
   • The Russia-Ukraine war and sanctions showed risks of being cut off from dollar payment systems like SWIFT.
2. Lower exchange-rate risk for exporters
   • Trading in local currency avoids volatility linked to dollar fluctuations.
3. Enhance economic sovereignty
   • Greater global use of the rupee strengthens India’s financial autonomy.

Key Policy Steps Taken

1. Local Currency Trade Arrangements

India has signed agreements with countries such as the UAE, Indonesia, Maldives, and Mauritius to settle trade in local currencies.

• Uses Special Rupee Vostro Accounts (SRVAs) for settlements.
• 83 banks from 35 countries have opened such accounts in India.

2. Incentives for Rupee Invoicing

Exporters receive equal benefits whether they invoice trade in rupees or dollars.

3. Expanding Offshore Rupee Use

• Non-resident Indians can hold rupee accounts abroad.
• NRIs in Nepal, Bhutan, and Sri Lanka can take rupee loans from overseas branches of Indian banks.

4. Integration into Global Financial Markets

Indian government bonds are being added to major global emerging-market indices — a key step toward wider rupee acceptance.

Risks and Concerns

Some fear wider rupee use could cause:

• Exchange-rate volatility
• Pressure on foreign exchange reserves
• Reduced monetary policy control

2. Govt Launches eSushrut@Clinic — A “BHIM UPI Moment” for Healthcare Digitisation

Source: Mint

India’s National Health Authority (NHA) has introduced eSushrut@Clinic, a free digital platform aimed at small and mid-sized clinics, seeking to replicate the transformational impact of BHIM UPI in digital payments within the healthcare sector.

The platform has been developed by the Centre for Development of Advanced Computing (CDAC) and is integrated with the Ayushman Bharat Digital Mission (ABDM).

What is eSushrut@Clinic?

It is a SaaS-based (Software-as-a-Service) lightweight digital system, designed as a simpler alternative to expensive and complex Hospital Information Management Systems (HIMS).

It enables clinics to:

• Digitise patient records
• Manage appointments and OPD workflows
• Streamline consultations
• Access dashboards and administrative tools
• Integrate with the national digital health ecosystem

Clinics can use it via a simple web browser, without investing in heavy IT infrastructure.

Key Feature: Smart Assistant (CDSS)

The platform includes a Clinical Decision Support System (CDSS) that:

• Provides evidence-based treatment guidance
• Helps manage chronic diseases
• Supports diagnosis and treatment planning
• Assists doctors without replacing clinical judgment

Agriculture

1. Suspension of Fortified Rice Rollout

Source: TOI

Context:

The Central Government has temporarily halted the distribution of fortified rice under major welfare schemes due to concerns over nutrient stability during long storage periods.

What is Fortified Rice?

Fortified rice is regular rice enriched with essential micronutrients to improve nutritional intake, especially among vulnerable populations.

It typically contains:

• Iron
• Folic Acid
• Vitamin B12

The objective is to address hidden hunger and micronutrient deficiencies such as anaemia.

Where Was It Used?

Fortified rice was supplied through major government nutrition and food security programmes:

• Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
• Targeted Public Distribution System (TPDS) under the NFSA
• PM-POSHAN (Mid-Day Meal Scheme)
• Integrated Child Development Services (ICDS)

Aim of the Programme

• Reduce malnutrition and anaemia nationwide
• Improve nutrition among women and children
• Provide a cost-effective, scalable public health intervention
• Achieve nationwide coverage of fortified rice distribution by 2024

How Rice is Fortified

1. Fortified Rice Kernels (FRK) Production
   Rice flour is mixed with vitamins and minerals and shaped into grain-like kernels.
2. Blending
   FRKs are mixed with regular rice, usually in a 1:100 ratio.

Key Features of the Initiative

• Entirely funded by the Government of India (food subsidy system)
• Phased rollout began in 2021
• Technical support from the World Food Programme
• Intended for nationwide coverage through welfare schemes

2. Global Agricultural Subsidies Linked to Deforestation

Source: Mint

Context:

Governments worldwide are spending vast sums on agricultural subsidies — especially fertilizers — but a significant share of this support is environmentally harmful and economically inefficient, according to World Bank environment director Valerie Hickey.

Scale of the Issue

• Global agricultural subsidies total about $2 billion per day.
• Around 14% of these subsidies are directly linked to deforestation.
• Many subsidies are “nature-negative”, contributing to environmental degradation rather than sustainable productivity.

Fertilizer Overuse and Productivity Concerns

• In several developing and emerging economies, including India, agricultural support has traditionally focused on input subsidies like fertilizers.
• Excess fertilizer use can degrade soil health and even reduce crop yields when soils become oversaturated.
• Estimated impact:
  • 10% rise in fertilizer use → only 2% productivity gain
  • But also → 3% increase in respiratory illness

This suggests diminishing returns and growing environmental and health costs.

Policy Shift Recommended

The World Bank argues the key issue is not the amount of spending but how subsidies are designed. It recommends shifting from:

• Input-based support (fertilizers, chemicals)
  ➡ to
• Investment in research, innovation, and sustainable farming practices

India’s Position

• India has allocated ₹1.71 trillion for fertilizer subsidies (FY27) to cushion farmers from global price shocks.
• At the same time, the government is promoting sustainable alternatives such as fertilizer-free natural farming.

India launched the National Mission on Natural Farming in 2024, supported by Prime Minister Narendra Modi, to encourage eco-friendly agriculture.

Facts To Remember

1. PM’s Tamil Nadu Visit

Prime Minister Narendra Modi is set to inaugurate and launch development projects worth over ₹4,000–₹4,400 crore during his two-day visit to Tamil Nadu, covering Chennai and Madurai, along with a stop in Puducherry.

2. J&K wins maiden Ranji Trophy title

Jammu & Kashmir etched its name in the history books by clinching its maiden Ranji Trophy cricket title on the basis of afirst-innings lead, after the final against Karnataka ended in a draw on Saturday in Hubbali.

3. PM unveils Microns plant in Gujarat

Prime Minister Narendra Modi on Saturday inaugurated Micron Technologys semiconductor plant at Sanand in Gujarat, and said that after being known for its strength in software, the country is firmly establishing its identity in the hardware sector too.

4. Nine Botswana Cheetahs Released in Kuno National Park

India’s cheetah reintroduction programme received a major boost with the release of nine cheetahs from Botswana into Kuno National Park in Madhya Pradesh. The release was carried out by Union Environment Minister Bhupender Yadav.

5. Upgraded RAJMARG PRAVESH 2.0 Portal Launched by Nitin Gadkari

Union Minister Nitin Gadkari launched RAJMARG PRAVESH Version 2.0 to streamline online NOC approvals for facilities along National Highways.
The portal enables applications for fuel stations, utilities, private access roads, and infrastructure services.
It supports laying pipelines, optical fibre, and power lines along or across highways.
The upgrade promotes transparency, faster approvals, and ease of doing business.

6. JP Nadda to Head Reconstituted Hindi Advisory Committee

Union Minister J. P. Nadda was appointed Chairman of the Hindi Advisory Committee of the Chemicals & Fertilizers Ministry.
The committee will review and promote progressive use of Hindi in official work.
It comprises nominated and official members with a three-year tenure.
The move strengthens implementation of the Official Language policy.

7. IAF Conducts Joint Maritime Exercise ‘Kalari Leap’

The Indian Air Force Southern Air Command conducted ‘Kalari Leap’ in the Arabian Sea region.
The exercise validated rapid force projection and joint maritime operations.
It involved AFSOD and the Indian Coast Guard with air-landed and amphibious drills.
Aircraft like Su-30MKI, AN-32, and Mi-17V5 participated in the operation.

8. IAF Holds ‘Vayushakti-26’ at Pokhran Range

The Indian Air Force conducted Exercise ‘Vayushakti-26’ at Pokhran, Rajasthan.
It showcased integrated air combat operations in a simulated live theatre scenario.
Over 130 aircraft including Rafale, Su-30MKI, and Mirage-2000 took part.
President Droupadi Murmu attended the demonstration as Chief Guest.

9. PM Narendra Modi Visits Israel in February 2026

Prime Minister Narendra Modi visited Israel and addressed the Knesset during his two-day state visit.
He was conferred the ‘Medal of the Knesset’, becoming the first Indian PM to receive the honour.
India and Israel announced a Special Strategic Partnership for Peace, Innovation and Prosperity.
Several agreements were signed covering defence, AI, cybersecurity, and trade cooperation.

10. IIFL Home Finance Secures USD 300 Million ADB Loan

IIFL Home Finance secured a USD 300 million loan from the Asian Development Bank to expand affordable housing.
At least 25% of funds will support green-certified homes.
The loan includes parallel funding from global financial institutions.
The initiative mainly targets women borrowers and low-income households.

11. West Bengal Approves ₹4,648 Crore ADB-Backed Projects

The West Bengal Cabinet approved ₹4,648 crore projects with ADB support.
The projects focus on strengthening secondary education and child nutrition infrastructure.
Funding follows a 70:30 model between ADB and the state government.
The move aims to improve human capital development in the state.

12. Jio Finance Launches AI-Powered ‘Finsider’ App

Jio Financial Services Limited launched the AI-backed ‘Finsider’ feature on its JioFinance app.
The app uses agentic AI and neural networks for hyper-personalized financial services.
It offers loans, insurance, UPI, mutual funds, and investment products.
Users can earn JioPoints rewards during the early access programme.

13. Central Bank of India Partners with Canara Robeco AMC

Central Bank of India signed a distribution agreement with Canara Robeco Asset Management Company Limited.
The partnership enables distribution of mutual fund products to customers.
It enhances wealth creation opportunities via branch and digital channels.
The agreement complies with SEBI disclosure norms.

14. Sri Lanka’s First Blue Bond Listed on NSE IX

Sri Lanka’s first Blue Bond was dually listed on NSE International Exchange at GIFT City.
The issuance aims to fund marine conservation and sustainable ocean projects.
It strengthens cross-border capital market collaboration.
The listing was facilitated under an MoU with the Colombo Stock Exchange.

15. DRDO Conducts VSHORADS Missile Trials in Odisha

The Defence Research and Development Organisation conducted successful VSHORADS missile trials at Chandipur.
The system is designed to neutralize low-altitude aerial threats.
Missiles intercepted high-speed targets in all three consecutive tests.
The trials support India’s Atmanirbhar Bharat defence vision.

16. Indian Navy Commissions INS Anjadip

The Indian Navy commissioned INS Anjadip, an Anti-Submarine Warfare Shallow Water Craft.
The vessel enhances coastal defence and submarine detection capabilities.
Built by GRSE, it has over 80% indigenous content.
It is named after Anjadip Island off Karnataka’s coast.

17. Padma Shri Awardee Utsav Charan Das Passed Away

Padma Shri awardee Utsav Charan Das passed away at the age of 80 in Odisha.
He was renowned for promoting the traditional Ghoda Nacha folk dance.
He established an institution to train young artists in the art form.
He received the Padma Shri in 2020 for contributions to art.

18. National Science Day 2026 Observed on 28 February

National Science Day is observed on 28 February to mark the discovery of the Raman Effect by C.V. Raman.
The 2026 theme is “Women in Science: Catalysing Viksit Bharat”.
It promotes scientific awareness and innovation across India.
The national event was hosted by the Department of Science and Technology in New Delhi.

19. India and Canada Sign Three Agreements on Critical Minerals, Renewable Energy, and Culture

India and Canada today exchanged three agreements in different areas including critical mineral cooperation, promoting the use of renewable energy and cultural cooperation. 

20. President Droupadi Murmu Dedicates Four Schemes for Women in Delhi

President Droupadi Murmu today dedicated four schemes to the women of Delhi. The schemes include the Lakhpati Bitiya Scheme, Saheli Pink Smart Card, Meri Poonji Mera Adhikaar, and the Free LPG Cylinder Scheme. 

21. Services of UTS Mobile App to be discontinued from tomorrow: Ministry of Railways

The Ministry of Railways today informed that the services of the Unreserved Ticketing System (UTS) Mobile App will be discontinued.

22. PM Modi launches nationwide HPV Vaccination Programme for girls aged 14 years

Prime Minister Narendra Modi launched a nationwide campaign for Human Papillomavirus (HPV) vaccination for girls aged 14 years in Ajmer, Rajasthan.

Daily Current Affairs Quiz
03 March, 2026

International Affairs

1. Iran–Israel War 2026

Context:

The United States and Israel launched a joint military operation against Iran, triggering a multi-front regional war.

What is the Conflict?

The United States and Israel initiated a large-scale military offensive—Operation Epic Fury (Operation Genesis)—targeting Iran’s nuclear and ballistic missile infrastructure. The operation reportedly resulted in the assassination of Iran’s Supreme Leader Ali Khamenei and several senior officials.

The campaign, launched under former US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu, marks a shift from decades of shadow conflict to direct, high-intensity warfare.

Iran responded with Operation Truthful Promise 4, launching large-scale drone and missile attacks on Israel and US-allied Gulf states.

Historical Roots of Tensions

1. The 1953 Coup

The CIA-backed overthrow of Iranian Prime Minister Mohammad Mosaddegh fostered long-term anti-US sentiment in Iran.

2. The 1979 Islamic Revolution

The revolution replaced the Shah’s pro-Western regime with a clerical government that views the US as the “Great Satan” and Israel as illegitimate.

3. Nuclear Dispute

Iran’s uranium enrichment program has long been viewed by Israel as an existential threat and by the US as a global security risk.

4. Regional Proxy Conflicts

Iran’s “Axis of Resistance”—including Hezbollah, Hamas, and the Houthis—has intensified friction with Israel and US interests.

5. Collapse of Diplomacy

Breakdown of nuclear negotiations in early 2026 contributed directly to military escalation.

National Affairs

1. India–Canada Relations

Source: Mint

Context:

India and Canada have taken a major step toward resetting bilateral relations with the signing of a landmark civil nuclear agreement and renewed commitment to conclude a Comprehensive Economic Partnership Agreement (CEPA). The agreements were finalised following bilateral talks between Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney at Hyderabad House, New Delhi.

This marks a significant diplomatic revival after relations had deteriorated in 2023.

1. Landmark Uranium Supply Agreement

• Canada will supply uranium to India under a long-term agreement.
• The deal includes cooperation in:
  • Small Modular Reactors (SMRs)
  • Advanced nuclear reactors
• The uranium supply agreement is valued at approximately CAD $2.6 billion (US $1.9 billion).
• It supports India’s nuclear energy expansion and clean energy goals.

The supply strengthens India’s fuel security for nuclear power generation and aligns with its low-carbon transition strategy.

2. Strategic Energy Partnership

Both leaders agreed to launch a Strategic Energy Partnership, covering:

• Uranium supply
• Liquefied Natural Gas (LNG)
• Critical minerals
• Clean technology collaboration

Canada positioned itself as a reliable LNG supplier from its west coast. The partnership also enhances cooperation in securing critical minerals essential for clean-tech manufacturing and nuclear infrastructure.

3. Defence and Maritime Cooperation

India and Canada agreed to expand cooperation in:

• Defence industry collaboration
• Maritime domain awareness
• Counter-terrorism coordination

Both sides emphasised that terrorism, extremism, and radicalisation are shared global challenges requiring close cooperation.

4. Comprehensive Economic Partnership Agreement (CEPA)

• The two sides decided to finalise CEPA negotiations soon.
• Target: Increase bilateral trade to $50 billion.
• CEPA aims to:
  • Expand market access
  • Promote investment flows
  • Generate employment in both countries

Negotiations resumed last year after being paused amid diplomatic tensions.

Significance for India

• Strengthens long-term nuclear fuel security
• Diversifies energy and critical mineral supply chains
• Supports clean energy and manufacturing ambitions
• Expands defence and maritime cooperation
• Revives a key trade partnership amid global geopolitical shifts

2. Centre Designates Legacy Thrust Territories

Source: TNIE

Context:

The Ministry of Home Affairs (MHA) has introduced the concept of Legacy Thrust Territories (LTTs) to prevent the resurgence of Left Wing Extremism (LWE) following major security successes against Naxalism.

The initiative aims to consolidate long-term peace and stability in previously insurgency-affected areas.

What are Legacy Thrust Territories?

Legacy Thrust Territories are:

• Previously Naxal-affected districts.
• Identified for continued security vigilance and focused development intervention.
• Brought under sustained monitoring even after a significant decline in insurgent activities.

The framework ensures that operational gains against LWE are institutionalised and not reversed.

Background: Decline of Left Wing Extremism

• Around 2000: Nearly 200 districts were affected by LWE.
• By 2025: The number declined to 38 districts.
• Currently: Only 7 districts remain on the active LWE list:
  • 5 in Chhattisgarh
  • 1 in Jharkhand
  • 1 in Odisha

These districts, along with other formerly affected regions, are being brought under the Legacy Thrust framework.

Aim of the Initiative

• Prevent resurgence of Naxalism after security operations.
• Ensure transition from security-led control to governance-led development.
• Consolidate peace through administrative expansion and socio-economic integration.

3. National Arogya Fair 2026 Held in Shegaon, Maharashtra

Source: PIB

Context:

The National Arogya Fair 2026 was successfully organised from 25–28 February 2026 at Shegaon in Buldhana district, Maharashtra. The event brought together healthcare professionals, policymakers, traditional medicine practitioners, and wellness stakeholders under one platform.

The fair focused on promoting affordable, accessible, and integrated healthcare services for the public.

About National Arogya Fair 2026

The event showcased services across all major systems of medicine, including:

• Allopathy
• Ayurveda
• Yoga
• Naturopathy
• Unani
• Siddha
• Homeopathy

Together, these systems form the AYUSH framework, promoting holistic healthcare in India.

Banking/Finance

1. SEBI Mandates Registered Name & Registration Number Disclosure on Social Media

Source: ET

Context:

The Securities and Exchange Board of India (SEBI) has issued a new circular requiring all SEBI-registered market intermediaries to disclose their registered name and SEBI registration number while posting securities market-related content on social media platforms.

The move aims to curb financial misinformation and protect retail investors from unregistered influencers and fraudulent entities.

What is the Directive?

It is a regulatory mandate requiring SEBI-regulated entities and their agents to:

• Prominently display their registered identity.
• Mention their SEBI registration number.
• Ensure transparency in all securities-related digital communications.

Objective of the Rule

• Enable investors to clearly differentiate between:
  • Authorised SEBI-regulated intermediaries
  • Unregistered financial influencers (“finfluencers”)
• Strengthen transparency and accountability in digital investment advice.
• Enhance investor protection amid rising social media-driven financial scams.

Key Features of the Circular

1. Mandatory Identity Disclosure

• The registered name and SEBI registration number must:
  • Appear on social media profiles.
  • Be displayed at the beginning of each securities-related post, video, or advisory content.

2. Wide Applicability

The rule applies to a broad range of SEBI-regulated entities, including:

• Stockbrokers
• Mutual Funds
• Investment Advisers
• Research Analysts
• Portfolio Managers
• Alternative Investment Funds (AIFs)
• Asset Management Companies (AMCs)
• Real Estate Investment Trusts (REITs)
• Infrastructure Investment Trusts (InvITs)
• Distributors and agents of these entities

3. Broad Platform Coverage

The mandate covers both open and closed digital platforms, including:

• YouTube
• Instagram
• WhatsApp
• Telegram
• X (formerly Twitter)
• Facebook
• LinkedIn
• Reddit
• Threads
• Closed and semi-closed groups

4. Multiple Registration Rule

• Entities holding multiple SEBI registrations must:
  • Provide a web link listing all registration details.
  • Mention only the relevant registration number in individual posts.

2. RBI Imposes ₹11.50 Lakh Penalty on Mahindra & Mahindra Financial Services

Context:

In February 2026, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹11.50 lakh on Mahindra & Mahindra Financial Services Limited (MMFSL) for regulatory non-compliances observed during its annual inspection.

The inspection was conducted with reference to the company’s financial position as on 31 March 2025 (FY25).

Legal Provisions Invoked

The penalty was levied under:

• Section 58G(1)(b) read with
• Section 58B(5)(aa) of the RBI Act, 1934

These provisions empower RBI to impose penalties on Non-Banking Financial Companies (NBFCs) for regulatory violations.

Reasons for the Penalty

1. Violation of Fair Practices Code

• MMFSL charged revised foreclosure fees on certain loan accounts.
• The revised charges were not incorporated in the loan agreements as required.
• This constituted a breach of the Fair Practices Code prescribed by RBI.

2. Complaint-Handling Deficiencies

RBI observed lapses in the company’s grievance redressal mechanism:

• Complaints were not escalated to the Internal Ombudsman within mandated timelines.
• In some cases, final decisions were communicated to complainants beyond the prescribed time limit.
• These actions violated RBI’s regulatory norms on customer protection and complaint resolution.

Regulatory Action Taken

• The irregularities were detected during RBI’s supervisory inspection.
• RBI issued a show-cause notice to the company.
• After reviewing the company’s response, the central bank imposed the monetary penalty.

3. IIP Growth Slows to 4.8% in January 2026

Source: The Hindu

Context:

India’s industrial output growth moderated in January 2026, indicating a broad-based slowdown across key sectors including manufacturing, mining, and electricity.

What is IIP?

The Index of Industrial Production measures the performance of industrial sectors such as manufacturing, mining, and electricity. It is a key high-frequency indicator of economic growth and industrial activity in India.

Key Highlights of January 2026 IIP Data

• IIP Growth: Slowed to 4.8% in January 2026
• Previous Month (December 2025): 7.8% (later revised upward to 8%)
• Lowest in Three Months

This moderation signals a cooling of industrial momentum after December’s 26-month high.

Sector-wise Performance

Manufacturing Sector

• Growth slowed to 4.8% in January
• December 2025 growth: 8.4%
• January 2025 growth: 5.8%

Manufacturing, which carries the highest weight in IIP, was the primary drag on overall industrial growth.

Mining Sector

• Growth eased to 4.3%
• Had shown acceleration in the previous two months

The slowdown reflects moderation in raw material extraction activity.

Electricity Sector

• Growth slowed to 5.1%
• December 2025: 6.9%
• January 2025: 2.4%

Despite moderation, electricity output remains stronger compared to last year.

Infrastructure Sector: A Bright Spot

The infrastructure segment recorded 13.7% growth, the fastest since August 2023.

This was the only major sector to show accelerating growth, reflecting continued public capital expenditure and strong core sector activity.

What This Means for the Indian Economy

1. Broad-Based Slowdown: All major sectors, except infrastructure, witnessed moderation.
2. Demand Concerns: Weak consumer non-durables output suggests possible stress in consumption demand.
3. Investment Signals: Slowing capital goods growth could impact private investment sentiment.
4. Policy Implications: The data may influence future monetary and fiscal policy decisions, especially if industrial slowdown persists.

3. Fino Payments Bank’s Transition to Small Finance Bank on Track

Source: The Hindu

Context:

Fino Payments Bank clarified that its transition to a Small Finance Bank (SFB) remains on schedule despite recent developments involving its Managing Director and CEO.

Background

Fino Payments Bank received in-principle approval from the Reserve Bank of India to transition into a Small Finance Bank (SFB). This comes amid the arrest of its Managing Director and CEO, Rishi Gupta, in connection with alleged Goods and Services Tax (GST)-related violations.

What is a Small Finance Bank (SFB)?

Small Finance Banks are financial institutions licensed by the RBI to:

• Promote financial inclusion
• Provide basic banking services to underserved sections
• Extend credit to small businesses, micro enterprises, farmers, and unorganised sectors

Unlike Payments Banks, SFBs can:

• Accept deposits without restrictions
• Lend extensively, including larger loan products
• Offer a broader range of financial services

Payments Bank vs Small Finance Bank (SFB)

Basis of Comparison	Payments Bank	Small Finance Bank (SFB)
Regulator	Reserve Bank of India	Reserve Bank of India
Objective	Promote financial inclusion through payments and deposit services	Promote financial inclusion through deposits and credit delivery
Lending Facility	Not allowed to lend	Allowed to provide loans
Deposit Acceptance	Demand deposits only (subject to RBI cap)	Demand and time deposits allowed
Revenue Model	Transaction fees, remittances, third-party product distribution	Interest income from loans + fee-based services
Priority Sector Lending (PSL)	No mandatory 75% PSL norm	Minimum 75% of ANBC to priority sector
Capital Requirement	Minimum ₹100 crore	Minimum ₹200 crore
Target Customers	Migrant workers, low-income households, small businesses	MSMEs, small farmers, informal sector, low-income individuals
Banking Scope	Limited banking functions	Full-service banking (within SFB framework)
Investment Pattern	Major portion invested in government securities	Diversified lending and investment portfolio

4. EPFO Retains EPF Interest Rate at 8.25% for FY26

Source: FE

Context:

The Employees’ Provident Fund Organisation (EPFO) has recommended retaining the Employees’ Provident Fund (EPF) interest rate at 8.25% for FY 2025–26.

Key Decision

The Employees’ Provident Fund Organisation has recommended:

• EPF Interest Rate: 8.25%
• Applicable For: Financial Year 2025–26 (FY26)
• Status: Unchanged for the second consecutive year

This decision maintains stability in returns for over 6 crore EPF subscribers.

Historical Trend of EPF Interest Rates

• FY26: 8.25% (unchanged)
• FY24: 8.15% (last revision before increase)
• FY22: 8.10% (four-decade low)

The FY22 rate of 8.1% was the lowest in nearly 40 years, reflecting subdued earnings and broader economic pressures at that time.

What is EPF?

The Employees’ Provident Fund (EPF) is:

• A mandatory retirement savings scheme for salaried employees
• Managed by EPFO
• Jointly contributed by employer and employee

It provides:

• Retirement corpus
• Partial withdrawals for housing, medical, education needs
• Pension benefits under EPS (Employees’ Pension Scheme)

5. SEBI Intensifies Tech-Driven Enforcement to Curb Pre-Investment Scams

Source: BS

Context:

Amid a sharp surge in retail investor participation, the Securities and Exchange Board of India (SEBI) has strengthened its surveillance and technology-driven enforcement framework to tackle rising pre-investment scams.

SEBI Chairman Tuhin Kanta Pandey highlighted growing instances where aspiring investors are defrauded even before engaging with SEBI-registered intermediaries.

What Are Pre-Investment Scams?

Pre-investment scams involve fraudsters:

• Luring investors through fake trading apps
• Operating misleading WhatsApp or Telegram groups
• Promising guaranteed or abnormally high returns
• Diverting funds into personal bank accounts

In many cases, funds are siphoned off before investors interact with regulated brokers or investment platforms.

6. SEBI’s 50% Portfolio Overlap Rule

Source: Mint

Context:

The Securities and Exchange Board of India (SEBI) has tightened norms for thematic and sectoral mutual funds by introducing a 50% portfolio overlap cap within schemes of the same fund house.

According to an analysis by Elara Securities, the move is set to trigger portfolio restructuring across multiple schemes.

What is the 50% Overlap Rule?

• Thematic and sectoral schemes within the same asset management company (AMC) cannot have more than 50% common holdings.
• The objective is to:
  • Ensure scheme differentiation
  • Avoid duplication of investment strategies
  • Protect investor interests
  • Improve transparency and product clarity

Key Findings from Elara Securities Report

• 51 sectoral and thematic schemes currently breach the 50% overlap threshold.
• However, the majority show only marginal breaches.
• Only 13 schemes (excluding those with assets below ₹1,000 crore) have overlap exceeding 52%.
• These schemes will need to rebalance portfolios over a three-year glide path.

Why SEBI Introduced the Rule

1. Reduce Product Duplication
   Many AMCs were launching multiple thematic funds with similar portfolios, leading to internal competition and investor confusion.
2. Strengthen Risk Differentiation
   High overlap reduces diversification benefits and exposes investors to concentrated sector risks.
3. Improve Transparency and Governance
   The reform aligns with SEBI’s broader objective of streamlining mutual fund categories and enhancing disclosure norms.

Facts To Remember

1. PM Narendra Modi’s Visit to Rajasthan & Gujarat (28 February 2026)

Narendra Modi launched the nationwide HPV Vaccination Programme in Ajmer, Rajasthan, targeting girls aged 14 years with single-dose Gardasil-4 protection.
He inaugurated and laid foundation stones for projects worth over ₹16,680 crore in Rajasthan across infrastructure and urban sectors.
In Gujarat, he inaugurated Micron’s ATMP semiconductor facility in Sanand with an investment of ₹22,516 crore.
The visit strengthened healthcare outreach and semiconductor manufacturing in India.

2. Dr. Jitendra Singh Inaugurates Biotech Facilities at BRIC-RGCB

Union Minister Jitendra Singh inaugurated the Central Facility for Recombinant Cells and Sensors at Rajiv Gandhi Centre for Biotechnology, Kerala.
Developed with ₹60 crore support from DBT, it boosts drug discovery and genomics research.
He also laid the foundation stone for an ₹80 crore cGMP facility.
The initiative enhances India’s biotechnology and research ecosystem.

3. National Arogya Fair 2026 Held in Maharashtra

The National Arogya Fair 2026 was organised in Shegaon, Maharashtra by the Ministry of AYUSH and AIAC.
President Droupadi Murmu inaugurated the event promoting integrated healthcare systems.
It showcased Allopathy and AYUSH services with free medical outreach.
Six senior Vaidyas were honoured for contributions to traditional medicine.

4. MoTA Announces Three Tribal Festivals in March 2026

The Ministry of Tribal Affairs announced three festivals to promote tribal art, culture, and commerce.
Events include Tribes Art Fest, Living Roots Festival, and Bharat Tribes Fest in New Delhi.
The festivals aim to strengthen tribal livelihoods and market linkages.
They highlight India’s rich indigenous heritage and cultural diversity.

5. ISA and IIT Delhi Sign Framework for Solar Capacity Building

The International Solar Alliance signed an FFA with Indian Institute of Technology Delhi.
The partnership promotes renewable energy capacity building and academic collaboration.
It expands research in solar energy, AI integration, and policy studies.
The move strengthens clean energy leadership across ISA member nations.

6. HCLTech and IIT Kanpur Partner for Deep Tech Innovation

HCL Technologies signed an MoU with Indian Institute of Technology Kanpur.
The collaboration focuses on AI, robotics, and next-generation technologies for GCCs.
It bridges academic research with enterprise-ready solutions.
The partnership boosts India’s deep-tech innovation ecosystem.

7. Nagaland Signs MoU with IMD for Weather Forecasting

Nagaland’s Higher Education Department signed an MoU with the India Meteorological Department.
An X-band Doppler Weather Radar will be installed under Mission Mausam.
The 20-year partnership strengthens atmospheric research and disaster preparedness.
It enhances high-resolution forecasting in the Northeast region.

8. India–EU to Grant MFN Status for Five Years

India and the European Union agreed to grant each other MFN status under the FTA.
The provision will apply for five years after the agreement’s enforcement.
The FTA covers tariff reduction on 96.6% of traded goods.
It is expected to significantly boost bilateral trade and investment flows.

9. Ayatollah Alireza Arafi Named Iran’s Interim Supreme Leader

Following the death of Ali Khamenei, Ayatollah Alireza Arafi was appointed interim Supreme Leader.
Article 111 of Iran’s Constitution activated a three-member Interim Leadership Council.
The council includes President Masoud Pezeshkian and the Chief Justice.
The Assembly of Experts will appoint the permanent successor.

10. Jammu & Kashmir Wins First Ranji Trophy Title

Jammu & Kashmir clinched its maiden Ranji Trophy 2025–26 title.
They defeated Karnataka on first-innings lead in the final at Hubballi.
Auqib Nabi was named Player of the Tournament with 62 wickets.
J&K became the 19th team to win India’s premier domestic cricket title.

11. Zero Discrimination Day 2026 – 1 March

Zero Discrimination Day was observed globally on 1 March 2026.
The 2026 theme was “People First.”
Launched by UNAIDS in 2014, it promotes equality and inclusion.
The butterfly symbol represents transformation and dignity for all.

12. World Civil Defence Day 2026 – 1 March

World Civil Defence Day was observed on 1 March 2026.
The theme was “Managing Environmental Risks for a Resilient and Sustainable Future.”
It marks the enforcement of the ICDO Constitution in 1972.
The day honours civil defence personnel worldwide.

13. West Bengal Signs MoU for Ichhamati & Jalangi Masterplans

The West Bengal government signed an MoU with GIZ and SMCG.
The project will prepare basin-based masterplans under ‘Nodi Bandhan.’
It focuses on pollution control, dredging, and flood mitigation.
The initiative strengthens transboundary river management with Bangladesh.

14. President Droupadi Murmu Dedicates Women Welfare Schemes in Delhi

President Droupadi Murmu launched four welfare schemes under ‘Sashakt Nari Samriddh Delhi.’
Schemes include Delhi Lakhpati Bitiya Yojana and Saheli Pink NCMC.
Free LPG cylinders and Ladli Scheme DBT support were also expanded.
The initiatives promote women’s safety, mobility, and financial empowerment.

15. Reinsurers Withdraw Marine Hull War Cover Amid West Asia Hostilities

Escalating tensions in West Asia have prompted global and domestic reinsurers to withdraw marine hull war risk coverage in high-risk maritime zones, impacting shipping and trade insurance costs. Several global reinsurers, along with General Insurance Corporation of India (GIC Re), have withdrawn marine hull war cover for vessels operating in designated high-risk regions.

Daily Current Affairs Quiz
04 & 05 March, 2026

International Affairs

1. Strait of Hormuz

Source: TH

Context:

Rising tensions involving Iran, Israel, and the United States have brought global attention to the Strait of Hormuz, due to fears that conflict could disrupt global oil and LNG shipments.

What is the Strait of Hormuz?

The Strait of Hormuz is a strategically vital maritime passage through which a large share of the world’s oil and gas exports travel from the Persian Gulf to global markets.

It is considered one of the most important energy chokepoints in the world.

Location

• Lies between Iran (north) and Oman (south).
• Connects the Persian Gulf to the Gulf of Oman and then to the Arabian Sea, opening into the Indian Ocean.

Geographic Features

• Narrowest width: ~33 km
• Shipping lanes: about 3 km wide in each direction

Because of this narrow passage, the strait is considered a critical maritime chokepoint.

Historical Importance

The Strait of Hormuz has long been central to global geopolitics and trade.

Major historical events linked to it include:

• 1973 Arab Oil Embargo
• Iran–Iraq War (1980–88), especially the “Tanker War”
• Repeated tensions involving tanker seizures and sanctions in 2012, 2019, and 2023–24

Iran has often used the threat of blocking the strait as a strategic tool during geopolitical disputes.

National Affairs

1. 16th Finance Commission on Centre–State Fiscal Relations (2026–31)

Source: TH

Why in News?

The 16th Finance Commission of India has submitted its recommendations for the period 2026–31. It retained the States’ share in tax devolution at 41%, while introducing changes in the horizontal distribution formula and proposing reforms such as merging cesses and surcharges into the divisible pool.

Constitutional Background

The Finance Commission is constituted under Article 280 of the Constitution of India to recommend:

• Distribution of tax revenues between the Centre and States (vertical devolution).
• Distribution of funds among states (horizontal devolution).
• Grants-in-aid under Article 275 of the Constitution of India.

The certification of the net proceeds of taxes is done by the Comptroller and Auditor General (CAG) under Article 279 of the Constitution of India.

Key Recommendations of the 16th Finance Commission

1. Vertical Devolution

The Commission retained the states’ share at 41% of the divisible pool, continuing the arrangement recommended by the 15th Finance Commission of India.

Grand Bargain Proposal

To address concerns about the rise of cesses and surcharges, the Commission proposed a “grand bargain”:

• The Centre should merge most cesses and surcharges into shareable taxes.
• States accept a smaller share of a larger divisible pool.

This aims to expand the total pool of shareable taxes.

Horizontal Devolution Formula

The Commission introduced a revised formula to distribute funds among states.

Criterion	Weight
Income Distance	42.5%
Population (2011 Census)	17.5%
Demographic Performance	10%
Forest & Ecology	10%
Area	10%
Contribution to GDP	10%

Key Changes

• Contribution to GDP (10%) introduced as a new criterion.
• Replaces earlier tax effort/fiscal discipline parameter.
• Slight reduction in income distance weight.

This shift rewards economic performance while maintaining redistribution goals.

Grants-in-Aid

Total grants recommended: ₹9.47 lakh crore

1. Local Body Grants – ₹8 lakh crore

Split between:

• Rural local bodies: ₹4.4 lakh crore
• Urban local bodies: ₹3.6 lakh crore

Conditions include:

• Timely constitution of State Finance Commissions
• Audited accounts
• Functional local governance institutions.

New Initiatives

• Urbanisation Premium Grant: ₹10,000 crore
• Infrastructure Grants for wastewater management: ₹56,100 crore

2. Disaster Management Grants – ₹2.04 lakh crore

Funds allocated for State Disaster Relief and Management Funds.

Cost sharing:

• 90:10 for Northeastern and Himalayan states
• 75:25 for other states.

Fiscal Roadmap and Reform Recommendations

Fiscal Deficit Targets

• Centre: Reduce fiscal deficit to 3.5% of GDP by 2030–31.
• States: Maintain fiscal deficit at 3% of GSDP.

Off-Budget Borrowings

The Commission recommended ending off-budget borrowings and including them in fiscal deficit calculations.

Power Sector Reforms

Encouraged privatisation of DISCOMs to improve efficiency.

Subsidy Rationalisation

Suggested rationalising subsidies, especially unconditional cash transfers enabled by the JAM Trinity (Jan Dhan–Aadhaar–Mobile).

Unconditional cash transfers now account for 20.2% of subsidy spending, up from 3% in 2018–19.

Public Sector Enterprise Reforms

Recommended:

• Closure of 308 inactive State PSEs
• Review of loss-making enterprises.

Key Issues and Criticisms

1. Retaining 41% Devolution

States had demanded 50% share in central taxes.

Critics argue the recommendation:

• Favours the Centre’s fiscal priorities
• Limits states’ untied fiscal resources.

2. Rising Cesses and Surcharges

Cesses and surcharges:

• Are not shared with states.
• Now account for nearly 20% of gross tax revenue.

The Commission did not impose firm limits, which may weaken fiscal federalism.

3. Shift Toward Performance-Based Transfers

The introduction of GDP contribution criterion benefits economically advanced states such as:

• Tamil Nadu
• Karnataka
• Maharashtra

This may reduce redistribution to poorer states.

4. Removal of Revenue Deficit Grants

The Commission discontinued revenue deficit grants, affecting:

• Hill states
• Northeastern states
• Structurally weaker economies.

5. Fiscal Discipline Conditions

Recommendations like:

• 3% deficit limit
• Ending off-budget borrowings
• Subsidy rationalisation

may limit fiscal flexibility of states.

Impact on States

Major Losing States

• Uttar Pradesh
• Bihar
• West Bengal
• Madhya Pradesh
• Odisha
• Several Northeastern states.

Implication

Reduced fiscal transfers could widen regional inequality, especially for states requiring higher public investment.

Steps Needed to Strengthen Fiscal Federalism

1. Increase Vertical Transfers

States’ share in tax revenue should be increased beyond 41%.

2. Limit Cesses and Surcharges

A legal cap (e.g., 10% of gross tax revenue) could prevent excessive centralisation.

3. Ensure Floor Guarantee

No state should receive less than its allocation under the 15th Finance Commission.

4. Strengthen Local Governments

Empower Panchayats and Urban Local Bodies through:

• Greater taxation powers
• Matching grants.

5. Revive Federal Dialogue

Regular meetings of the Inter-State Council of India under Article 263 of the Constitution of India can help resolve fiscal disputes.

2. MGNREGS Workers Flag Glitches in Monitoring App

Source: TH

Context:

Workers under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) have reported technical problems with the updated National Mobile Monitoring System (NMMS) application used to record worker attendance. From March 1, the government made facial recognition mandatory for marking attendance in the NMMS app.

What is the NMMS App?

The National Mobile Monitoring System (NMMS) is a government mobile application used for:

• Recording real-time attendance of workers
• Uploading geotagged photographs of worksites
• Ensuring transparency in wage payments
• Monitoring the implementation of MGNREGS projects

Attendance is recorded by mates or supervisors, who take photographs of workers twice a day and upload them to the system.

Facial Recognition System

The latest update requires:

• Facial recognition authentication of workers
• Matching worker photos with Aadhaar data
• Mandatory use of the updated system to mark attendance

Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)

The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is one of India’s largest social welfare programmes aimed at enhancing livelihood security in rural areas by providing guaranteed wage employment.

Launch Date

• 2 February 2006

Implementing Ministry

• Ministry of Rural Development, Government of India

Additional Context

• The scheme was introduced under the Mahatma Gandhi National Rural Employment Guarantee Act, 2005.

3. Ruddy Shelduck (Brahminy Duck)

Context:

Residents of Mudh village, Ladakh have been protecting the Ruddy Shelduck for more than two decades. During the breeding season, villagers help escort young birds (fledglings) safely from nesting areas to the Indus River, highlighting a strong example of community-led conservation.

About the Ruddy Shelduck

Scientific Name

• Ruddy Shelduck (Tadorna ferruginea)
• It is also popularly known as the Brahminy Duck in India.

Distribution

• Found across Europe, Central Asia, and parts of Africa.
• Migratory populations winter in South Asia, especially in India.

Conservation Status

According to the International Union for Conservation of Nature (IUCN):

• Status: Least Concern

This means the species currently faces no major global extinction risk, though local conservation efforts remain important.

4. WTO’s 14th Ministerial Conference (MC14)

Context:

India has submitted proposals for the 14th WTO Ministerial Conference (MC14) focusing on:

• A permanent solution for food security
• Protection of traditional and small-scale fishermen
• Reform of the global trade dispute system

The conference will address key unresolved issues in global trade governance.

What is the WTO Ministerial Conference?

The Ministerial Conference is the highest decision-making body of the World Trade Organization (WTO).

Key Features

• Composed of trade ministers from all WTO member countries (currently about 166 members).
• Responsible for:
  • Negotiating multilateral trade agreements
  • Resolving major trade disputes
  • Setting the future agenda for global trade rules

Legal Basis

The Ministerial Conference was established under the Marrakesh Agreement (1994) that created the WTO.

Frequency

• It must meet at least once every two years.
• It replaced earlier ministerial meetings held under the General Agreement on Tariffs and Trade (GATT).

WTO Ministerial Conference 14 (MC14)

Host

• Location: Yaoundé, Cameroon
• Dates: 26–29 March 2026
• Chair: Luc Magloire Mbarga Atangana, Cameroon’s Minister of Trade.

5. Government Plans Mandatory Carbon Credit Trading for Steel Sector

Source: BS

Context:

The Government of India plans to make compliance with the Carbon Credit Trading Scheme (CCTS) mandatory for companies in the steel industry. The decision is part of India’s broader strategy to reduce industrial greenhouse gas emissions and promote cleaner technologies. The scheme was introduced under the Energy Conservation (Amendment) Act, 2022, which laid the foundation for a domestic carbon market in India.

What is Carbon Credit Trading?

Carbon credit trading is a market-based mechanism to control greenhouse gas emissions.

Key Features

• 1 carbon credit = 1 tonne of carbon dioxide (CO₂) reduced or avoided.
• Companies receive an emission allowance.
• Firms that emit less than their limit can sell extra credits.
• Firms that emit more than their limit must buy credits.

This system creates financial incentives for companies to reduce pollution.

Carbon Credit Trading Scheme (CCTS)

The CCTS framework was notified in 2023, aiming to establish an Indian carbon market.

The system will:

• Set emission intensity targets for industries
• Allow trading of carbon credits
• Encourage adoption of low-carbon technologies

The Bureau of Energy Efficiency (BEE) is responsible for developing emissions targets and monitoring compliance.

Importance for India’s Climate Goals

The policy supports India’s broader climate commitments, including:

• Reducing emissions intensity of GDP
• Achieving net-zero emissions by 2070
• Expanding green industrial technologies

It also aligns India with global carbon market practices.

6. Shtil Missile System

Context:

The Ministry of Defence of India recently signed defence contracts worth ₹5,083 crore to strengthen maritime security, including the procurement of Shtil Missile System for frontline warships of the Indian Navy.

What is the Shtil Missile System?

The Shtil is a ship-based Surface-to-Air Missile (SAM) system designed to protect naval vessels from aerial threats.

Purpose

It intercepts threats such as:

• Fighter aircraft
• Helicopters
• Anti-ship missiles
• Unmanned aerial vehicles (UAVs)

The system provides medium-range air defence for naval fleets during maritime combat operations.

Development

• The missile system was developed by Russian defence industries and exported by Rosoboronexport, Russia’s state arms exporter.
• The system is derived from the Buk Missile System, a well-known Russian land-based air defence system.

7. Dusky Eagle-Owl

Source: TNIE

Context:

The Dusky Eagle-Owl has recently been sighted in the Phato tourism zone, Terai West Forest Division in Uttarakhand after nearly 15 years, highlighting the ecological importance of the region’s forests and wetlands.

About the Dusky Eagle-Owl

Scientific Name

Dusky Eagle-Owl (Ketupa coromanda)

It is a large bird of prey belonging to the owl family Strigidae.

Geographic Range

The species is found across South and Southeast Asia, including:

• India
• Nepal
• Bangladesh
• Pakistan

Conservation Status

According to the International Union for Conservation of Nature (IUCN):

• Status: Least Concern

This indicates that the species is not currently facing a high risk of extinction, though habitat protection remains important.

8. Operation Sankalp

Source: TH

Context:

Amid rising tensions in West Asia, Indian Navy warships deployed under Operation Sankalp have been placed on standby for Humanitarian Assistance and Disaster Relief (HADR) missions to protect Indian maritime interests and assist civilians if required.

What is Operation Sankalp?

Operation Sankalp (meaning Commitment in Sanskrit) is a maritime security mission of the Indian Navy aimed at protecting Indian merchant shipping and maintaining stability in the Indian Ocean Region (IOR).

Launch

The operation was launched on 19 June 2019 following security concerns after attacks on commercial ships in the Gulf of Oman and Strait of Hormuz.

Aim of the Operation

The mission focuses on:

• Ensuring safe passage of Indian merchant vessels through sensitive sea lanes.
• Protecting maritime trade routes in the Indian Ocean Region (IOR).
• Preventing piracy and maritime terrorism.
• Securing India’s energy imports, especially crude oil shipments.

Key Areas of Deployment

Indian naval vessels operate mainly in:

• Strait of Hormuz
• Gulf of Aden
• Gulf of Oman

These are strategic sea routes for global oil and trade movement.

Banking/Finance

1. IRDAI Proposes Shift of Insurers to Ind AS

Source: ET

Context:

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a consultation paper proposing that insurance companies transition from Indian Generally Accepted Accounting Principles (IGAAP) to Indian Accounting Standards (Ind AS).

The reform aims to align the financial reporting framework of Indian insurers with global standards under International Financial Reporting Standards (IFRS).

Current Accounting System for Insurers

At present, Indian insurers follow accounting rules based on:

• Insurance Act, 1938
• IRDAI regulations
• IGAAP framework

However, most listed companies and large NBFCs in India have already migrated to Ind AS, making the insurance sector one of the last major financial segments yet to transition.

Objectives of the Ind AS Transition

IRDAI believes adopting Ind AS will:

1. Improve Transparency

Standardised reporting improves clarity in financial disclosures.

2. Increase Global Comparability

Financial statements will become comparable with international insurers.

3. Attract Foreign Investment

Global investors are more comfortable with IFRS-based reporting frameworks.

4. Improve Access to Global Capital Markets

Better reporting standards may help insurers raise capital internationally.

Transition Plan Proposed by IRDAI

Parallel Reporting in the First Year

During the first year of implementation:

• Insurers will submit Ind AS financial statements for statutory reporting.
• They will also submit IGAAP statements as special regulatory filings.

This dual reporting system will ensure a smoother transition.

Additional Audit Requirement

In the first year:

• Financial statements must undergo independent validation by an IRDAI-empanelled auditor.
• This will be in addition to the statutory audit.

Key Accounting Changes

Entity-Level Financial Statements

Under Ind AS, financial reporting will include:

• Balance Sheet
• Profit and Loss Account
• Statement of Changes in Equity
• Cash Flow Statement

These will be prepared at the entity level, consistent with global accounting practices.

Policyholder vs Shareholder Funds

Under the Insurance Act, insurers must keep policyholder and shareholder funds separate.

IRDAI’s proposed compromise:

• Primary financial statements prepared at entity level.
• Separate revenue accounts and schedules maintained for policyholder funds.

This maintains transparency while aligning with international standards.

Ind AS 117 for Insurance Contracts

The transition includes adoption of Ind AS 117, the accounting standard for insurance contracts aligned with IFRS 17.

Key Feature: Annual Cohorting

Insurance contracts must be grouped by year of issue to:

• Track profitability accurately
• Prevent cross-subsidisation between policyholder generations

Insurers requested exemption due to operational challenges, but IRDAI rejected this request.

Gradual Retrospective Implementation

To ease implementation, IRDAI proposed a phased retrospective approach:

• FY27: 10-year retrospective data
• FY28: 15-year retrospective data
• FY29: 20-year retrospective data

This allows insurers time to adjust systems and data structures.

Rules for Participating Life Insurance Policies

For participating life insurance business:

• Surplus distribution will continue under Section 49 of the Insurance Act.
• Shareholder participation remains capped at 10%.

This ensures policyholders continue receiving the majority of profits.

Implications of the Reform

If implemented, the transition to Ind AS will change how stakeholders evaluate insurance companies.

Affected stakeholders

• Investors
• Analysts
• Rating agencies
• Policyholders

2. SEBI Overlap Rules May Push Mutual Funds Toward Passive Products

Source: Mint

Background

The Securities and Exchange Board of India (SEBI) has revised mutual fund categorization norms to ensure clear differentiation between schemes within the same category.

Under the new rules:

• Portfolio overlap between thematic/sectoral funds and other equity schemes is capped at 50%.
• The rule excludes large-cap funds.

The move aims to prevent fund houses from launching multiple funds with similar portfolios under different themes.

What Is Portfolio Overlap?

Portfolio overlap refers to two mutual fund schemes holding many of the same stocks.

Previously:

• Asset management companies (AMCs) could launch several thematic or sectoral funds with similar holdings.

Now:

• SEBI requires meaningful differentiation between schemes.

This makes it harder to run multiple active funds with similar investment universes.

What Are Passive Funds?

Passive funds track a market index instead of actively selecting stocks.

Examples include:

1. Index Funds
2. Exchange-Traded Funds (ETFs)
3. Fund of Funds (FoFs) investing in passive instruments

These funds follow rule-based investment strategies rather than active portfolio management.

Advantages of Passive Funds

Passive funds offer several benefits:

Lower Costs

Since they track an index, they require less active management, leading to lower expense ratios.

Transparency

Investors know exactly which index the fund tracks.

Easier Product Differentiation

Fund houses can launch different index-based products without violating overlap restrictions.

Possible Innovations in Passive Products

Experts expect greater innovation in passive investing due to the new rules.

1. Factor-Based Funds (Smart Beta)

These track indices based on specific factors such as:

• Higher Return on Equity (ROE)
• Strong dividend yield
• Lower volatility
• Better quality metrics

These are called factor-based passive funds.

2. Thematic Index ETFs

New ETFs may focus on emerging sectors such as:

• Electric Vehicles (EVs)
• Clean energy
• Technology sectors

These could track small baskets of 10–20 specialized stocks.

Growth of Passive Funds in India

Passive investments have been growing rapidly in India.

According to the Association of Mutual Funds in India (AMFI):

• Passive AUM share increased from 7.3% five years ago
• To about 19.02% of total mutual fund assets.

Global Comparison

In developed markets, passive investing dominates.

For example:

• In the United States, passive funds account for more than 50% of mutual fund assets.

India may gradually move in the same direction, though growth may be slower.

3. Bank Liquidity May Come Under Stress

Source: Mint

Context:

Banks in India may face temporary liquidity pressure in the March quarter as large volumes of short-term Certificates of Deposit (CDs) issued in recent months mature. Banks issued significant CDs in December, January, and February to manage tight funding conditions and slower growth in retail deposits.

What Are Certificates of Deposit (CDs)?

A Certificate of Deposit (CD) is a short-term money market instrument issued by banks to raise funds from institutional investors.

Key features

• Maturity period: 7 days to 1 year
• Usually offers higher interest rates than retail deposits
• Purchased mainly by mutual funds, corporates, and financial institutions

Banks use CDs to manage short-term liquidity needs.

Why Banks Issued More CDs Recently

Banks increased CD issuance mainly because:

1. Credit Growth Is Higher Than Deposit Growth

• Bank credit growth: ~13.4% year-on-year
• Deposit growth: ~11.2%

This gap creates funding pressure.

2. Slow Retail Deposit Mobilisation

Retail deposits have grown slowly, forcing banks to raise funds from the money market.

3. Tight Liquidity Conditions

Banks issued CDs to shore up liquidity buffers.

Impact on Liquidity Coverage Ratio (LCR)

The Reserve Bank of India requires banks to maintain a minimum Liquidity Coverage Ratio (LCR) of 100%.

What is LCR?

LCR measures whether a bank has enough high-quality liquid assets to meet 30 days of cash outflows.

Banks usually maintain 115–120% LCR as a safety cushion.

Why LCR May Fall

When CDs mature:

• Banks must repay the borrowed funds.
• These repayments count as cash outflows in the next 30 days.
• This reduces the LCR temporarily.

Analysts expect LCR to decline in Q4 FY2026 due to large CD maturities.

4. RBI Nod for SBI Mutual Fund to Acquire Stake in Bandhan Bank & RBL Bank

Source: FE

Context:

The Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund to acquire up to 9.99% stake in Bandhan Bank and RBL Bank. This move allows the asset management company to increase its investment in the banking sector while remaining within regulatory limits on shareholding in banks.

Key Highlights:

Stake Limit

• SBI Mutual Fund can hold up to 9.99% of the paid-up share capital or voting rights in each bank.
• The stake must not exceed this limit without fresh approval from RBI.

Time Limit for Acquisition

• The acquisition must be completed within one year from the date of RBI approval.
• If the stake is not acquired within this period, the approval will lapse automatically.

Regulatory Conditions

If the holding of SBI Mutual Fund falls below 5%, it will need fresh RBI approval before raising the stake back to 5% or above.

The acquisition must comply with:

• Banking Regulation Act, 1949
• RBI guidelines on acquisition of shares in private banks
• Securities and Exchange Board of India (SEBI) regulations
• Foreign Exchange Management Act, 1999 (FEMA) provisions

Why RBI Approval is Required

RBI regulates shareholding in banks to ensure:

• Financial stability of banks
• Prevention of excessive ownership concentration
• Proper fit and proper assessment of investors

Typically, investors must obtain RBI approval to hold 5% or more in a private bank.

About SBI Mutual Fund

SBI Mutual Fund is one of India’s largest asset management companies.

• Established: 1987
• Joint venture between State Bank of India and Amundi (France).

It manages a large portfolio of equity, debt, and hybrid mutual fund schemes.

Agriculture

1. New Seed Act 2026 and Revised Pesticide Act 2026

Source: News on Air

Context:

On 1 March 2026, Shivraj Singh Chouhan, Union Minister of the Ministry of Agriculture and Farmers Welfare, announced two major agricultural reforms in Mussoorie, Uttarakhand:

• New Seed Act 2026
• Revised Pesticide Act 2026

These reforms aim to modernize India’s agricultural regulatory system, improve input quality, and protect farmers from substandard seeds and pesticides.

New Seed Act 2026

Objective

The New Seed Act 2026 seeks to improve transparency, quality control, and accountability in the seed sector.

Key Provisions

1. Mandatory Registration

• All seed companies must register with regulatory authorities before selling seeds in India.
• This ensures traceability and quality assurance.

2. QR Code-Based Transparency

• Seed packets will carry unique QR codes.
• Farmers can scan them to access information such as:
  • Seed variety
  • Origin
  • Quality certification
  • Producer details

3. Stronger Penalties

• Maximum penalty increased to ₹30 lakh.
• Imprisonment may also be imposed for deliberate offences such as selling fake or substandard seeds.

Revised Pesticide Act 2026

Objective

The Revised Pesticide Act 2026 aims to modernize pesticide regulation and improve environmental and farmer safety.

Replacement of Old Law

The new law will replace the Insecticides Act, 1968, which has governed pesticide regulation in India for decades.

Key Goals

• Strengthen quality control of pesticides
• Prevent sale of spurious or harmful chemicals
• Ensure safe usage of pesticides
• Align regulations with modern agricultural practices and international standards

Significance of the Reforms

1. Farmer Protection

The laws aim to protect farmers from fake seeds and substandard pesticides, which often cause crop losses.

2. Improved Agricultural Productivity

Better quality inputs can lead to higher yields and improved farm incomes.

3. Digital Transparency

The introduction of QR code tracking for seeds enhances transparency and accountability.

4. Modern Regulatory Framework

Replacing outdated laws helps align India’s agriculture with modern technology and global standards.

2. Karbi Anglong Ginger

Context:

Assam recently achieved an important milestone by exporting 1.2 metric tonnes of GI-tagged Karbi Anglong Ginger to London as a trial export consignment. This marks the first international shipment of this unique agricultural product from the state and highlights the growing global demand for region-specific Indian crops.

About Karbi Anglong Ginger

Karbi Anglong Ginger is a premium variety of ginger known for its distinct aroma, strong pungency, and medicinal value.

It has received the Geographical Indication (GI) tag, which certifies that the product originates from a specific region and possesses unique characteristics linked to that location.

Region of Cultivation

The crop is primarily grown in the Karbi Anglong district of Assam, particularly in the Singhasan Hills.

Traditional Farming Methods

Farmers use indigenous techniques such as:

• Jhum cultivation (shifting cultivation)
• Tila cultivation (farming on hill slopes)

These traditional practices help maintain the organic and natural quality of the crop.

Key Characteristics

1. Strong Aroma and Pungency

• Rich in essential oils
• Has a strong earthy flavour, making it highly valued in cooking.

2. Medicinal Properties

• Used in traditional medicine for:
  • Digestive benefits
  • Anti-inflammatory effects

3. Organic Cultivation

• Mostly grown through traditional, low-chemical farming methods.

4. High Market Demand

Karbi Anglong ginger is preferred in:

• Culinary industries
• Pharmaceutical products
• Food processing industries

Facts To Remember

1. NITI Aayog and JICA Sign Phase II Agreement to Promote SDGs in Aspirational Districts

In March 2026, NITI Aayog and JICA signed the Record of Discussions for Phase II of the Japan–India Cooperative Actions towards Sustainable Development Goals (SDGs). The initiative will support the Aspirational Districts Programme and Aspirational Blocks Programme. It aims to enhance institutional capacity, improve governance systems, and strengthen monitoring through evidence-based planning at the district and block levels.

2. BEE Celebrates 25th Foundation Day in New Delhi

The event was held on 1 March 2026 at India Habitat Centre, New Delhi, under the Ministry of Power. A special BEE@25 logo was unveiled to mark the silver jubilee year. The Renewable Consumption Obligation (RCO) Portal and the BEE Star Label Mobile App were also launched to strengthen monitoring and help consumers verify the energy performance of appliances.

3. Survey of India and Kerala Digital University Sign MoU for Geospatial Research

The collaboration aims to advance geospatial data collection, processing, and analysis using technologies like Artificial Intelligence and Machine Learning. Both institutions will conduct research projects, training programmes, and workshops in spatial data sciences. The partnership also promotes academic collaboration and strengthens India’s geospatial technology capabilities.

4. MeitY Launches Indigenous 30 kW Integrated Drive System for EVs

The new system integrates the electric motor and inverter into a compact unit using Interior Permanent Magnet Synchronous Motor architecture. It uses Silicon Carbide MOSFET modules for higher efficiency and improved thermal stability. The initiative aims to reduce import dependence in EV powertrain systems and promote domestic manufacturing under the PLI scheme.

5. Maharashtra Launches India’s First AI-Driven Skill Census ‘Saksham’

The census was launched in Mumbai to evaluate the skills of youth aged 18–40 years. It will cover about 55,000 households in the H-West ward using AI and GIS-based hyperlocal mapping. The survey will identify education levels, skill interests, and training needs to improve employment and entrepreneurship opportunities.

6. Government Announces Nationwide ASMITA Athletics League for Women

The league will be organised across nearly 250 locations in India to mark International Women’s Day. It will feature 100 m, 200 m, and 400 m races for girls and women in three age categories. The initiative is part of the Khelo India Mission to encourage grassroots sports participation and identify young female talent.

7. RBI and Bank of Japan Renew USD 75 Billion Bilateral Swap Arrangement

The agreement became effective on 28 February 2026 to strengthen financial cooperation between India and Japan. The arrangement allows both countries to exchange local currencies and US dollars to manage financial stress. It enhances macroeconomic stability and provides a financial safety net during currency or liquidity pressures.

8. India INX GA Partners HSBC IBU to Expand Overseas Investment Access

The partnership allows eligible investors to access global equities, ETFs, and other securities through the India INX GA platform. Investments will be made within the RBI’s Liberalised Remittance Scheme limit of USD 250,000 per financial year. The initiative strengthens GIFT City as a global financial hub and promotes regulated international investments.

9. Safeena Husain Named in TIME Women of the Year 2026

The recognition highlights her contribution to girls’ education and social empowerment in India. Founded in 2007, Educate Girls works to bring out-of-school girls back into classrooms in rural and tribal areas. The organisation now operates in more than 30,000 villages across 12 Indian states.

10. Former Union Minister KP Unnikrishnan Passes Away

He served in Indian politics for over three decades and was associated with the Indian National Congress. Before entering politics, he worked as a journalist with the Mathrubhumi newspaper. He also served on the Public Accounts Committee, contributing to parliamentary financial oversight.

11. Vice President Releases 16 Books on Tamil Scholars and Heritage

The books were published by the Publications Division of the Ministry of Information and Broadcasting. Most of the titles are in Tamil, covering subjects such as Rameswaram, Sri Ramanuja, Tamil temple architecture, and ancient traditions. The initiative aims to preserve and promote India’s rich cultural and literary heritage.

12. Book “Mahatma: A Great Communicator” Released in New Delhi

The book explores the communication skills of Mahatma Gandhi during India’s freedom struggle. It highlights how Gandhi used communication to mobilise the masses and promote non-violence. Published by Navajivan Trust, the book is available in Hindi, English, and Gujarati.

13. World Seagrass Day 2026 – March 1

The day aims to raise awareness about the role of seagrass in marine biodiversity, coastal protection, and climate change mitigation. The United Nations General Assembly declared the observance in 2022. The first World Seagrass Day was celebrated globally in 2023.

14. Civil Accounts Day 2026 – March 1

The day commemorates the establishment of ICAS in 1976 as part of reforms in public financial management. ICAS functions under the Department of Expenditure in the Ministry of Finance. The service manages government accounts and strengthens transparency in public finance administration.

Daily Current Affairs Quiz
06 & 07 March, 2026

National Affairs

1. India’s 7th National Biodiversity Report

Context:

India has submitted its 7th National Report to the Convention on Biological Diversity (CBD). The report evaluates the country’s progress in achieving biodiversity conservation goals aligned with the Kunming–Montreal Global Biodiversity Framework (KMGBF) adopted in 2022, which sets global biodiversity targets to be achieved by 2030.

What is the 7th National Biodiversity Report?

The report is India’s official periodic submission to the CBD, outlining:

• Progress in biodiversity conservation
• Implementation of national biodiversity strategies
• Challenges in achieving global biodiversity targets

It was prepared by the Ministry of Environment, Forest and Climate Change (MoEFCC) in coordination with institutions such as the National Biodiversity Authority (NBA) and other government agencies.

Global Biodiversity Framework (KMGBF)

The Kunming–Montreal Global Biodiversity Framework sets 23 global targets for 2030, aiming to halt biodiversity loss worldwide.

Key Goals

• Protect 30% of land and marine areas (“30×30 target”)
• Restore degraded ecosystems
• Reduce pollution affecting biodiversity
• Control invasive alien species
• Prevent human-induced species extinction

India has aligned its policies with these goals through its National Biodiversity Strategy and Action Plan (NBSAP).

Key Findings of India’s Report

1. Limited Progress Towards Targets

Out of 23 national biodiversity targets, only two are currently on track to be achieved by 2030, indicating significant gaps in implementation.

2. Forest and Tree Cover

India’s forest and tree cover stands at about 25% of the total geographical area, showing a modest increase in recent years.

3. Ecosystem Restoration Efforts

India has pledged to restore 26 million hectares of degraded land under the Bonn Challenge, with substantial progress already reported.

4. Recovery of Flagship Species

Conservation programmes have led to improvements in populations of certain species, including:

• Tigers
• Asiatic lions
• One-horned rhinoceros

These successes reflect the effectiveness of species-specific conservation initiatives.

Major Challenges Identified

1. Land Degradation

Nearly one-third of India’s land area is affected by degradation, threatening biodiversity and ecosystem services.

2. Limited Protected Areas

Protected areas cover only around 5% of India’s land area, which is far below the global target of conserving 30% by 2030.

3. Data and Monitoring Gaps

Biodiversity data is often fragmented across institutions, making effective monitoring and policy implementation difficult.

4. Climate Change Impacts

Climate change is increasing the frequency of extreme weather events such as floods, droughts, and forest fires, affecting ecosystems and species survival.

2. Census 2027 Mascots: Pragati and Vikas

Source: TH

Context:

The Union Home Minister unveiled the official mascots “Pragati” and “Vikas” for Census 2027 and also soft-launched digital tools to support the upcoming census exercise in New Delhi.

What is the Initiative?

The Government of India has introduced two mascots for Census 2027 to:

• Create public awareness about the census
• Encourage citizen participation
• Communicate information about the enumeration process across diverse communities

These mascots will act as public outreach ambassadors for the census.

Mascot Names and Representation

• Pragati – Female enumerator mascot
• Vikas – Male enumerator mascot

Symbolism

• Represent equal participation of men and women in nation-building
• Reflect the idea of inclusive development
• Support the vision of “Viksit Bharat by 2047”

Key Features of Census 2027

1. World’s Largest Population Enumeration

• Census 2027 will be the largest census exercise in the world.
• It will involve over 30 lakh enumerators, supervisors, and officials.

2. First Fully Digital Census in India

• Data will be collected using secure mobile applications and digital platforms.
• This marks a shift from paper-based enumeration to digital data collection.

3. Self-Enumeration Facility

• Citizens will be able to submit their household details online.
• The portal will support 16 languages.
• This will allow households to enter information before the door-to-door survey.

Two Phases of Census 2027

Phase 1: Houselisting and Housing Census (HLO)

• Collects information about:
  • Housing conditions
  • Household amenities
  • Infrastructure availability

Phase 2: Population Enumeration (PE)

• Collects demographic, social, and economic data of individuals.

3. Sanand 2.0

Source: BS

Context:

The inauguration of the Micron Technology semiconductor facility in Sanand, Gujarat, marks a major milestone in India’s ambition to become a global semiconductor manufacturing hub. Industry observers describe this shift as “Sanand 2.0”, moving the region from an automobile manufacturing centre to a semiconductor ecosystem.

From Sanand 1.0 to Sanand 2.0

Sanand 1.0 – Automobile Hub

• Sanand’s industrial journey began in 2008 with the Tata Nano plant.
• The Tata project triggered the development of automobile and manufacturing infrastructure in the region.

Sanand 2.0 – Semiconductor Manufacturing

• The new phase is driven by semiconductor manufacturing and assembly facilities.
• The Micron Technology plant is now the centrepiece of this transformation.

Micron’s Semiconductor Facility

Micron Technology, a US-based semiconductor company headquartered in Idaho, set up an ATMP facility (Assembly, Testing, Marking, and Packaging) in Sanand.

Key Products

Micron is known for manufacturing:

• DRAM (Dynamic Random Access Memory) chips
• NAND storage chips

These technologies are essential for computers, smartphones, servers, and data centres.

Why Micron Chose Sanand

Micron evaluated two possible locations in Gujarat:

1. Dholera Special Investment Region (SIR) – envisioned as a semiconductor city
2. Sanand GIDC (Gujarat Industrial Development Corporation)

Micron ultimately chose Sanand because:

• Infrastructure was already operational
• Faster plug-and-play manufacturing environment
• Proximity to Ahmedabad and its international airport
• Established industrial ecosystem

Speed of execution was a key factor, as semiconductor supply chains require rapid operations and minimal downtime.

4. Bronze Art in India

Context:

The Ashmolean Museum (Oxford) has decided to return a 16th-century bronze idol of Saint Tirumankai Alvar after research showed it originally belonged to the Soundarrajaperumal Temple, Thadikombu (Tamil Nadu) and was replaced by a replica after being removed.

This highlights the importance of bronze sculptures in India’s religious, artistic, and cultural traditions.

What is Bronze Art?

Bronze art refers to sculptures and ritual objects made from copper-based alloys, mainly bronze or brass. In South India, many idols are made using the panchaloha alloy (a mix of five metals).

Uses

Bronze objects were widely used for:

• Temple idols and processional deities
• Lamps (deepams)
• Ritual utensils
• Decorative sculptures

In many temples, bronze idols are considered living deities and are used in religious festivals and processions.

Important Bronze Artefacts in Indian History

1. Dancing Girl (Mohenjodaro, c. 2500 BCE)

• One of the earliest bronze sculptures.
• Shows the advanced metal casting skills of the Indus Valley Civilization.

2. Daimabad Bronzes (c. 1500 BCE)

• Large bronze sculptures found in Maharashtra.
• Indicate sophisticated casting techniques and ceremonial use.

3. Chola Bronzes (9th–13th century CE)

• Represent the golden age of bronze sculpture in India.
• Famous examples include Nataraja (Shiva as the cosmic dancer).
• Known for graceful movement, idealised anatomy, and spiritual symbolism.

Banking/Finance

1. IDFC First Bank Fraud

Source: IE

Context:

A ₹590-crore fraud involving Haryana government accounts maintained at a Chandigarh branch of IDFC First Bank has been uncovered. Investigations suggest forged cheques, diversion of funds, and involvement of bank officials along with private entities.

What is the IDFC First Bank Fraud?

The case refers to an alleged large-scale financial scam in which funds belonging to Haryana government departments were illegally withdrawn and diverted from accounts held in IDFC First Bank.

Key Modus Operandi

• Forgery of Cheques: Fake cheques were allegedly created to withdraw funds.
• Manipulation of Bank Records: Falsified bank statements were used to mislead government departments.
• Diversion of Funds: Money withdrawn from government accounts was reportedly transferred to private entities.
• Collusion: Investigations indicate possible involvement of bank officials, government employees, and private firms.

Issues Highlighted

1. Banking Governance Failures

Weak internal controls and compliance mechanisms in the bank allowed fraudulent withdrawals from government accounts.

2. Forgery and Document Manipulation

Use of forged financial documents and manipulated records exposed vulnerabilities in banking verification systems.

3. Collusion Between Officials

The case suggests coordinated actions between bank staff, government officials, and private entities, pointing to systemic corruption risks.

4. Poor Monitoring of Public Funds

Government funds kept as fixed deposits and bank balances were not effectively monitored by the concerned departments.

2. RBI Proposes Relief for Small Digital Fraud Victims

Source: ET

Context:

The Reserve Bank of India (RBI) has proposed a new measure to provide quick financial relief to victims of small digital frauds. Under the proposal, customers who lose money in online frauds may receive compensation within five days of reporting the incident.

Key Features of the Proposal

1. Compensation Limit

• Customers losing up to ₹50,000 in digital fraud may receive compensation.
• Maximum compensation: ₹25,000.

2. Time Limit for Reporting

• The fraud must be reported within 5 days of the incident.
• Once the complaint is received, banks must compensate the victim within five days.

3. One-Time Relief Measure

• The compensation is proposed as a one-time measure.
• Relief may be given even if the fraud occurred due to customer negligence, provided the complaint is filed on time.

Who Will Bear the Compensation Cost?

The financial burden will be shared between banks and the RBI.

• RBI share: around 65%–76% of the compensation
• Banks: remaining portion.

This ensures that banks can quickly reimburse customers without facing the full financial burden.

Objective of the Proposal

The RBI aims to:

• Strengthen trust in digital banking systems
• Provide faster relief to fraud victims
• Encourage timely reporting of cyber frauds
• Improve consumer protection in digital financial services

3. Crypto and Digital Money Brought Under Tax Reporting Framework

Source: ET

Context:

The Government of India has expanded the financial account reporting framework to include crypto assets, Central Bank Digital Currencies (CBDCs), and certain electronic money products. The move aims to strengthen tax transparency and international information sharing.

The changes were notified by the Central Board of Direct Taxes (CBDT) through the Income-tax (Amendment) Rules, 2026.

Key Changes in the Rules

The amendments modify Rules 114F, 114G, and 114H of the Income-tax Rules, which deal with due diligence and reporting requirements for financial institutions.

New Financial Assets Included

Financial institutions must now report accounts involving:

• Crypto assets
• Central Bank Digital Currencies (CBDCs)
• Specified electronic money products

These assets will now fall under the tax information-sharing framework.

Definition of Relevant Crypto Assets

The rules define a relevant crypto asset as:

• Any crypto asset used for payment or investment purposes
• Excludes CBDCs and specified electronic money products

Examples may include cryptocurrencies used for trading, investment, or transactions.

Specified Electronic Money Products

The rules introduce a new category called specified electronic money products, defined as:

• Digital representations of fiat currency
• Issued after receiving funds
• Redeemable at face value
• Used for payment transactions

This includes certain digital wallets or prepaid digital money instruments.

Alignment with Global Tax Transparency Frameworks

The amendments align India’s system with global standards such as:

1. FATCA (Foreign Account Tax Compliance Act)

• A U.S. law requiring disclosure of financial accounts held by U.S. taxpayers abroad.

2. CRS (Common Reporting Standard)

• Developed by the Organisation for Economic Co-operation and Development (OECD).
• Enables automatic exchange of financial account information between countries.

3. CARF (Crypto-Asset Reporting Framework)

• An OECD framework specifically designed to track and report crypto-asset transactions across borders.

Exemptions for Low-Value Accounts

Some low-value accounts are exempt from reporting requirements.

Example:

• Electronic money accounts with a balance below $10,000 (rolling 90-day average) may not require reporting.

4. SEBI Introduces Debit Freeze Facility for Mutual Fund Folios

Source: Mint

Context:

The Securities and Exchange Board of India (SEBI) has introduced a voluntary debit freeze (lock-in) facility for mutual fund folios to enhance the security of investors’ holdings and prevent unauthorised transactions.

This measure comes amid a rise in digital fraud and unauthorised financial account activities.

What is the Debit Freeze Facility?

The debit freeze facility allows mutual fund investors to block all debit transactions from their mutual fund folio.

When activated, it prevents:

• Redemption of mutual fund units
• Transfer of units
• Any outflow transactions from the folio

Transactions will only be allowed after the investor explicitly unlocks the folio.

How the Framework Works

• Investors can activate a lock on their mutual fund folio.
• Once locked, no units can be debited (redeemed or transferred).
• Transactions can resume only after the investor unlocks the folio.

Implementation Mechanism

Phase 1 Implementation

• The locking facility will be provided through MF Central, an interoperable platform for mutual fund services.
• Registrar and Transfer Agents (RTAs) will enable this facility for investors.

Eligibility

The facility will be available only to investors who:

• Are KYC-compliant
• Have a valid mobile number
• Have a registered email ID

Role of AMFI

The Association of Mutual Funds in India (AMFI) will:

• Define the process for locking and unlocking folios
• Provide operational guidelines for Asset Management Companies (AMCs) and RTAs
• Specify which financial and non-financial transactions are permitted during the lock period

Disclosure Requirements

• AMCs and RTAs must disclose the detailed process on their websites.
• The impact of the debit freeze on transactions will also be included in the Statement of Additional Information (SAI).

Key Features

• Voluntary option available to investors.
• Can be activated through mutual fund platforms or intermediaries.
• The folio remains locked for debit transactions until the investor removes the freeze.
• Credit transactions (such as additional investments) may still be allowed depending on system design.

5. SWIFT to Introduce New Framework for Cross-Border Payments

Source: BS

Context:

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network has announced a new framework to improve cross-border retail payments, aiming to make international transfers faster, cheaper, and more predictable.

Major Indian banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, and Axis Bank are expected to roll out the system as part of the global transition.

What is SWIFT?

SWIFT is a global financial messaging network that enables banks and financial institutions to securely communicate payment instructions for international money transfers.

• Used by over 11,000 financial institutions worldwide
• Facilitates cross-border banking transactions and remittances

Objectives of the New Framework

The new system aims to:

• Speed up international retail payments
• Reduce transaction costs
• Improve transparency and predictability of payment timelines
• Support small businesses and individual remittance senders

Key Features of the Framework

• Faster cross-border payments
• Better tracking of transactions
• Improved data standardisation
• Greater interoperability between banks

These improvements will reduce delays and uncertainties often associated with international transfers.

Importance for India

India is expected to benefit significantly from the new framework because:

• India is one of the largest remittance-receiving countries in the world.
• Millions of Indians working abroad send money home regularly.

Faster and cheaper payment systems will help:

• Families receiving remittances
• Small businesses involved in international trade

6. MSMEs to Receive Credit Support for E-Commerce Exports

Source: ET

Context:

The Government of India has announced credit assistance for MSMEs involved in e-commerce exports under the ₹25,060 crore Export Promotion Mission (EPM). The initiative aims to boost small exporters’ participation in global online markets.

The announcement was made through a trade notice issued by the Directorate General of Foreign Trade (DGFT).

Eligibility Criteria for MSMEs

MSMEs can avail the credit support if they meet the following conditions:

1. Existing Exporters via Postal or Courier Channels

• Must have at least six months of export experience through postal or courier services.
• Must maintain inventory in overseas warehouses for e-commerce fulfilment.

2. New Exporters with Domestic E-Commerce Experience

• MSMEs entering international e-commerce value chains can also qualify.
• They must have at least one year of regular domestic e-commerce operations.

Objective of the Scheme

The government aims to:

• Increase MSME participation in global e-commerce trade
• Improve access to export finance
• Integrate Indian MSMEs into international value chains
• Boost India’s digital and cross-border exports

7. India–UAE Plan Digital Currency Bridge for Instant Cross-Border Transfers

Source: Mint

Context:

India and the United Arab Emirates (UAE) are working on linking their Central Bank Digital Currencies (CBDCs) to enable instant cross-border money transfers between the two countries. The initiative involves collaboration between the Reserve Bank of India (RBI) and the Central Bank of the UAE.

What Is the Proposed Digital Currency Link?

The plan is to connect:

• India’s CBDC: e-Rupee
• UAE’s CBDC: Digital Dirham

Once linked, the system would allow direct wallet-to-wallet transfers, eliminating the need for traditional banking intermediaries.

This means money could be transferred almost instantly across borders.

Why the India–UAE Link Is Important

1. Large Indian Diaspora in the UAE

• The UAE hosts more than 4 million Indians.
• It is one of the largest sources of remittances to India.

2. Major Remittance Corridor

• The UAE contributes about 19.2% of India’s inward remittances.
• India is among the largest remittance-receiving countries globally.

Faster digital transfers could significantly reduce cost and time for remittances.

Types of CBDC Use

Retail CBDC

• Used by individuals for payments to other users or merchants.

Wholesale CBDC

• Used by banks for interbank settlements and large-value transactions.

Potential Uses of the CBDC Bridge

The India–UAE CBDC linkage could enable:

• Remittances (person-to-person transfers)
• Business payments (B2B)
• Consumer payments (B2C)
• Government transactions (G2G)

It could function as a parallel payment channel alongside traditional bank transfers.

Facts To Remember

1. India Has Adequate Fertilizer Stocks for Kharif Season: Centre

The Government of India has assured farmers and fertilizer companies that the country has sufficient fertilizer stocks for the upcoming kharif season, despite concerns about supply disruptions caused by the West Asia conflict involving Iran.

2. Project HANUMAN

The Government of Andhra Pradesh launched Project HANUMAN on World Wildlife Day (3 March) 2026 to address the increasing human–wildlife conflict in the state.

Project HANUMAN stands for: Healing and Nurturing Units for Monitoring, Aid and Nursing of Wildlife

3. NPCI Plans Identity Reboot to Strengthen Brand Recognition

The National Payments Corporation of India (NPCI) is planning a major branding revamp to strengthen its identity and visibility as a technology-driven digital payments infrastructure provider. The move aims to improve brand recall in India and globally, as millions of users rely on payment systems powered by NPCI but are often unaware of the organisation behind them.

4. Tamil Nadu Women Entrepreneur Empowerment Scheme (TWEES)

Launched by: Chief Minister M.K. Stalin
State: Tamil Nadu
Department: MSME (Micro, Small and Medium Enterprises) Department

Objective

• To promote women entrepreneurship in Tamil Nadu.
• Target to encourage 1 lakh women to become entrepreneurs within the next 5 years.
• Aims to strengthen women-led MSMEs, economic independence, and employment generation.

5. India’s First Riverine Lighthouses Project Launched in Assam

Sarbananda Sonowal laid the foundation stone for India’s first riverine lighthouses along the Brahmaputra River in Assam. The project will develop four lighthouses at Bogibeel, Pandu, Silghat and Biswanath Ghat on National Waterway-2. Each lighthouse will be 20 m high with a range of up to 14 nautical miles and powered entirely by solar energy. The initiative aims to improve inland navigation safety and promote river tourism.

6. NITI Aayog and UNICEF India Partner to Improve Nutrition in Aspirational Areas

NITI Aayog signed a Statement of Intent with UNICEF India to strengthen nutrition and health outcomes in aspirational districts and blocks. The partnership focuses on improving maternal and child nutrition in underserved regions. It will enhance Anganwadi infrastructure, promote nutrition literacy and improve the uptake of ICDS services. UNICEF will also mobilize CSR investment through the IMPAct4Nutrition platform.

7. IBM Launches Sangam Infrastructure Innovation Center in Bengaluru

IBM launched the Sangam Infrastructure Innovation Center at its ISDL campus in Bengaluru, Karnataka. The center integrates hybrid cloud, infrastructure technologies and Artificial Intelligence solutions. It will function as a collaborative hub connecting clients, startups, and technology partners. The initiative aims to accelerate the development and deployment of enterprise-grade AI systems.

8. Ministry of Culture Launches Upgraded Indian Culture Portal 2.0

The Ministry of Culture launched Version 2.0 of the Indian Culture Portal in New Delhi. The portal provides digital access to India’s cultural heritage, literature, and traditions. The upgraded platform features an AI chatbot “Bharti” integrated with the Bhashini language platform supporting 22 Indian languages. It also offers immersive features such as 3D monument walkthroughs and virtual tours.

9. Mobile World Congress 2026 Held in Barcelona, Spain

Mobile World Congress 2026 was held from 2–5 March 2026 in Barcelona, Spain. Organized by the GSMA, the event focused on the theme “The IQ Era.” It highlighted the integration of Artificial Intelligence with advanced connectivity and telecom technologies. Jyotiraditya Scindia represented India and launched Tejas Networks’ TJ1600-D3 Data Center Interconnect platform.

10. Hurun Global Rich List 2026 Released

The Hurun Research Institute released the Hurun Global Rich List 2026 covering 4,020 billionaires from 73 countries. Elon Musk remained the world’s richest person with a net worth of USD 792 billion. Mukesh Ambani ranked as the richest person in India and Asia. India ranked third globally with 308 billionaires in the list.

11. Chile Becomes First Country in the Americas to Eliminate Leprosy

The World Health Organization verified that Chile has eliminated leprosy as a public health problem. Chile became the first country in the Americas and the second globally after Jordan to achieve this milestone. The WHO defines elimination as less than one case per 10,000 population. The achievement supports PAHO’s Disease Elimination Initiative targeting multiple communicable diseases by 2030.

12. SBI General Insurance Appoints Pankaj Tripathi as Brand Ambassador

SBI General Insurance launched the campaign “Chuniye Bharosa, Apno Sa” to strengthen its brand image in health insurance. Actor Pankaj Tripathi was appointed as the brand ambassador. The campaign focuses on portraying the company as a trusted family protector. It will be promoted through print, television, OTT platforms, and social media.

13. YES Bank Launches Women’s Salary Account ‘YES Essence’

Yes Bank launched the ‘YES Essence Women’s Salary Account’ for working women. The account offers benefits such as a complimentary health cover and preventive health check-ups. It also includes a free locker facility for the first year. The initiative aims to support financial security and lifestyle benefits for women professionals.

14. KV Subramanian Wins University of Chicago Alumni Award

Indian economist K. V. Subramanian received the Alumni Award for Professional Achievement from the University of Chicago. He became the first Indian economist to receive the honour since its establishment in 1941. Subramanian earlier served as Chief Economic Advisor to the Government of India. He is currently a Professor of Finance at the Indian School of Business.

15. President Appoints New Governors and LGs for States and UTs

Droupadi Murmu announced new appointments and transfers of Governors and Lieutenant Governors across nine states and union territories. Lt Gen Syed Ata Hasnain was appointed Governor of Bihar. Jishnu Dev Varma was appointed Governor of Maharashtra. Taranjit Singh Sandhu became the Lieutenant Governor of Delhi.

16. Logo of Cycling League of India Unveiled

Mansukh Mandaviya unveiled the logo of the Cycling League of India. The league will be the world’s first franchise-based road cycling competition. It will feature eight franchises with teams of ten cyclists each. The initiative aims to promote professional cycling and develop talent in India.

17. International Day for Disarmament and Non-Proliferation Awareness – March 5

The United Nations observes the International Day for Disarmament and Non-Proliferation Awareness annually on March 5. The day aims to raise awareness about the importance of disarmament and peace. It was declared by the UN General Assembly in 2022. The date also marks the entry into force of the Nuclear Non-Proliferation Treaty in 1970.

Daily Current Affairs Quiz
08 & 09 March, 2026

National Affairs

1. SHINE App Launched by Indian Railways

Source: TH

Why in News?

The Indian Railways launched a new mobile application called SHINE (Sexual Harassment Incident Notification for Empowerment) on International Women’s Day (March 8) to help women employees report workplace harassment.

Key Features of the SHINE App

Purpose

• Provides a digital platform for women railway employees to report sexual harassment at the workplace.
• Aims to ensure safety, quick reporting, and better grievance redressal.

Integration with HR System

• The app is integrated with the Human Resources Management System (HRMS) of Indian Railways.
• Employees can access it through the Employee Self Service (ESS) portal.

Confidential Reporting

• Maintains confidentiality of complainants.
• Ensures complaints reach the relevant authorities for timely action.

Wider Reporting Scope

• Complaints can also be filed on behalf of outsiders, such as:
  • Visitors
  • Contractual staff
  • Students or trainees
  • Other individuals who may not have direct access to the app.

Legal & Institutional Framework

Vishakha Guidelines (1997)

• Issued by the Supreme Court of India to prevent sexual harassment at workplaces.
• Mandated the creation of Internal Complaints Committees (ICCs) in organisations.

POSH Act, 2013

• The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act provides a legal framework to address such complaints.

2. Standards for Green Ammonia and Green Methanol

Source: TH

Why in News?

The Government of India has announced standards for green ammonia and green methanol to promote trade and production of green hydrogen derivatives under the National Green Hydrogen Mission.

Objective of the Standards

• Define emission thresholds and eligibility criteria for classifying ammonia and methanol as “green”.
• Ensure transparency and credibility in the production and trade of green hydrogen derivatives.
• Facilitate domestic use and global export.

About the National Green Hydrogen Mission

• Launched: January 2023
• Nodal Ministry: Ministry of New and Renewable Energy (MNRE)
• Initial Outlay: ₹19,744 crore
• Objective: To make India a global hub for the production, use, and export of green hydrogen and its derivatives.

What is Green Hydrogen?

• Hydrogen produced using renewable energy sources (such as solar or wind) through electrolysis of water.
• Unlike grey hydrogen, it does not produce carbon emissions.

Green Hydrogen Derivatives

• Green Ammonia: Produced using green hydrogen and nitrogen; used in fertilisers, shipping fuel, and energy storage.
• Green Methanol: Produced using green hydrogen and captured carbon; used in shipping, chemicals, and clean fuels.

3. PM Modi on “Nari Shakti” on International Women’s Day

Source: TOI

Why in News?

Prime Minister Narendra Modi extended greetings on International Women’s Day (March 8), highlighting the role of “Nari Shakti” (women power) in driving India’s development and nation-building.

Key Highlights:

1. Recognition of Women’s Contribution

• The Prime Minister said women are shaping India’s progress across sectors with determination and creativity.
• Their achievements strengthen India’s goal of building a “Viksit Bharat” (Developed India).

2. Focus on Women Empowerment

• The government emphasised that women’s empowerment is central to many flagship schemes and initiatives.
• The aim is to create opportunities for women to realise their full potential and contribute to national development.

3. Role of Women in Nation Building

• Women’s aspirations, leadership, and participation are crucial for India’s social and economic progress.
• Their contributions are seen as transformative for the country’s future growth.

4. Very Low Earth Orbit (VLEO) Satellite Systems

Source: The Times of India

Why in News?

Bharat Electronics Limited (BEL) and Bellatrix Aerospace signed a Memorandum of Understanding (MoU) to jointly develop Very Low Earth Orbit (VLEO) satellite systems, aiming to strengthen India’s indigenous space technology and defense capabilities.

What is Very Low Earth Orbit (VLEO)?

• VLEO refers to satellite orbits at an altitude of 150 km – 450 km above the Earth’s surface.
• This is lower than traditional Low Earth Orbit (LEO), which typically ranges from 500 km – 2,000 km.

Organizations Involved

• Bharat Electronics Limited (BEL): A state-run defense electronics company under the Ministry of Defence.
• Bellatrix Aerospace: An Indian space-tech startup known for developing advanced satellite propulsion systems.

Aim of the Collaboration

• Develop indigenous VLEO satellite platforms.
• Build integrated satellite solutions for:
  • Strategic/defense applications
  • Civilian uses such as communication and Earth observation.
• Combine PSU manufacturing capability with startup innovation to accelerate India’s space technology ecosystem.

5. Khelo India Tribal Games (KITG)

Source: News in Air

Why in News?

The first-ever Khelo India Tribal Games (KITG) will be held in Chhattisgarh from 25 March to 6 April 2026, as announced by the Union Ministry of Youth Affairs and Sports.

What is Khelo India Tribal Games (KITG)?

• KITG is a national-level multi-sport event exclusively for tribal athletes from across India.
• It is organised under the Khelo India Scheme, a flagship programme aimed at promoting sports culture, grassroots talent identification, and sporting excellence.

Host and Venue

• Host State: Chhattisgarh
• Host Cities:
  • Raipur
  • Jagdalpur
  • Sarguja

About Khelo India Programme

• Launched to strengthen the sports ecosystem in India by identifying talent at the grassroots level.
• Declared an Event of National Importance in 2020 under the Sports Broadcasting Signals (Mandatory Sharing with Prasar Bharati) Act, 2007.

6. Sukhoi Su-30MKI Fighter Aircraft

Source: ET

Why in News?

An Indian Air Force (IAF) Sukhoi Su-30MKI fighter jet crashed at Inglong Ekopi Hill in Assam on March 5, 2026, during a routine training mission.

What is the Sukhoi Su-30MKI?

• The Sukhoi Su-30MKI (NATO reporting name: Flanker-H) is a heavy, twin-engine, multirole air superiority fighter aircraft.
• It is the primary combat aircraft of the Indian Air Force, capable of performing:
  • Air superiority missions
  • Ground attack operations
  • Maritime strike missions
  • Long-range patrols

Development and Manufacturing

• Designer: Sukhoi Corporation (Russia)
• Manufactured in India by: Hindustan Aeronautics Limited (HAL) at Nashik
• The aircraft integrates technologies from multiple countries:
  • Russian airframe
  • Indian avionics
  • Subsystems from France and Israel

7. Essential Commodities Act, 1955 (ECA)

Why in News?

The Central Government invoked the Essential Commodities Act (ECA), 1955 in response to an energy crisis triggered by geopolitical tensions involving Iran, to regulate supply and prevent hoarding of essential resources.

What is the Essential Commodities Act (ECA), 1955?

• The ECA, 1955 is a central law that allows the government to regulate the production, supply, and distribution of essential commodities.
• It aims to ensure availability of essential goods at fair prices and prevent hoarding and black marketing.

Objectives

• Ensure steady supply of essential goods to consumers.
• Prevent artificial scarcity and price manipulation.
• Enable the government to secure commodities for national defence and emergency situations.

Key Features

1. Declaration of Essential Commodities

• Commodities listed in the Schedule of the Act are considered essential.

2. Power to Amend the Schedule

• The Central Government can add or remove commodities from the list in consultation with State Governments.

3. Stock Limits

• The government can impose limits on the quantity of commodities traders can hold to prevent hoarding.

4. Price Regulation

• The Act allows the government to control prices of items such as:
  • Food grains
  • Edible oils
  • Sugar
  • Other essential items

5. Penalties

• Violations under Section 3 may lead to:
  • Imprisonment from 3 months to 7 years
  • Fines

6. Confiscation Powers

• Authorities can seize commodities and transport vehicles used in illegal storage or transportation.

8. SWAYATT Initiative

Source: PIB

Why in News?

The Government e-Marketplace (GeM) celebrated the 7th anniversary of the SWAYATT initiative on 6 March 2026 in New Delhi, highlighting its role in promoting inclusive public procurement for startups, women entrepreneurs, and youth.

About SWAYATT Initiative

Full Form: Startups, Women and Youth Advantage through e-Transactions

• Launched on: 19 February 2019
• Implemented by: Government e-Marketplace (GeM) under the Ministry of Commerce and Industry.
• Objective: To integrate startups, women entrepreneurs, and youth-led enterprises into the government procurement ecosystem.

Key Objectives

• Promote inclusive participation in government procurement.
• Support women-led enterprises, startups, and youth entrepreneurs.
• Encourage digital transactions through the GeM portal.
• Improve market access for small and emerging businesses.

Highlights of the 7th Anniversary Event

• Held at GeM headquarters in New Delhi.
• Ajit B. Chavan, Additional CEO of GeM, presented the progress and future roadmap of SWAYATT.
• A documentary showcasing the seven-year journey and impact of the initiative was screened.

About Government e-Marketplace (GeM)

• An online procurement portal for government departments and public sector organisations.
• Enables transparent, efficient, and paperless procurement of goods and services.

Banking/Finance

1. RBI Waives NOFHC Condition for AU Small Finance Bank

Source: Financial Express

Why in News?

The Reserve Bank of India (RBI) has relaxed the requirement of creating a Non-Operative Financial Holding Company (NOFHC) for AU Small Finance Bank (AU SFB) as it transitions to a universal bank.

Key Developments

1. Relaxation by RBI

• Earlier, AU SFB was required to create a NOFHC to hold promoter shareholding before becoming a universal bank.
• RBI has removed this mandatory requirement.

2. New Condition

• The NOFHC structure will be required only if:
  • The bank or promoter group plans to set up additional financial services entities in the future (e.g., insurance, mutual funds).

3. Timeline for Universal Banking Licence

• In-principle approval: August 7, 2025
• Validity: 18 months
• The bank must apply for the final universal banking licence within this period.

What is a Universal Bank?

A universal bank provides multiple financial services under one roof, including:

• Commercial banking
• Investment banking
• Insurance services
• Asset management
• Retail and corporate banking

Examples in India include SBI, ICICI Bank, and HDFC Bank.

What is a Small Finance Bank (SFB)?

Small Finance Banks were introduced by RBI to promote financial inclusion by providing:

• Basic banking services to small businesses, farmers, MSMEs, and low-income households.
• They have restricted operations compared to universal banks.

What is NOFHC?

Non-Operative Financial Holding Company (NOFHC)

• A holding company structure used by RBI to separate banking operations from other financial services of a promoter group.
• It helps reduce conflicts of interest and improve regulatory oversight.

2. NBFCs Seek Risk-Weight Rejig Amid Rising RBI Scrutiny

Source: Business Line

Why in News?

Large Non-Banking Financial Companies (NBFCs) classified under the Upper Layer have requested the Reserve Bank of India (RBI) to revise (reduce) risk weights on certain loan categories, particularly retail loans, citing stricter regulatory scrutiny and higher capital requirements.

Key Issue

• Retail loans account for about 90% of NBFC industry Assets Under Management (AUM).
• NBFCs currently face higher risk weights than banks on similar loans, which increases their capital requirements.

Difference in Risk Weights: Banks vs NBFCs

Retail Loans (Vehicle loans, MSME loans, loans against property, gold loans)

Institution	Risk Weight
Banks	75%
NBFCs	100%

Corporate Loans

Rating	Banks Risk Weight	NBFCs Risk Weight
AAA	20%	100%
AA	30%	100%
A	50%	100%

This difference raises the capital cost for NBFCs, making lending less competitive.

Reasons for NBFC Demands

1. Increased Regulatory Scrutiny
   • RBI supervision of large NBFCs is now almost at par with universal banks.
2. Higher Capital Requirements
   • NBFCs must maintain higher capital adequacy ratios.
3. Expected Credit Loss (ECL) Model
   • NBFCs follow stricter provisioning norms, increasing financial pressure.
4. Need for Harmonisation
   • NBFCs want risk weights aligned more closely with those for banks.

Additional Demands by NBFCs

1. Dedicated Refinance Window

• Similar to the National Housing Bank (NHB) facility for Housing Finance Companies.

2. Permission to Accept Public Deposits

• RBI has not allowed large NBFCs to accept deposits for decades.

Funding Challenges

• Institutional investors like EPFO and PFRDA mainly invest in government securities.
• Investments in NBFC bonds (NCDs) are largely limited to AAA or AA rated NBFCs.
• Mutual funds also avoid lower-rated NBFC debt, making fundraising difficult for A or BBB rated NBFCs.

Key Concept: Upper Layer NBFCs

Under RBI’s Scale-Based Regulation (SBR) Framework, NBFCs are classified into:

1. Base Layer (NBFC-BL)
2. Middle Layer (NBFC-ML)
3. Upper Layer (NBFC-UL) – large and systemically important NBFCs
4. Top Layer (NBFC-TL) – if risks increase significantly

Agriculture

1. National Climate Stack Innovation Challenge

Source: ET

Why in News?

In March 2026, the National Bank for Agriculture and Rural Development (NABARD) launched the National Climate Stack Innovation Challenge to develop a National Climate Stack that provides decision-ready climate intelligence for agriculture, rural finance, and public planning.

About the Initiative

• Launched by: NABARD
• Partners: Gates Foundation and Dalberg Advisors
• Objective: Build a National Climate Stack to support climate-resilient agriculture and rural development.

Key Features

1. Digital Infrastructure

• The initiative is anchored in DiCRA (Data in Climate Resilient Agriculture).
• DiCRA will be upgraded from a digital public good to a digital public infrastructure for climate data.

2. Target Participants

The challenge is open to India’s:

• Tech startups
• Research institutions
• Universities
• Other innovators in the scientific ecosystem.

3. Awards

• 1st Prize: ₹15 lakh
• 2nd Prize: ₹10 lakh
• 3rd Prize: ₹5 lakh

Winners may also receive pilot project opportunities and adoption support through NABARD’s partner network.

What is the National Climate Stack?

• A digital platform integrating climate data, analytics, and decision tools.
• Designed to support:
  • Climate-resilient agriculture
  • Rural financial planning
  • Public policy and development programmes

About NABARD

• Full Form: National Bank for Agriculture and Rural Development
• Established: 12 July 1982
• Legal Basis: NABARD Act, 1981
• Role: Apex development bank for agriculture and rural development in India.
• Supervises Regional Rural Banks (RRBs) and cooperative banks.

Facts To Remember

1. Cheetahs Moving from Kuno to Rajasthan

Two cheetahs from Kuno National Park (Madhya Pradesh) have moved into Baran district of Rajasthan, travelling about 60–70 km. The National Tiger Conservation Authority (NTCA) clarified that this movement represents natural territorial behaviour of cheetahs.

2. SBI Launches USD 500 Million Social Loan for Women’s Empowerment

State Bank of India launched a USD 500 million syndicated social loan facility to promote women’s economic empowerment. The funding will support MSMEs, Self-Help Groups and women-focused livelihood initiatives. Mitsubishi UFJ Financial Group acts as the mandated lead arranger and loan coordinator. The initiative aligns with the United Nations Sustainable Development Goal 5 on gender equality.

3. BEL and SASMOS Sign MoU to Strengthen Defence Manufacturing

Bharat Electronics Limited signed an MoU with SASMOS HET Technologies Limited to enhance indigenous defence manufacturing and exports. The agreement was exchanged in the presence of Rajnath Singh at the SASMOS Aerospace SEZ in Bengaluru. A naval radar communication subsystem developed within six months was showcased. The partnership aims to accelerate defence electronics innovation and production.

4. Lt Gen Dhiraj Seth Appointed Vice Chief of Army Staff

Dhiraj Seth was appointed as the next Vice Chief of Army Staff of the Indian Army. He will assume office on 1 April 2026 succeeding P. P. Singh. An Armoured Corps officer commissioned in 1986, he currently serves as the GOC-in-C of Southern Command. The VCOAS is responsible for operational readiness, modernization and coordination across Army commands.

5. Jan Aushadhi Diwas 2026 – March 7

Jan Aushadhi Diwas is observed annually on 7 March in India to promote affordable generic medicines. The initiative highlights the benefits of the Pradhan Mantri Bhartiya Janaushadhi Pariyojana. The day was declared by Narendra Modi in 2019. It is organised by the Pharmaceuticals and Medical Devices Bureau of India under the Department of Pharmaceuticals.

6. Karnataka Presents ₹4.48 Lakh Crore Budget for FY27

Siddaramaiah presented the ₹4.48 lakh crore budget for FY2026–27 in the Karnataka Legislative Assembly. The budget focuses on technology-driven growth, infrastructure and sustainability. Total revenue receipts are estimated at ₹3.15 lakh crore with a fiscal deficit of ₹97,449 crore. Major allocations include sectors such as agriculture, health, women and child development, and energy.

7. Maharashtra Presents ₹7.69 Lakh Crore Budget for FY27

Devendra Fadnavis presented the Maharashtra Budget for FY2026–27 with a total outlay of ₹7.69 lakh crore. The budget focuses on welfare programmes, infrastructure and economic growth. It proposes a capital outlay of ₹1.12 lakh crore and a fiscal deficit of 2.7% of GSDP. The budget also includes the Punyashlok Ahilyabai Holkar Farmers’ Loan Waiver Scheme for crop loans up to ₹2 lakh.

8. India crowned T20 World Champions after thumping New Zealand in final

India defeated New Zealand by 96 runs to clinch the T20 World Cup 2026 title in a thrilling final. India posted a formidable 255 for 5 in 20 overs, while New Zealand was restricted to 159 all out in 19 overs. 

9. Second Phase of Viksit Bharat Yuva Connect Programme to Launch in Delhi Today

The Ministry of Youth Affairs and Sports will launch the second phase of the Viksit Bharat Yuva Connect Programme in Delhi today.

10. Indian Army Organises ‘Veterans Samman Sampark Rally’ in Nagpur

The Indian Army organised a “Veterans Samman Sampark Rally” today at the Kavi Suresh Bhat Auditorium in Nagpur, under the guidance of Headquarters Uttar Maharashtra and Gujarat Sub-Area. 

11. Kerala Police to launch ‘Nirbhaya Nisha’ initiative for women’s night safety

In Kerala, various programmes were organised across the state to mark International Women’s Day. 

12. Sports competitions held at 250 locations across India under ASMITA project on Women’s Day

On the occasion of International Women’s Day, sports competitions were organised simultaneously at 250 locations across the country under the ASMITA project of the Union Ministry of Youth Affairs and Sports.  

13. Ministry of Home Affairs Holds Seminar on Integration with State Emergency Operation Centres in New Delhi

The Ministry of Home Affairs has conducted the third seminar on integration with State Emergency Operation Centres today in New Delhi.

14. India–Finland Business Meeting Held in Mumbai to Boost Economic Cooperation

India-Finland business meeting held in Mumbai today, bringing together industry leaders and policymakers from both countries to explore avenues for deeper economic cooperation. 

15. Ministry of Youth Affairs and Sports to Organise Nationwide ASMITA Athletics League on International Women’s Day

The Union Ministry of Youth Affairs and Sports is organising a nationwide athletics league – ASMITA across the nation, including Punjab, to celebrate women in sports on the occasion of International Women’s Day.

Daily Current Affairs Quiz
10 & 11 March, 2026

National Affairs

1. SIPRI Report 2025

Source: Mint

Context:

The Stockholm International Peace Research Institute released its report “Trends in International Arms Transfers, 2025”, highlighting global arms trade patterns for the period 2021–2025.

Key Findings:

• India remained the second-largest arms importer in the world, accounting for 8.2% of global arms imports during 2021–2025.
• Ukraine became the largest arms importer, receiving 9.7% of global arms transfers due to the ongoing war with Russia.
• Saudi Arabia ranked third, accounting for 6.8% of global arms imports.

Top Arms Exporting Countries

The leading global arms exporters during the period were:

1. United States
2. France
3. Russia

Global Arms Trade Trends

• Global arms transfers increased by nearly 10% during 2021–2025.
• The increase is largely attributed to heightened geopolitical tensions and rising defence procurement worldwide.

2. LaBL 2.0 (Lighting a Billion Lives 2.0)

Source: Times of India

Context:

The The Energy and Resources Institute launched LaBL 2.0 (Lighting a Billion Lives 2.0) in New Delhi to scale up decentralised renewable energy solutions and promote sustainable rural livelihoods.

What is LaBL 2.0?

• LaBL 2.0 is a next-generation Decentralised Renewable Energy (DRE) programme designed to expand clean energy access in rural and underserved areas.
• It builds upon the earlier Lighting a Billion Lives initiative launched in 2008, which aimed to provide solar lighting solutions to off-grid communities.

Objectives

• Expand clean and decentralised renewable energy access in rural regions.
• Promote green livelihoods and rural entrepreneurship.
• Encourage women-led energy enterprises.
• Integrate climate finance, carbon markets, and sustainable development goals (SDGs) into grassroots energy projects.

Key Features

1. Expansion of Decentralised Renewable Energy (DRE)
   • Promotes solar and other clean energy technologies in off-grid and remote areas.
2. Green Livelihood Creation
   • Encourages productive energy use for small businesses, agriculture, and rural enterprises.
3. Women-led Entrepreneurship
   • Focuses on empowering women as clean energy entrepreneurs and community leaders.
4. Carbon Accounting and Climate Impact
   • Uses Monitoring, Reporting and Verification (MRV) systems to measure emissions reduction and climate benefits.
5. Finance-ready Models
   • Connects decentralised energy projects with climate finance and carbon credit markets to attract investment.

3. Commission on the Status of Women (CSW)

Context:

The Commission on the Status of Women is holding its annual session at the United Nations headquarters in New York, where governments, UN agencies, and civil society organisations review global progress on gender equality.

What is the CSW?

• The Commission on the Status of Women (CSW) is the principal global intergovernmental body dedicated to promoting gender equality and women’s empowerment.
• It functions as a commission of the United Nations Economic and Social Council.
• CSW is the largest annual UN forum focused on women’s rights and gender equality.

Established:

• 1946, through ECOSOC Resolution 11(II) of 21 June 1946.

Secretariat Support:

• Provided by UN Women, the UN body responsible for advancing gender equality and women’s empowerment.

Objectives:

• Promote gender equality and the empowerment of women and girls globally.
• Develop international standards and policy frameworks supporting women’s rights.
• Monitor and review progress on global commitments related to gender equality.

4. SheLeadsBharat – Shakti Walk Initiative

Source: PIB

Context:

The Ministry of Women and Child Development organised the #SheLeadsBharat – Shakti Walk at Kartavya Path to mark International Women’s Day in 2026.

What is #SheLeadsBharat – Shakti Walk?

• #SheLeadsBharat is a national campaign celebrating women’s leadership and contributions to nation-building.
• The Shakti Walk is a flagship event under this campaign, symbolising the empowerment and achievements of women across various sectors in India.

Objectives

• Promote women’s empowerment and leadership across social, economic, and political spheres.
• Celebrate Nari Shakti (women power) and recognise women’s role in India’s development.
• Align with the national vision of Viksit Bharat 2047.

5. Removal of the Chief Election Commissioner (CEC)

Source: The Hindu

Context:

Opposition parties from the INDIA bloc, led by the All India Trinamool Congress, are reportedly planning to move an impeachment motion against Gyanesh Kumar.

What is the Removal of the Chief Election Commissioner?

The removal of the CEC is a constitutional and quasi-judicial process designed to safeguard the independence of the Election Commission of India.
To protect the integrity of the electoral system, the CEC enjoys security of tenure similar to that of a judge of the Supreme Court of India.

Constitutional Provision

• Article 324(5) states that the Chief Election Commissioner can only be removed in the same manner and on the same grounds as a Supreme Court judge.

Grounds for Removal

A CEC can be removed only on two grounds:

1. Proved Misbehavior – such as corruption, abuse of office, or violation of official conduct.
2. Incapacity – physical or mental inability to discharge duties.

Procedure for Removal

1. Initiation of Motion
   • A removal motion must be signed by:
     • At least 100 members of the Lok Sabha, or
     • At least 50 members of the Rajya Sabha.
   • It is then submitted to the Speaker of the Lok Sabha or Chairman of the Rajya Sabha.
2. Investigation
   • If admitted, a three-member inquiry committee is formed to investigate the charges.
3. Parliamentary Approval
   • If the committee finds the charges valid, the motion is taken up for voting.
   • It must be passed by a Special Majority, meaning:
     • A majority of the total membership of the House, and
     • Two-thirds of the members present and voting.
4. Presidential Order
   • After both Houses pass the motion in the same session, the matter is sent to the President of India, who issues the formal order removing the CEC.

6. Proba-3 Mission

Context:

The European Space Agency recently lost contact with the Coronagraph spacecraft, one of the two satellites of the Proba-3, after an anomaly caused a power failure and pushed the satellite into survival mode.

What is the Proba-3 Mission?

• Proba-3 is the world’s first precision formation-flying space mission designed to study the Sun’s outer atmosphere (corona) with high precision.
• It was launched in December 2024 by ESA aboard PSLV-C59 of the Indian Space Research Organisation.

Objective

• To create an artificial solar eclipse in space in order to observe the Sun’s faint corona.
• Normally, the corona is difficult to study because the bright solar disk overwhelms its light.

Key Features

1. Twin-Spacecraft Configuration
   • The mission consists of two satellites:
     • Coronagraph – carries the imaging instrument.
     • Occulter – blocks the Sun’s bright disk.
2. Precision Formation Flying
   • The satellites fly about 150 metres apart with millimetre-level accuracy, functioning as a single virtual instrument.
3. Artificial Solar Eclipse
   • The Occulter casts a precise shadow on the Coronagraph, blocking direct sunlight and enabling clear observation of the corona.
4. Autonomous Navigation
   • Uses lasers, cameras, and cold-gas thrusters for automatic coordination and position control without continuous ground commands.

7. India–Uzbekistan Launch Pharma–Nutraceutical Corridor

Source: Business Standard

Context:

India and Uzbekistan have launched a structured pharmaceutical and nutraceutical trade corridor to expand access to the Commonwealth of Independent States (CIS) and the wider Eurasian healthcare market.

About the Initiative:

• The corridor is aimed at tapping a $7–10 billion Eurasian healthcare market by strengthening pharmaceutical and nutraceutical trade.
• It is a policy-backed platform designed to facilitate regulatory alignment, investment flows, and market entry for global manufacturers, particularly Indian companies.
• The initiative brings together Uzbekistan’s Ministry of Health, Nutrify Today, and Pharma Eurasia.

Key Objectives:

• Create an institutional framework for trade cooperation in pharmaceuticals and nutraceuticals.
• Enable regulatory coordination and streamlined approvals for products entering CIS markets.
• Promote joint ventures, partnerships, and supply-chain integration between Indian manufacturers and Eurasian distributors.
• Facilitate investment and commercial collaboration in the healthcare sector.

8. Inter-Operable Criminal Justice System (ICJS 2.0)

Source: NCRB Dashboard / News Reports

Context:

In March 2026, Uttarakhand ranked first in India in the implementation of the Inter-Operable Criminal Justice System (ICJS 2.0), scoring 93.46 on the ICJS/CCTNS Progress Dashboard released by the National Crime Records Bureau with data up to January 2026.

Top States in ICJS 2.0 Implementation

1. Uttarakhand – 93.46
2. Haryana – 93.41
3. Assam – 93.16
4. Sikkim – 91.82
5. Madhya Pradesh – 90.55

About ICJS 2.0

• The Inter-Operable Criminal Justice System (ICJS) is a national platform designed to digitally integrate all pillars of the criminal justice system.
• It enables real-time data sharing between different agencies involved in criminal investigations and trials.

Key Components Integrated Under ICJS

• Crime and Criminal Tracking Network and Systems – Police
• e-Courts – Judiciary
• e-Prisons – Jail administration
• e-Prosecution – Prosecutors
• e-Forensics – Forensic labs

Digital Reform in Uttarakhand

• The state implemented a “One Data, One Entry” system, ensuring that information entered once in the system is automatically accessible to all relevant agencies, improving efficiency and transparency.

Banking/Finance

1. RBI Tightens Banks’ Dividend Payout Norms

Source: Financial Express

Context:

The Reserve Bank of India has issued final guidelines tightening dividend distribution by banks, linking payouts to capital strength and asset quality to ensure financial stability.

Key Provisions of the New Guidelines

1. Dividend Cap
   • Banks can distribute a maximum of 75% of their net profit as dividends in a financial year.
2. Adjusted Profit Calculation
   • Dividend eligibility will be based on Adjusted Profit After Tax (PAT).
   • Adjusted PAT will be calculated by deducting 50% of net Non-Performing Assets (NPAs) from the net profit.
   • Earlier proposals suggested deducting 100% of NPAs, which has now been relaxed.
3. Restrictions on Exceptional Income
   • Banks cannot declare dividends from exceptional or non-recurring income, as such gains are considered temporary.

Capital Adequacy Conditions

Banks must meet the following requirements before declaring dividends:

• Maintain required regulatory capital levels, including Common Equity Tier-1 (CET1) ratio.
• Ensure capital levels remain above regulatory requirements even after dividend distribution.
• Have positive adjusted PAT in the relevant financial year.

For foreign banks operating in India in branch mode, dividend remittance is allowed only if they have positive net profit.

RBI’s Position on Industry Requests

The RBI rejected several suggestions from banks:

• Using current year CET1 ratio instead of the previous year’s ratio.
• Allowing dividends from exceptional income.
• Postponing implementation until the adoption of expected credit loss (ECL) norms.

2. RBI Allows NBFCs and ARCs to Include Quarterly Profits in Capital Base

Source: Financial Express

Context:

The Reserve Bank of India has clarified regulatory norms allowing Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs) to include quarterly profits in their capital base, resolving long-standing ambiguity in capital calculation.

What Has Changed?

Earlier, most NBFCs and ARCs relied only on audited annual financial statements (typically as of March 31) to calculate:

• Net owned funds
• Tier-1 capital

Due to regulatory uncertainty, quarterly profits were generally not included in capital calculations, limiting their ability to expand lending and investment activities during the year.

Under the revised RBI directions:

• Quarterly profits can now be recognised as part of net worth and Tier-1 capital.
• This provides additional capital headroom for business expansion.

Conditions for Recognising Quarterly Profits

To ensure prudential safeguards, the RBI has imposed strict conditions:

1. Audit / Limited Review Requirement
   • Quarterly financial statements must undergo audit or limited review by statutory auditors.
2. Dividend Adjustment
   • Recognised profits must be adjusted for dividends.
   • The calculation requires deducting the average dividend paid during the previous three financial years.

Why the Change Matters

The reform is expected to:

• Provide greater capital flexibility to NBFCs and ARCs.
• Expand lending capacity and investment activity during the financial year.
• Support asset reconstruction activities, especially in the distressed-asset market.
• Align regulatory treatment across different segments of the financial sector.

3. RBI Conducts ₹50,000 Crore OMO Purchase

Source: The Hindu

Context:
The Reserve Bank of India (RBI) conducted Open Market Operations (OMO) to purchase ₹50,000 crore worth of Government Securities (G-Secs) to ease liquidity in the banking system amid global economic uncertainty and rising oil prices.

What is an Open Market Operation (OMO)?

Open Market Operations are a monetary policy tool used by the RBI to regulate liquidity in the economy by buying or selling government securities in the open market.

• OMO Purchase: RBI buys government securities → increases liquidity in the banking system.
• OMO Sale: RBI sells government securities → absorbs excess liquidity.

Purpose of the OMO Purchase

The latest OMO purchase was undertaken to:

• Inject liquidity into the financial system.
• Stabilize bond yields and financial markets amid global uncertainty.
• Counter liquidity pressures arising from advance tax payments, GST outflows, and foreign exchange interventions.

4. Bank of Baroda Raises ₹10,000 Crore Through Green Infrastructure Bonds

Context:

In March 2026, Bank of Baroda raised ₹10,000 crore through Series-I long-term Green Infrastructure Bonds, becoming the first bank in India to issue domestic green bonds specifically for infrastructure financing.

What is a Green Bond?

A green bond is a fixed-income financial instrument used to raise funds for projects that have environmental or climate benefits. The money raised through these bonds is specifically earmarked for environmentally sustainable activities.

Financial Terms

• The annual cut-off coupon rate was fixed at 7.1%.
• The issue achieved a “greenium”, meaning the bonds were issued at a slightly lower yield due to strong demand for green investments.

About the Green Bond Issuance

• The bonds have a tenure of 7 years.
• They were issued through the Electronic Book Provider platform of the National Stock Exchange of India in Mumbai.
• The base issue size was ₹5,000 crore, with an additional greenshoe option of ₹5,000 crore.

Credit Ratings

The bonds received ‘AAA’ (Stable) ratings from:

• CARE Ratings
• ICRA

These ratings indicate high safety and strong credit quality.

Use of Funds

The funds raised will finance projects under BoB’s Green Financing Framework, including:

• Renewable energy projects
• Sustainable infrastructure development
• Other environmentally friendly initiatives

5. No Minimum Balance Penalty for Jan Dhan Accounts

Source: BS

Context:

The Union Finance Minister Nirmala Sitharaman informed Parliament that Basic Savings Bank Deposit Accounts (BSBDAs), including those opened under Pradhan Mantri Jan Dhan Yojana, are not subject to penalties for failing to maintain a minimum balance.

Key Points:

• Around 720 million Basic Savings Bank Deposit Accounts (BSBDAs) are currently operational in India.
• These include accounts opened under the Jan Dhan Yojana, which aim to expand financial inclusion.
• Such accounts are designed as zero-balance savings accounts, meaning account holders are not required to maintain a minimum balance.

What is a BSBD Account?

A Basic Savings Bank Deposit Account (BSBDA) is a no-frills savings bank account introduced by the Reserve Bank of India to promote financial inclusion by providing basic banking services to all sections of society, especially low-income and unbanked individuals.

Purpose of BSBDA Accounts:

• Ensure universal access to banking services.
• Provide financial services to unbanked and vulnerable populations, including low-income households and small depositors.
• Promote financial inclusion by enabling access to savings, credit, insurance, and government benefits.

6. FDI Policy Relaxation under Press Note 3

Source: Indian Express

Context:

The Union Cabinet has approved changes to Press Note 3 (2020), easing restrictions on Foreign Direct Investment (FDI) from countries sharing a land border with India, including China. The move aims to boost investment flows and strengthen India’s integration with global supply chains.

What is Press Note 3?

Press Note 3, issued in April 2020 by the Department for Promotion of Industry and Internal Trade, mandates that FDI from countries sharing land borders with India must receive prior government approval, irrespective of sector or investment size.

• Countries covered include:
  China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar, and Afghanistan.
• The rule also applies if the beneficial owner of an investment is from any of these countries, even if the investment is routed through another nation.

Why was Press Note 3 introduced?

• Introduced during the COVID-19 pandemic (2020) to prevent opportunistic takeovers of Indian companies when valuations were depressed.
• It also reflected security concerns following the India–China border tensions and the Galwan Valley clash in 2020.

Key Changes in the Revised Framework

1. Automatic Route for Small Stakes
   • Investments from land-bordering countries below 10% ownership and without controlling interest can now be allowed through the automatic route.
2. Definition of Beneficial Ownership
   • The revised policy introduces a clear threshold of at least 10% ownership to determine beneficial ownership.
3. Faster Approval Timeline
   • Investment proposals in selected sectors must be processed within 60 days, reducing delays in approvals.
4. Focus on Manufacturing and Technology Sectors
   • Fast-track approvals will apply to sectors such as:
     • Electronic components
     • Capital goods manufacturing
     • Solar manufacturing value chains (polysilicon, ingot-wafer).

7. RBI Caps Bank Dividend Payout at 75% of Profit After Tax

Source: Business Standard

Context:

The Reserve Bank of India has issued revised guidelines on dividend declaration by banks, linking payouts to capital adequacy and asset quality. The new framework caps dividend payouts at 75% of Profit After Tax (PAT) and will come into effect from FY27.

Key Provisions of the New Norms

1. Dividend Cap

• Banks can distribute dividends up to 75% of PAT for the relevant financial year.

2. Link with Capital Adequacy

• Dividend eligibility depends on the Common Equity Tier-1 (CET1) ratio, a key measure of a bank’s capital strength.
• Banks with CET1 levels just above the regulatory minimum cannot declare dividends.
• Banks with stronger capital buffers may distribute up to 100% of adjusted PAT, but still within the overall 75% PAT cap.

3. Adjusted PAT Calculation

Adjusted PAT =
PAT – 50% of Net Non-Performing Assets (NPAs) as on March 31 of the financial year.

This adjusted figure determines the maximum dividend that can be paid.

Additional Conditions

Before declaring dividends, banks must ensure:

• Compliance with regulatory capital requirements even after payout.
• No RBI-imposed restrictions on dividend distribution.
• Consideration of factors such as:
  • Divergence in asset classification and provisioning identified by RBI.
  • Observations in statutory auditors’ reports.
  • Current and projected capital position.
  • Long-term growth and expansion plans.

Restrictions on Dividend Sources

Dividends cannot be paid from certain income sources, including:

• Extraordinary or exceptional income
• Unrealised gains from fair valuation (Level-3 financial instruments)
• Profits affected by audit qualifications or overstatement of earnings

Norms for Foreign Banks

Foreign banks operating in India in branch mode may remit profits to their head offices without prior approval if:

• They meet regulatory eligibility conditions.
• Their accounts have been audited.

Any excess remittance must be returned immediately.

Agriculture

1. Gender, Agriculture and Climate Change

Source: The Hindu

Context:

With 2026 declared the “International Year of the Woman Farmer” by the Food and Agriculture Organization, attention has turned to the crucial role women play in agriculture and the need to strengthen their resilience to climate change.

Role of Women in Agriculture

• Women constitute about 64% of India’s agricultural workforce and perform nearly 70% of farm tasks.
• Around 80% of rural women are engaged in agriculture-related activities.
• According to the Indian Council of Agricultural Research, women’s participation includes:
  • 75% in crop production
  • 79% in horticulture
  • 51% in post-harvest operations
  • 95% in animal husbandry and fisheries

However, their contributions remain under-recognised and under-compensated.

Key Challenges Faced by Women Farmers

1. Limited Land Ownership
   • Only 13.9% of agricultural landholdings are in the name of women.
   • This restricts access to schemes such as Pradhan Mantri Kisan Samman Nidhi, Kisan Credit Card, and Pradhan Mantri Fasal Bima Yojana.
2. Decision-Making Gap
   • Women perform most farm labour, but men often control decisions regarding crop choices, input purchases, and income utilisation.
3. Climate Change Vulnerability
   • Climate impacts such as heatwaves, erratic rainfall, and extreme weather disproportionately affect rural women.
   • Women often have less access to climate information, technology, and decision-making platforms, reducing their adaptive capacity.
4. Feminisation of Agriculture
   • Male migration from rural areas has increased the responsibilities of women in farming and household management.

Government Initiatives for Women Farmers

Several initiatives aim to strengthen women’s participation in agriculture:

• Reduced stamp duty on land registration for women
• 30% reservation for women under the Sub-Mission on Agricultural Mechanisation
• Namo Drone Didi Scheme to promote drone use in agriculture
• Deendayal Antyodaya Yojana National Rural Livelihood Mission

Under DAY-NRLM:

• About 10 crore households have been mobilised into 91 lakh self-help groups (SHGs).
• These SHGs are organised into 5.35 lakh village organisations and over 33,000 cluster-level federations.

Livelihood and Capacity Building Initiatives

• Mahila Kisan Sashaktikaran Pariyojana promotes sustainable agriculture practices among women farmers.
• More than 2 lakh Community Resource Persons (CRPs) — including Krishi Sakhis, Pashu Sakhis, Matsya Sakhis, and Madhu Sakhis — provide grassroots agricultural extension support.

Facts To Remember

1. India’s cheetah population hits 53 with new litter at Kuno

India’s cheetah population has crossed 50 since the launch of the Centre’s reintroduction programme for the species, after a Namibian cheetah gave birth to five cubs at Madhya Pradesh’s Kuno National Park, taking the total tally to 53.

2. Now, Rajasthan Assembly passes Bill to repeal two-child norm for ULB elections

A day after scrapping the two-child norm for panchayat elections, the Rajasthan Assembly on Tuesday passed a Bill for removing the restriction preventing individuals with more than two children from contesting the urban local body (ULB) elections. The provision for disqualification existed in the State for the last three decades.

3. PM Inaugurates Infrastructure Projects Worth ₹33,500 Crore in New Delhi

In March 2026, Narendra Modi inaugurated and laid the foundation stone for multiple infrastructure projects worth ₹33,500 crore in New Delhi, including metro expansion and housing redevelopment initiatives.

4. PM Narendra Modi Launches Development Projects Worth ₹33,500 Crore in New Delhi

Narendra Modi inaugurated and laid the foundation stone for development projects worth ₹33,500 crore in New Delhi. The projects include expansion of the Delhi Metro Pink and Magenta Lines costing about ₹18,300 crore. The Majlis Park–Maujpur Babarpur corridor expanded the Pink Line to about 71.56 km forming a circular network.

5. Finland President Alexander Stubb Visits India

Alexander Stubb, President of Finland, paid a state visit to India from 4–7 March 2026 at the invitation of Narendra Modi. The visit elevated bilateral ties to a Strategic Partnership for Digitalisation and Sustainability. He held meetings with Droupadi Murmu and C. P. Radhakrishnan during the visit. Stubb also attended the Raisina Dialogue 2026 in New Delhi as the Chief Guest.

6. Romania Ratifies Framework Agreement of International Solar Alliance

Romania ratified the Framework Agreement of the International Solar Alliance by submitting its instrument of ratification to India’s Ministry of External Affairs. Romania had earlier signed the agreement in December 2023. With this step, Romania officially became a member of the solar alliance. The move strengthens global cooperation in solar energy development.

7. Government Sets Up 17-Member Committee for SEZ Policy Reforms

The Government of India constituted a 17-member committee to recommend reforms in the Special Economic Zones policy in India. The panel includes representatives from NITI Aayog, the Department for Promotion of Industry and Internal Trade and the Central Board of Indirect Taxes and Customs. The committee will submit a concept paper within six months. Its aim is to formulate a new SEZ 2.0 policy to boost exports.

8. NITI Aayog and Tata Electronics Partner to Boost Electronics Manufacturing

NITI Aayog partnered with Tata Electronics to strengthen India’s electronics manufacturing ecosystem. The collaboration focuses on scaling production, improving supply chains and integrating India into global value chains. Over the past decade, India’s electronics production has increased nearly six times. The partnership is expected to support semiconductor and component manufacturing growth.

9. Bank of Baroda Raises ₹10,000 Crore Through Green Infrastructure Bonds

Bank of Baroda became the first Indian bank to raise ₹10,000 crore through domestic green infrastructure bonds. The seven-year bonds were issued on the National Stock Exchange of India platform. The issuance received bids worth ₹16,415 crore showing strong investor demand. The funds will be used to finance renewable energy and sustainable infrastructure projects.

10. HDFC Bank and Swiggy Launch Two New Co-Branded Credit Cards

HDFC Bank partnered with Swiggy to launch two co-branded credit cards named Swiggy BLCK and Swiggy Ornge. The cards offer cashback on food delivery, travel, shopping and daily spending. Customers can apply through the Swiggy mobile application or bank platforms. The cards also provide benefits such as Swiggy One membership and discounts on partner platforms.

11. Mojtaba Khamenei Appointed Supreme Leader of Iran

Mojtaba Khamenei was appointed the Supreme Leader of Iran by the Assembly of Experts. He succeeded interim leader Alireza Arafi after the death of Ali Khamenei. With this appointment, he became the third Supreme Leader of the Islamic Republic. The Assembly of Experts is responsible for selecting and supervising the Supreme Leader.

12. RBI Approves Ketan Merchant as Interim CEO of Fino Payments Bank

Reserve Bank of India approved the appointment of Ketan Merchant as interim CEO of Fino Payments Bank. He previously served as the bank’s Chief Financial Officer. The appointment will be valid for up to four months under the Banking Regulation Act. The bank is also preparing to transition into a Small Finance Bank.

13. ISRO and ESA Sign Agreement on Earth Observation Missions

Indian Space Research Organisation and European Space Agency signed an agreement to enhance cooperation in Earth observation missions. The collaboration will focus on calibration, validation and scientific studies for satellite data. It supports global climate monitoring and environmental research. The partnership will also contribute to the upcoming FLEX satellite mission.

14. India Wins ICC Men’s T20 World Cup 2026

India national cricket team won the ICC Men’s T20 World Cup 2026 by defeating New Zealand national cricket team by 96 runs. The final was held at Narendra Modi Stadium in Ahmedabad, Gujarat. India secured its third T20 World Cup title after earlier wins in 2007 and 2024. The tournament featured 20 teams and was co-hosted by India and Sri Lanka.

15. Vir Chakra Awardee K.G. George Passes Away

K. G. George, a Vir Chakra awardee and veteran of the Indo-Pakistani War of 1965, passed away at the age of 95 in Kerala. He served in the Corps of Signals of the Indian Army. During the war, he established a crucial communication link under enemy fire. For his bravery and dedication, he was awarded the Vir Chakra.

16. International Women’s Day 2026 – March 8

United Nations observes International Women’s Day every year on 8 March. The theme for 2026 was “Rights. Justice. Action. For ALL Women and Girls.” The UN first observed the day in 1975 during International Women’s Year. The global celebration highlights women’s achievements and promotes gender equality.

17. Goa Presents ₹30,195 Crore Budget for FY27

Pramod Sawant presented the ₹30,195 crore budget for FY2026–27 in the Goa Legislative Assembly. The budget projects a revenue surplus of ₹1,666 crore and a fiscal deficit of ₹3,895 crore. Major allocations were made for healthcare, education, tourism and infrastructure development. The budget also introduced a Climate Change Fund to support environmental initiatives.

18. 11th Raisina Dialogue Held in New Delhi

Narendra Modi inaugurated the 11th edition of the Raisina Dialogue 2026 in New Delhi from 5–7 March 2026. Alexander Stubb, President of Finland, attended as the Chief Guest and delivered the keynote address. The conference was organised by Observer Research Foundation in collaboration with the Ministry of External Affairs. The theme of the event was “Saṁskāra – Assertion, Accommodation, Advancement.”

19. Jal Mahotsav 2026 Launched in Gujarat

C. R. Patil launched Jal Mahotsav 2026 in Navsari district of Gujarat. The campaign is organised by the Ministry of Jal Shakti to promote community participation in rural water management. It is observed from 8 March to 22 March, concluding on World Water Day. The initiative supports sustainability of water infrastructure under the Jal Jeevan Mission.

20. India and Uzbekistan Launch Pharma–Nutraceutical Corridor

India and Uzbekistan launched a pharma–nutraceutical corridor to expand access to the CIS and Eurasian healthcare markets. The partnership involves Uzbekistan’s Ministry of Health, Nutrify Today and Pharma Eurasia. The corridor aims to promote regulatory alignment, trade facilitation and joint ventures. It will be commercially launched at Pharma Eurasia 2026 in Tashkent.

21. AIIMS and ISRO Sign MoU for Space Medicine Research

All India Institute of Medical Sciences signed an MoU with Indian Space Research Organisation to advance space medicine research. The collaboration will study the effects of microgravity, radiation and isolation on astronauts. It also focuses on astronaut health monitoring and specialized medical training. The partnership supports medical preparedness for future Indian human spaceflight missions.

21. India–Seychelles Joint Military Exercise LAMITIYE 2026 Begins

India and Seychelles commenced the 11th edition of the joint military exercise LAMITIYE-2026 at the Seychelles Defence Academy in Victoria. The 12-day exercise includes participation from the Indian Army, Indian Navy and Indian Air Force, marking India’s first tri-service participation. Indian naval ship INS Trikand and an IAF C-130 aircraft are deployed for the drills. The exercise focuses on sub-conventional operations in semi-urban environments and UN peacekeeping interoperability.

22. FATF Adds Kuwait and Papua New Guinea to Grey List

The Financial Action Task Force added Kuwait and Papua New Guinea to its list of jurisdictions under increased monitoring, also known as the Grey List. The decision was taken during the FATF plenary meeting held in Mexico City. Countries on the Grey List have strategic deficiencies in combating money laundering and terrorist financing. With this addition, the number of countries under monitoring has increased to 22.

23. NATO Conducts Arctic Military Exercise ‘Cold Response 2026’

The North Atlantic Treaty Organization launched the biennial Arctic military exercise Cold Response 2026 across Finland and Norway. The exercise involves around 25,000 troops from 14 NATO countries, including the United States and Denmark. It focuses on improving coordination between civilian institutions and military forces during crises. The drills are part of NATO’s broader Arctic Sentry initiative to strengthen security in the polar region.

24. PhonePe Launches RuPay ‘On-The-Go’ NCMC Card

PhonePe launched the RuPay ‘On-The-Go’ card, a National Common Mobility Card designed for seamless digital transit payments. The card supports contactless tap-and-pay transactions across metros, buses, trains and toll plazas. It stores value directly on the chip with a maximum balance of ₹2,000 and supports offline payments. The card was initially launched at the Hyderabad Metro to support the “One Nation One Card” initiative.

25. IRDAI Approves Allianz Jio Reinsurance and Kiwi General Insurance

The Insurance Regulatory and Development Authority of India granted certificates of registration to Allianz Jio Reinsurance Limited and Kiwi General Insurance Limited to start operations in India. Allianz Jio Reinsurance is a joint venture between Allianz Group and Jio Financial Services. Kiwi General Insurance is backed by WestBridge Capital and industry veteran Neelesh Garg. The approvals expand India’s insurance sector and increase the number of general insurers to 35.

26. India’s First Amphibious Surveillance Drone ‘AVATAAR’ Unveiled

AquaAirX Autonomous Systems introduced AVATAAR, India’s first amphibious surveillance drone capable of operating both in air and underwater. The drone supports intelligence, surveillance and reconnaissance missions in maritime environments. It features sensors such as imaging sonar, Doppler velocity logger and AI-assisted navigation systems. The system has achieved Technology Readiness Level-6, indicating successful prototype testing in operational environments.

27. George Russell Wins Australian Grand Prix 2026

George Russell of the Mercedes‑AMG Petronas Formula One Team won the 2026 Australian Grand Prix at Albert Park Circuit in Melbourne. The race marked the opening round of the 2026 Formula One World Championship season. Russell secured victory from pole position ahead of teammate Kimi Antonelli, while Charles Leclerc finished third. The win marked Russell’s sixth Formula One Grand Prix victory.

28. International Day of Women Judges 2026 – March 10

The United Nations observes the International Day of Women Judges every year on 10 March to promote equal participation of women in judicial systems. The 2026 theme is “Women Judges on the Bench and Beyond: Protecting Access to Justice.” The day was proclaimed by the UN General Assembly in 2021. It highlights the importance of gender equality and representation in the judiciary.

29. Punjab Budget 2026-27 Presented by Harpal Singh Cheema

Harpal Singh Cheema presented the ₹2.60 lakh crore Punjab Budget for FY27 in the state legislative assembly. The budget projects a fiscal deficit of 4.08% of GSDP and capital expenditure of ₹18,381 crore. Major allocations include education, social welfare, agriculture and healthcare sectors. The government also announced funds to commemorate the 650th birth anniversary of Guru Ravidas.

Daily Current Affairs Quiz
12, 13 & 14 March, 2026

National Affairs

1. Fiscal Health Index (FHI) 2026

Source: Mint

Context:

The NITI Aayog released the second annual edition of the Fiscal Health Index, assessing the fiscal performance of Indian states for FY 2023–24.

What is the Fiscal Health Index?

The Fiscal Health Index (FHI) is a framework designed to evaluate and compare the fiscal health of Indian states.
Unlike simple deficit measures, it provides a multi-dimensional assessment of fiscal sustainability, revenue strength, and debt management.

Core Pillars of the Index

The FHI evaluates states based on five key pillars:

1. Quality of Expenditure
   • Share of developmental and capital spending compared to committed expenditure.
2. Revenue Mobilisation
   • Capacity of states to generate own tax and non-tax revenues.
3. Fiscal Prudence
   • Management of deficits and compliance with Fiscal Responsibility and Budget Management Act norms.
4. Debt Index
   • Assessment of the size and burden of outstanding liabilities.
5. Debt Sustainability
   • Long-term ability of states to service debt without fiscal stress.

State Rankings (FY 2023–24)

Top Performing States

1. Odisha – Rank 1 (Score: 73.1)
2. Goa – Rank 2 (Score: 54.7)
3. Jharkhand – Rank 3 (Score: 50.5)
4. Gujarat – Rank 4
5. Maharashtra – Rank 5

Bottom Performing States

• Punjab – Rank 18
• Andhra Pradesh – Rank 17
• West Bengal – Rank 16
• Kerala – Rank 15

Key Findings of the Report

1. Expanded Coverage

• The index now includes 10 North-Eastern and Himalayan states, acknowledging their geographic and structural fiscal challenges.
• Arunachal Pradesh emerged as the top performer among these states.

2. Strong Performance by Odisha

• Maintained leadership due to stable revenues, controlled deficits, and better fiscal management.

3. Fiscal Stress in Some States

States like Punjab, Kerala, and West Bengal face challenges due to:

• High debt levels
• Rising deficits
• Slower revenue growth.

4. Shift Toward Capital Expenditure

• Many states are increasingly focusing on capital spending and social sector investments.

5. Macro-Fiscal Importance

• State finances account for about one-third of India’s general government debt, making their fiscal health crucial for national economic stability.

Key Fiscal Challenges

1. High Committed Expenditure

• Salaries, pensions, and interest payments limit developmental spending.
• Example: In Punjab, committed expenditure reached 80% of revenue receipts in FY24.

2. Weak Own Revenue Mobilisation

• Heavy reliance on central transfers.
• Example: In Bihar, own revenues contribute less than one-third of total receipts.

3. Fiscal Deficit Breaches

• Example: Andhra Pradesh recorded a fiscal deficit of 4.35% of GSDP, exceeding the FRBM ceiling.

4. Rising Interest Burden

• Example: West Bengal spends over 20% of revenue receipts on debt servicing.

5. Geographic Constraints

• Example: Himachal Pradesh faces high infrastructure costs due to mountainous terrain.

2. Jal Jeevan Mission 2.0

Source: TH

Context:
The Union Cabinet of India has approved the restructuring and extension of the Jal Jeevan Mission until 2028, marking the beginning of JJM 2.0 to further improve rural water supply systems.

Background

Launched in 2019 by the Ministry of Jal Shakti, Jal Jeevan Mission aims to provide functional household tap connections (FHTCs) to every rural household under the “Har Ghar Jal” initiative.

Progress so far:

• 2019: 32.3 million rural households had tap water (≈17%).
• 2026: About 158 million households now have tap water access.
• Coverage now exceeds 81% of the 193.6 million rural households identified by states.

Financial Outlay

• Total outlay (JJM 2.0): ₹8.69 trillion
• Central government share: ₹3.59 trillion
• Earlier central assistance approved in 2019–20: ₹2.08 trillion.

Key Features of JJM 2.0

1. Digital Monitoring Framework
   • Introduction of Sujalam Bharat, a national digital platform.
   • Every village will receive a unique service-area ID.
   • Water supply will be tracked from source to household tap.
2. Local Governance and Accountability
   • Greater role for Gram Panchayats and village water committees in operation and maintenance (O&M).
   • Initiatives like Jal Utsav will encourage community monitoring and participation.
3. Utility-Based Approach
   • The mission is shifting from connection-focused expansion to reliable service delivery.

3. Pradhan Mantri Matsya Sampada Yojana (PMMSY)

Source: PIB

Context:

The Union Government has allocated ₹2,500 crore for the fisheries sector under the Pradhan Mantri Matsya Sampada Yojana in the Union Budget 2026–27.

What is PM Matsya Sampada Yojana?

• PMMSY is a flagship scheme aimed at the sustainable development of India’s fisheries sector.
• Launched: 10 September 2020.
• Implemented by: Department of Fisheries under the Ministry of Fisheries Animal Husbandry and Dairying.

Objectives

• Increase fish production and productivity sustainably.
• Modernise fisheries infrastructure and value chains.
• Improve income and livelihoods of fishers and fish farmers.
• Promote sustainable and responsible fisheries management.

Key Features

1. Large Investment Framework

• Approved with a total investment of about ₹20,050 crore for comprehensive fisheries sector development.

2. Implementation Components

• Operates through two components:
  • Central Sector (CS)
  • Centrally Sponsored Scheme (CSS).

3. Infrastructure Development

• Development of:
  • Fishing harbours
  • Fish landing centres
  • Cold-chain infrastructure
  • Fish processing and storage facilities.

4. Aquaculture Promotion

Support for modern aquaculture activities such as:

• Biofloc farming
• Sea cage farming
• Seaweed cultivation
• Ornamental fisheries
• Pearl farming.

5. Fisher Welfare

• Financial support for boats, fishing gear, and insurance.
• Assistance during fishing ban periods.

6. Sustainable Fisheries Management

• Promotion of artificial reefs, mariculture, and ecosystem restoration to replenish fish stocks.

4. Supreme Court Applies Passive Euthanasia Framework for First Time

Source: Indian Express

Context:

The Supreme Court of India applied its passive euthanasia framework for the first time to permit the withdrawal of life-sustaining treatment for Harish Rana, who had remained in a persistent vegetative state for 13 years.

What is Euthanasia?

Euthanasia refers to intentionally ending a person’s life to relieve suffering, often called “mercy killing.”

Types of Euthanasia

1. Active Euthanasia
   • Involves a deliberate act to cause death (e.g., lethal injection).
   • Illegal in India.
2. Passive Euthanasia
   • Involves withholding or withdrawing life-sustaining treatment such as ventilators or feeding tubes.
   • Permitted in India under strict judicial guidelines.

Evolution of Euthanasia Law in India

1. P. Rathinam v. Union of India (1994)

• The Court initially held that the right to life includes the right to die, effectively decriminalising suicide.

2. Gian Kaur v. State of Punjab

• Overturned the earlier ruling.
• Held that Article 21 does not include the right to die, but recognised the idea of dying with dignity.

3. Aruna Shanbaug Case

• Allowed passive euthanasia for the first time under strict conditions with High Court approval.

4. Common Cause v. Union of India

• Recognised Right to Die with Dignity as a fundamental right under Article 21.
• Legalised Living Wills (Advance Medical Directives).

5. 2023 Supreme Court Guidelines

• Simplified procedures by removing the requirement of a Judicial Magistrate’s countersignature for living wills.

5. Bug Bounty Programme

Source: PIB

Context:

The Unique Identification Authority of India has launched its first structured Bug Bounty Programme to strengthen the cybersecurity of the Aadhaar ecosystem.

What is a Bug Bounty Programme?

A Bug Bounty Programme is a cybersecurity initiative where organisations invite ethical hackers and security researchers to identify vulnerabilities in their digital systems.
Participants are rewarded for responsibly reporting security flaws before they can be exploited by malicious actors.

Objective

• Strengthen the security and resilience of digital platforms.
• Encourage responsible disclosure of vulnerabilities.
• Enhance trust in large public digital systems such as Aadhaar.

6. Jal Jeevan Mission (JJM)

Source: The Hindu

Context:

The Union Cabinet of India has approved the extension of the Jal Jeevan Mission until 2028, with a renewed focus on sustained water service delivery rather than just infrastructure creation.

What is Jal Jeevan Mission?

• Jal Jeevan Mission is a flagship initiative aimed at providing safe and adequate drinking water through Functional Household Tap Connections (FHTC) to all rural households in India.
• Launched: 15 August 2019.
• Nodal Ministry: Ministry of Jal Shakti.

Aim

• Achieve “Har Ghar Jal” by ensuring 55 litres of water per person per day (lpcd) through tap connections for every rural household.
• The revised deadline for universal coverage is December 2028.

7. India Co-Sponsors UNSC Resolution Against Iran

Source: TOI

Context:

India co-sponsored a resolution at the United Nations Security Council calling for the immediate cessation of attacks by the Iran on Gulf countries amid the ongoing West Asia conflict.

Key Features of the Resolution

• The resolution was introduced by the Gulf Cooperation Council and supported by 134 countries.
• It demanded the immediate halt to Iranian attacks on GCC countries, including:
  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Jordan
• The resolution also condemned any attempt by Iran to block or disrupt navigation through the Strait of Hormuz.

Voting Outcome

• 13 UNSC members voted in favour.
• Russia and China abstained.

India’s Position

According to the Ministry of External Affairs, India supported the resolution because:

• Around 10 million Indians live and work in GCC countries, making their safety a major concern.
• The Gulf region is crucial for India’s energy security, supplying:
  • About 50% of India’s crude oil imports
  • Around 90% of liquefied petroleum gas (LPG) imports.

Banking/Finance

1. RBI Seeks Data on Banks’ Exposure to the Middle East

Source: FE

Context:

The Reserve Bank of India (RBI) has asked Indian banks to provide detailed information about their financial exposure to Middle Eastern countries. This move comes amid rising geopolitical tensions and economic uncertainty in the region.

The regulator’s objective is risk assessment and financial stability, ensuring that any potential shocks from the region do not adversely affect India’s banking system.

What Exactly the RBI Has Asked Banks to Report

The RBI has asked banks to submit granular (detailed) data covering multiple types of exposure:

1. Direct Loan Exposure

Banks must report loans given to companies operating in Middle Eastern countries such as UAE, Qatar, and Oman.

2. Indirect Exposure

This includes lending to Indian companies that operate or trade extensively with the Middle East, even if the loans were issued in India.

3. Contingent Liabilities

Banks must also disclose non-fund-based commitments, such as:

• Bank guarantees
• Letters of credit (LCs)
• Trade finance commitments

These obligations may not immediately appear as loans but can become liabilities during financial stress.

Current Exposure of Indian Banks

According to research by the State Bank of India (SBI):

• Exposure to Qatar: $2.25 billion
• Exposure to UAE: $7 billion
• Exposure to Oman: $800 million

These figures highlight that Indian banks have substantial financial linkages with Gulf economies.

Importance of the Gulf Region for India

The Middle East—particularly GCC countries—is economically critical for India.

Trade Dependence

• 13.06% of India’s exports go to GCC countries.
• 16.18% of India’s imports come from the region (Apr–Dec 2025).

Other West Asian countries account for:

• 2.03% of exports
• 3.94% of imports

Other Economic Linkages

The region is important for:

• Crude oil imports
• Remittances from Indian workers
• Indian corporate investments and projects

Any disruption in the region could therefore affect trade flows, banking exposure, and foreign exchange inflows.

Why RBI is Conducting This Exercise

Although the RBI has not flagged any immediate risk, the move is precautionary. The central bank wants to:

1. Assess systemic exposure of Indian banks.
2. Identify sectors vulnerable to geopolitical tensions.
3. Prepare for potential stress scenarios such as trade disruptions or payment defaults.
4. Ensure banks strengthen due diligence and risk management.

This reflects the RBI’s broader strategy of proactive financial supervision.

2. RBI May Maintain Prolonged Policy Pause

Source: Financial Express

Context:

Economists expect the Reserve Bank of India to keep policy interest rates unchanged in the upcoming monetary policy review, adopting a cautious wait-and-watch approach amid global geopolitical tensions and uncertain macroeconomic conditions.

Current Monetary Policy Position

• In the February 2026 monetary policy review, the RBI kept the repo rate unchanged at 5.25%.
• The central bank maintained a neutral policy stance, allowing flexibility to respond to future economic developments.

Why Economists Expect a Policy Pause

1. Geopolitical Uncertainty
   • The ongoing West Asia conflict has created volatility in global commodity and energy prices.
   • Sharp fluctuations in crude oil prices—from around $120 per barrel to nearly $81—have increased uncertainty for policymakers.
2. Supply-Side Inflation Risks
   • The crisis mainly affects supply chains and energy markets, rather than domestic demand.
   • Tightening policy could slow economic growth without effectively addressing supply-driven inflation.
3. Balanced Growth–Inflation Outlook
   • Policymakers must balance inflation risks from rising oil prices with the need to support economic growth.

Liquidity Management by RBI

The RBI has taken steps to maintain adequate liquidity in the financial system:

• Conducted Open Market Operations (OMO) worth ₹50,000 crore on March 9.
• Scheduled another ₹50,000 crore OMO purchase to stabilize bond markets and ease liquidity pressures.

These measures aim to counter liquidity drains caused by:

• Foreign exchange interventions
• Maturing FX forwards
• Advance tax and GST outflows.

3. Central Bank of India Partners with IIFL Finance for Co-Lending

Source: Financial Express

Context:

The Central Bank of India has entered into a co-lending partnership with IIFL Finance to expand credit access and offer loans at competitive interest rates under the guidelines of the Reserve Bank of India.

What is the Co-Lending Arrangement?

Co-lending is a model where banks and non-banking financial companies (NBFCs) jointly provide loans to borrowers by combining their strengths:

• Banks provide lower-cost funds.
• NBFCs contribute last-mile customer reach and loan origination capabilities.

This framework operates under the Co-Lending Arrangements (CLA) guidelines issued by RBI, revised in November 2025.

Key Features of the Partnership

• Loan Origination: IIFL Finance will source and originate loan proposals through its retail network.
• Joint Credit Assessment: Both lenders will evaluate loan applications based on jointly defined credit parameters.
• Blended Interest Rate: Borrowers will receive loans at competitive blended rates due to combined lending.
• Loan Servicing: IIFL Finance will manage loan servicing and customer interaction during the loan lifecycle.

4. Fixed Tenures May Be Introduced for Upper-Layer NBFC Chiefs

Source: Business Standard

Context:

The government and the Reserve Bank of India are considering introducing fixed tenures for top executives of upper-layer non-banking financial companies (NBFCs) as part of governance reforms.

RBI’s Scale-Based Regulation (SBR)

The proposal aligns with RBI’s four-tier Scale-Based Regulation framework for NBFCs, which aims to strengthen oversight and reduce regulatory arbitrage between banks and NBFCs.

The four layers are:

• Base Layer: NBFCs with assets up to ₹1,000 crore
• Middle Layer: NBFCs with assets above ₹1,000 crore
• Upper Layer: Systemically important NBFCs identified by RBI
• Top Layer: Reserved for NBFCs posing significant systemic risk

Proposed Governance Changes

1. Fixed Tenure for Leadership
   • Senior executives of upper-layer NBFCs may be given fixed tenures similar to private bank CEOs.
2. Additional Whole-Time Directors
   • Upper-layer NBFCs may be required to appoint at least two whole-time directors (WTDs) in addition to the Managing Director (MD) and Chief Executive Officer (CEO).
3. Succession Planning
   • Similar to private banks, NBFCs may need structured succession plans to ensure leadership continuity.

Existing RBI Rules for Banks

• In April 2021, the RBI capped the tenure of MDs and CEOs of private banks at 15 years, with a maximum age limit of 70 years.
• This policy forced banks to strengthen governance structures and leadership planning.

5. Employees’ Pension Scheme (EPS), 2026

Source: The Hindu

Context:

The Employees’ Provident Fund Organisation has approved the Employees’ Pension Scheme (EPS), 2026, which removes the earlier provision allowing employees to opt for pension on higher salary beyond the wage ceiling.

Background

The revision of the pension scheme was undertaken to align it with the Code on Social Security 2020, which came into force in November 2025.

The decision was taken by the Central Board of Trustees (CBT) of EPFO during its meeting chaired by Mansukh Mandaviya.

Removal of Higher Pension Clause

• The earlier Paragraph 11(4) of the Employees’ Pension Scheme 1995 allowed employees and employers to opt for pension contributions on wages exceeding the ₹15,000 monthly wage ceiling.
• The option had to be exercised within one year of the 2014 amendment to the scheme.

Employees’ Pension Scheme (EPS), 1995

The Employees’ Pension Scheme (EPS) is a social security scheme that provides pension benefits to employees in the organised sector after retirement. It is administered by the Employees’ Provident Fund Organisation (EPFO) under the Ministry of Labour and Employment.

About the Employees’ Pension Scheme (EPS)

• Launched: 1995
• Administered by: EPFO
• Coverage: Employees who are members of the Employees’ Provident Fund (EPF).

EPS provides monthly pension after retirement, disability, or to family members in case of the employee’s death.

6. SEBI Sets Rules for Intraday Borrowings by Mutual Funds

Source: News Reports

Context:

The Securities and Exchange Board of India has introduced new conditions governing intraday borrowings by mutual funds, effective April 1, 2026.

Key Provisions

Purpose of Intraday Borrowing

Mutual funds can borrow funds during the day only for specific purposes, including:

• Redemption payouts to investors
• Repurchase of mutual fund units
• Payment of interest or income distribution to unitholders

Limit on Borrowed Amount

• The borrowing amount cannot exceed guaranteed receivables expected on the same day.
• These receivables may come from entities such as:
  • Government bodies
  • Clearing corporations involved in market settlements

Rule for Index Funds and ETFs

The regulator also clarified that:

• Exchange Traded Fund and equity-oriented index funds may borrow funds if sell trades remain under-executed during the closing auction session on stock exchanges.

Objective

The new rules aim to:

• Ensure liquidity management for mutual funds.
• Prevent misuse of short-term borrowing for speculative purposes.
• Strengthen investor protection and market stability.

Agriculture

1. Centre Approves Extension of Bhavantar Scheme to Mustard in Madhya Pradesh

Source: Business Standard

Context:

The central government has approved a proposal from the Madhya Pradesh to extend the Bhavantar Bhugtan Yojana to mustard procurement, aiming to protect farmers from falling market prices.

About Bhavantar Bhugtan Yojana (BBY)

• BBY is a Price Deficiency Payment Scheme (PDPS).
• It compensates farmers when market prices fall below government benchmark prices (MSP).
• Farmers sell their produce in the open market, and the government pays the difference between MSP and market price directly.

Background

• Madhya Pradesh first implemented BBY in 2017 for soybean during the tenure of Shivraj Singh Chouhan as Chief Minister.
• The scheme was revived in 2025 with revised norms under the current state government.

2. GI-Tagged Joha Rice

Source: Times of India

Context:

India recently facilitated the export of 25 metric tonnes of Assam’s GI-tagged Joha rice to the United Kingdom and Italy, helping promote niche agricultural products in global markets.

What is Joha Rice?

Joha Rice is a short-grain aromatic rice variety known for its natural fragrance, soft texture, and traditional cultivation methods.

• It received Geographical Indication status in 2017, recognising its unique origin and traditional production in Assam.

Origin

• The rice originates from Assam, where it has been cultivated for centuries.
• It holds cultural importance in Assamese cuisine and festivals, often used in traditional dishes.

Regions of Cultivation

Joha rice is mainly grown in Upper and Central Assam, particularly in districts such as:

• Sivasagar
• Jorhat
• Golaghat
• Dibrugarh
• Lakhimpur

Facts To Remember

1. India and Seychelles carryout joint military exercise

The ongoing 11th edition of the India–Seychelles Joint Military Exercise LAMITIYE-2026, being conducted at the Seychelles Defence Academy from March 10 to 22, witnessed professional exchanges and joint training aimed at strengthening defence cooperation between the two countries.

2. Rupee settles at new record low of 92.3 against U.S. dollar

The rupee depreciated to a fresh low of 92.3 a dollar after the Iran’s new Supreme Leader Mojtaba Khamenei said that the Strait of Hormuz (SoH) would remain closed, keeping oil prices sticky at over $100 a barrel.

3. U.S. launches fresh probe into India, 59 other economies over ‘forced labour’

The U.S. has launched a fresh investigation into 60 countries, including India, to look into whether these countries have failed to ban the import of goods made using forced labour, the office of the U.S. Trade Representative announced late on March 12.

4. Retail Inflation Rises to 3.21% in February

India’s retail inflation, measured by the Consumer Price Index, increased to 3.21% in February from 2.74% in January, according to data released by the National Statistics Office.

5. NABARD, REC Withdraw ₹11,000 Crore Bond Issuances

Two state-owned financial institutions—National Bank for Agriculture and Rural Development and REC Limited—withdrew planned bond issuances worth ₹11,000 crore after receiving limited investor interest and bids at yields higher than acceptable levels.

6. PM Narendra Modi Visits Kerala and Tamil Nadu, Launches Projects Worth ₹16,450 Crore

Narendra Modi visited Ernakulam in Kerala and Tiruchirappalli in Tamil Nadu on 11 March 2026 to inaugurate and lay the foundation for development projects worth about ₹16,450 crore. In Kerala, projects worth ₹10,800 crore were launched including a polypropylene unit at the Kochi Refinery of Bharat Petroleum Corporation Limited. In Tamil Nadu, projects worth ₹5,650 crore were announced. These included the City Gas Distribution network to provide piped natural gas connections to households and commercial establishments.

7. Bharat Tex 2026 Launched as India’s Global Textile Event

Giriraj Singh launched Bharat Tex 2026, India’s flagship global textile event. The event will be held from 14–17 July 2026 at Bharat Mandapam in New Delhi. It is organised by the Bharat Tex Trade Federation with support from the Ministry of Textiles. The initiative aligns with the Prime Minister’s 5F vision—Farm to Fibre, Fibre to Factory, Factory to Fashion, and Fashion to Foreign markets.

8. NITI Aayog Releases Fiscal Health Index 2026; Odisha Tops

NITI Aayog released the second edition of the Fiscal Health Index (FHI) 2026 assessing the fiscal performance of Indian states. Odisha ranked first with a score of 73.1, followed by Goa and Jharkhand. The index evaluates financial management based on data from the Comptroller and Auditor General of India. States were categorised into Front-Runners, Performers and Aspirational groups.

9. Agriculture Ministry Releases 2nd Advance Estimates of Crop Production 2025–26

Shivraj Singh Chouhan released the second advance estimates of major agricultural crop production for 2025–26. Kharif foodgrain production is estimated at 1741.44 LMT while Rabi production is projected at 1745.13 LMT. Rice production for Kharif is estimated at 1239.28 LMT. The estimates were released by the Ministry of Agriculture and Farmers Welfare.

10. DPIIT and Voltas Sign MoU to Promote Cooling Technology Innovation

The Department for Promotion of Industry and Internal Trade signed an MoU with Voltas Limited to support startups working in cooling and smart appliance technologies. The collaboration focuses on areas such as HVAC systems, AI and IoT-enabled appliances. It will also organise innovation challenges under the Startup India initiative. Selected startups will receive mentorship, testing infrastructure and market access support.

11. WHO Foundation and Novo Nordisk Partner to Address Childhood Obesity in India

The WHO Foundation partnered with Novo Nordisk to tackle childhood obesity in India. The initiative will promote healthy lifestyles and early risk identification through school-based health programmes. It aligns with the Ayushman Bharat – School Health and Wellness Programme. The programme will integrate health screening, physical activity and mental health support in schools.

12. RBI Revises Counterparty Credit Risk Rules for Banks

Reserve Bank of India revised capital adequacy rules to strengthen management of counterparty credit risk. The amendment aligns India’s banking regulations with global Basel norms. Banks must maintain capital requirements at both standalone and consolidated levels. The revised framework also updates add-on factors used to calculate potential future exposure in derivative contracts.

13. RBI Cancels Licences of 36 NBFCs

The Reserve Bank of India cancelled the certificates of registration of 36 Non-Banking Financial Companies. These entities can no longer conduct NBFC business under the Reserve Bank of India Act, 1934. Additionally, nine NBFCs voluntarily surrendered their licences due to business exits or mergers. The move is part of RBI’s regulatory action to strengthen financial sector supervision.

14. SBI and MUFG Bank Form Strategic Partnership

State Bank of India signed a strategic partnership agreement with MUFG Bank of Japan. The collaboration aims to strengthen cross-border financing and investment between India and Japan. It will support mergers and acquisitions, aviation financing and trade finance. The partnership aligns with the India–Japan Special Strategic and Global Partnership.

15. RBI Authorises CRED as Payment Aggregator

Reserve Bank of India granted authorisation to CRED to operate as a Payment Aggregator. The licence was issued under the Payment and Settlement Systems Act, 2007. It will allow the fintech platform to onboard merchants directly and manage payment flows. The company already holds licences from IRDAI, SEBI and NPCI for other financial services.

16. CRISIL Projects India’s GDP Growth at 7.1% for FY27

CRISIL Limited projected India’s GDP growth at 7.1% for FY27 in its report “India Outlook: Wading through Squally Waters.” The forecast indicates a slight moderation from 7.6% growth estimated for FY26. Retail inflation is expected to rise to around 4.3%. Industrial capital expenditure is projected to increase significantly over the next five years.

17. Nomura Lowers India’s GDP Forecast to 7% for FY27

Nomura Holdings reduced India’s GDP growth forecast to 7% for FY27. The revision was mainly due to geopolitical tensions in West Asia affecting energy supplies and inflation. The firm raised the inflation projection to 4.5%. It also estimated India’s current account deficit at around 1.6% of GDP.

18. Parthanil Ghosh Appointed MD and CEO of HDFC ERGO

HDFC ERGO General Insurance appointed Parthanil Ghosh as its Managing Director and Chief Executive Officer. He will succeed Anuj Tyagi and assume charge from 16 April 2026 subject to regulatory approval. Ghosh has over 30 years of experience in financial services and insurance. He previously served as Executive Director of the company.

19. India to Host Asia Cup Archery 2027 Second Leg in Delhi

New Delhi will host the second leg of the Asia Cup Archery 2027. It will be India’s first international archery event in 22 years since the Asian Archery Championships held in 2005. The decision was announced by World Archery Asia. The event will strengthen India’s presence in international archery competitions.

20. World Kidney Day 2026 – March 12

World Kidney Day is observed annually on the second Thursday of March to raise awareness about kidney health. In 2026 it is observed on 12 March and marks the 20th anniversary of the campaign. The theme for 2026 is “Kidney Health for All – Caring for People, Protecting the Planet.” The initiative was started by the International Society of Nephrology and the International Federation of Kidney Foundations.

Daily Current Affairs Quiz
15 & 16 March, 2026

National Affairs

1. Purple Fest

Source: PIB

Context:

The Rashtrapati Bhavan recently hosted the Purple Fest, celebrating the achievements and talents of Divyangjan (persons with disabilities) and promoting inclusivity in society.

About Purple Fest

Purple Fest is an inclusive event organised by the Ministry of Social Justice and Empowerment to recognize the talent, achievements, and aspirations of persons with disabilities (Divyangjan).

Aim

• Promote awareness and dignity of persons with disabilities.
• Encourage equal participation and inclusion of Divyangjan in society.
• Highlight their abilities, creativity, and contributions.

2. Dumpsite Remediation Accelerator Programme (DRAP)

Context:

The Government of India has launched the Dumpsite Remediation Accelerator Programme (DRAP) to speed up the removal of legacy waste dumpsites in urban areas and reclaim land for productive use.

About DRAP

DRAP is a targeted one-year programme designed to accelerate the remediation of old garbage dumpsites (legacy waste) in cities across India.

• Launched: November 2025
• Implementing Ministry: Ministry of Housing and Urban Affairs
• Implemented under: Swachh Bharat Mission – Urban 2.0

The programme adopts a fast-tracked and structured approach to clear large garbage dumps and convert the reclaimed land into parks, public infrastructure, or waste-management facilities.

Objectives

• Achieve 100% clearance of dumpsites within one year of adoption.
• Accelerate processing of legacy waste accumulated over decades.
• Prevent the creation of new dumpsites.
• Reclaim valuable urban land.
• Improve public health and environmental conditions.

3. Project Great Indian Bustard Captive Breeding Programme

Source: News on Air

Context:

The Project Great Indian Bustard (GIB) Captive Breeding Programme has entered its fourth year, with the hatching of two new chicks at the conservation breeding centre in Rajasthan. The initiative aims to prevent the extinction of one of India’s most endangered bird species.

About the Captive Breeding Programme

The programme is a conservation initiative to protect and increase the population of the Great Indian Bustard through scientific breeding.

• Implemented by:
  • Ministry of Environment, Forest and Climate Change
  • Rajasthan Forest Department
  • Wildlife Institute of India
• Launch:
  • Project Great Indian Bustard: 2013 (Rajasthan Government)
  • Dedicated breeding facilities operational around 2019–2022.

Aim

• Create a self-sustaining captive population of Great Indian Bustards.
• Reintroduce birds into the wild to increase the declining population.

About the Great Indian Bustard (GIB)

The Great Indian Bustard is one of the heaviest flying birds in the world and a flagship species of India’s grassland ecosystems.

It is also considered an umbrella species, meaning that protecting it helps conserve many other grassland species.

Conservation Status

• IUCN Red List: Critically Endangered
• Wildlife Protection Act, 1972: Schedule I
• CITES: Appendix I

These classifications give the species maximum international and national protection.

4. Samriddh Gram Phygital Services Pilot Initiative

Source: ET

Context:

The Union Minister of Communications is launching the Samriddh Gram Phygital Services Pilot Project at Umri Village, Madhya Pradesh, aimed at improving digital service delivery in rural areas.

About the Samriddh Gram Initiative

The Samriddh Gram Phygital Services Pilot Initiative is a pilot programme for integrated “phygital” service delivery—a combination of physical and digital services—in rural India.

• Implemented by: Department of Telecommunications
• Built on: BharatNet rural broadband network

The initiative establishes village-level service hubs called “Samriddhi Kendras” to provide multiple citizen services through digital connectivity.

Pilot Locations

The project is being implemented in three villages representing diverse socio-economic conditions:

• Umri Village, Madhya Pradesh
• Narakoduru Village, Andhra Pradesh
• Chaurawala Village, Uttar Pradesh

Each Samriddhi Kendra is designed to serve multiple villages within a 5 km radius.

Objectives

• Demonstrate how BharatNet connectivity can deliver integrated public services at the village level.
• Create a replicable model for rural digital transformation.
• Promote convergence of digital infrastructure, governance services, and community participation.

5. Centre Amends Electricity Rules to Strengthen Captive Power Generation

Context:

The Union government has amended the Electricity Rules, 2005 to strengthen the framework for captive power generation, particularly as industries increasingly invest in renewable and non-fossil fuel energy sources.

The Union government has introduced the Electricity (Amendment) Rules, 2026 to clarify provisions related to captive power plants and reduce regulatory ambiguity. The reforms aim to improve ease of doing business and support industries generating electricity for their own consumption.

What is Captive Power Generation?

Captive power generation refers to electricity produced by industries for their own consumption instead of relying entirely on the public power grid.

Industries often use captive plants to:

• Ensure reliable power supply
• Reduce energy costs
• Meet sustainability targets through renewable energy.

What is a Captive Power Plant?

A captive power plant (CPP) is a facility where industries generate electricity for their own use instead of relying entirely on the public power grid.

Benefits include:

• Reliable electricity supply
• Lower power costs
• Reduced transmission losses.

The concept was earlier recognised under the National Electricity Policy, 2005.

Banking/Finance

1. RBI Launches “Awareness Program on Digital Payments”

Source: BL

Context:

In March 2026, the Reserve Bank of India (RBI) launched a pilot initiative titled “Awareness Program on Digital Payments” to promote safe and widespread adoption of digital payment systems across India.

The programme was launched by Sanjay Malhotra, Governor of the RBI.

Digital Payments Awareness Week (DPAW) 2026

• The initiative is part of the 6th edition of Digital Payments Awareness Week (DPAW).
• Observed from: 9–13 March 2026
• Objective: Promote secure digital transactions and financial literacy among citizens.

Key Features of the Programme

1. Awareness Program on Digital Payments

• A pilot initiative designed to educate people about:
  • Safe digital payment practices
  • Fraud prevention
  • Responsible use of digital financial services.

2. Multi-Media Awareness Campaign

The RBI also launched a campaign titled:

“Thoda Dhyan Se” (Be Alert / Be Careful)

The campaign encourages users to:

• Verify details before making payments
• Avoid sharing sensitive information
• Stay cautious while transacting online.

2. Mis-selling in Bancassurance and the Goal of “Insurance for All by 2047”

Source: BS

Context:

Recent steps by the Ministry of Finance, Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) aim to curb mis-selling of insurance through banks (bancassurance) and strengthen consumer protection. These reforms are important for achieving India’s goal of “Insurance for All by 2047.”

What is Bancassurance?

Bancassurance is a partnership where banks sell insurance products of insurance companies to their customers through bank branches.

Advantages:

• Wider distribution of insurance products
• Easy access for customers
• Additional revenue for banks.

However, the model has faced serious concerns about mis-selling.

Rising Complaints of Mis-selling

According to recent data:

• Over 26,000 complaints of unfair insurance practices were recorded in FY25.
• Mis-selling accounts for about one-fifth of life insurance grievances.

Mis-selling occurs when customers are pressured or misled into buying insurance policies unsuitable for their financial situation.

Examples include:

• Converting fixed deposits of senior citizens into insurance policies without proper explanation.
• Selling policies with high premiums to customers who cannot afford them.

Regulatory Gaps in Bancassurance

Historically, regulation of bancassurance has been weak due to overlapping jurisdiction:

• Insurance products are regulated by IRDAI.
• Banks are supervised by the RBI.

This created a regulatory grey area, allowing banks to sell insurance products with limited monitoring.

The Finance Minister has clarified that mis-selling is an offence, and customers should not have to approach two regulators for grievance redressal.

Recent Regulatory Measures

1. RBI Draft Conduct and Sales Norms

The RBI has proposed conduct and sales-practice rules covering third-party products sold by banks, including insurance.

2. Risk-Based Internal Audit (RBIA)

Banks will strengthen their Risk-Based Internal Audit system to examine:

• Suitability of insurance products
• Financial capacity of customers to pay premiums
• Compliance with regulatory guidelines.

3. Suitability Checks

Banks must ensure that insurance products match the customer’s:

• Financial capacity
• Investment goals
• Risk tolerance.

Importance for Financial Inclusion

If properly regulated, bancassurance can:

• Expand insurance coverage
• Improve financial security
• Support the national objective of “Insurance for All by 2047.”

However, customer trust and strong governance are essential for the model to succeed.

3. RBI Likely to Increase Liquidity to Control Short-Term Interest Rates

Context:

The Reserve Bank of India (RBI) is expected to increase liquidity in the banking system before the end of the financial year to prevent short-term interest rates from rising sharply. This move comes amid currency market interventions to stabilize the Indian rupee, which has weakened due to geopolitical tensions in West Asia.

Why RBI May Inject Liquidity

The RBI has been selling dollars in the foreign exchange market to prevent a sharp fall in the rupee. Since the beginning of the Iran–West Asia conflict, the RBI has reportedly sold about $12 billion.

Such interventions reduce rupee liquidity in the banking system.
To offset this tightening effect, the central bank may inject liquidity through monetary operations.

Tools Used by RBI to Increase Liquidity

The RBI can use several instruments:

1. Open Market Operations (OMOs)

• RBI purchases government bonds from the market.
• This injects money into the banking system.

2. Dollar–Rupee Buy–Sell Swaps

• RBI buys dollars now and sells them later.
• This temporarily injects rupee liquidity into the banking system.

Objective: Control Short-Term Interest Rates

• RBI aims to keep short-term interest rates stable, particularly the call money rate.
• The call money rate should remain near the policy repo rate, which is currently 5.25%.
• These rates are within the Liquidity Adjustment Facility (LAF) corridor, indicating comfortable liquidity.

Why Controlling Short-Term Rates Matters

Maintaining stable short-term rates helps:

• Reduce borrowing costs for banks
• Prevent sudden increases in bond yields
• Maintain financial market stability.

If liquidity becomes tight, banks may face higher overnight borrowing costs, affecting lending rates across the economy.

Agriculture

1. Farmer Earnings May Decline if West Asia Crisis Affects Exports

Source: BS

Context:

India’s agricultural sector may face economic pressure if the ongoing West Asia geopolitical tensions continue for a prolonged period. A report by the Global Trade Research Initiative (GTRI) warns that disruptions in trade routes and demand from Gulf markets could reduce farmer earnings and impact agricultural exports.

Importance of Agriculture in India’s Economy

• Agriculture contributed about 18% of India’s Gross Value Added (GVA) in FY26.
• The sector supports millions of farmers and agro-based industries.
• Export markets play a crucial role in stabilizing farm incomes.

Dependence on West Asia for Agricultural Exports

According to the GTRI report:

• India exported $11.8 billion worth of agricultural products to West Asia in 2025.
• This accounted for over one-fifth of India’s total agricultural exports.

Because of this dependence, prolonged geopolitical conflict in the region could disrupt trade and reduce demand for Indian farm products.

Agricultural Products Likely to be Impacted

Exports that could face major disruptions include:

• Cereals (especially rice)
• Fruits and vegetables
• Spices
• Meat and dairy products
• Beverages.

Among these, rice exports are most vulnerable.

Products Highly Dependent on Gulf Markets

Some agricultural products have over 70% of exports going to West Asia, making them particularly vulnerable:

Product	Share of Exports to West Asia
Sheep and goat meat	98.9%
Copra (dried coconut kernel)	83.9%
Beer	81%
Bananas and plantains	79.6%
Nutmeg, mace and cardamom	70.5%

These sectors could face significant export losses if trade routes are disrupted.

2. Powerful Challengers to Crops: Rise of Allied Sectors in Indian Agriculture

Source: BS

Context:

Indian agriculture, which has evolved significantly since the Green Revolution in India, is gradually shifting from traditional crop cultivation to high-value allied sectors such as horticulture, livestock, fisheries, poultry, beekeeping, and agro-forestry. These sectors are emerging as major drivers of agricultural growth and farmer income.

Faster Growth of Allied Sectors

According to the Economic Survey of India 2025, allied agricultural activities have grown faster than crop farming.

Sector	Average Annual Growth (Decade ending 2024-25)
Crop sector	3.5%
Livestock	7.1%
Fisheries	8.8%

Historically, crop farming has grown only 2–3.5% annually since the 1960s, whereas allied sectors have expanded at more than double that rate.

Boom in Horticulture

Within the crop sector, horticulture has shown remarkable progress.

• Total horticulture production (2024-25): over 360 million tonnes
• Food grain production: around 330 million tonnes

Breakdown of horticulture output:

• Fruits: 114.51 million tonnes
• Vegetables: 219.67 million tonnes

India is now the second-largest producer of fruits and vegetables globally, accounting for about 13% of world production.

India is also the largest producer of several horticultural crops:

• Bananas
• Papayas
• Mangoes
• Ginger
• Okra

Horticulture now contributes around 33% of agriculture’s Gross Value Added (GVA).

Remarkable Growth in Livestock and Fisheries

Livestock

• GVA increased by 195% between 2014-15 and 2023-24.
• Growth rate: 12.77% CAGR.

Milk has become India’s largest food commodity:

• Milk production (2024-25): about 248 million tonnes.

This exceeds production of major cereals:

• Rice: ~150 million tonnes
• Wheat: ~118 million tonnes.

Fisheries

The fisheries sector’s GVA increased by around 140% during the same period, showing strong expansion.

Why Allied Sectors Are Important for Farmers

Allied sectors provide several advantages compared to crop farming:

1. Regular income – livestock and dairy generate daily earnings.
2. Less climate dependence compared to crops.
3. Risk diversification – livestock income supports farmers when crops fail.
4. Support for small farmers – over 85% of Indian farmers are small or marginal.

Crop farming and animal husbandry also have a symbiotic relationship:

• Crop residues serve as animal feed.
• Animal waste acts as organic manure.

Facts To Remember

1. Sonam Wangchuk Released After 170 Days of Detention under NSA

Ladakhi environmentalist and activist Sonam Wangchuk has been released from Jodhpur Central Jail after spending 170 days in detention under the National Security Act (NSA), 1980. The Union Home Ministry revoked his detention order with immediate effect.

2. 41 of 166 Tiger Deaths in India Reported in Maharashtra (2025)

According to data from the National Tiger Conservation Authority (NTCA), 166 tiger deaths were recorded in India in 2025, out of which 41 occurred in Maharashtra. The information was shared by Maharashtra Forest Minister Ganesh Naik during the State Legislative Council’s Budget session.

3. Mayank becomes India’s 94th GM and the first from Assam

Mayank Chakraborty has become India’s 94th Grandmaster and the first from Assam. The 16-year-old achieved the title at the Hotel Stockholm North by First Hotels Chess Talents tournament, which he won (with seven points from nine rounds).

4. NDSA New Office Inaugurated and Digital Dam Safety Platforms Launched

C. R. Patil inaugurated the new office of the National Dam Safety Authority in New Delhi. Key digital initiatives including a GIS-based website, AI-enabled platform NETRA, and Rashtriya Bandh Suraksha Darpan were launched. NETRA was developed with support from the Indian Navy and WESEE. The platforms aim to strengthen monitoring, regulation and risk assessment of dams across India.

5. H. D. Kumaraswamy Launches Projects at BHEL Haridwar

H. D. Kumaraswamy inaugurated key infrastructure projects at Bharat Heavy Electricals Limited in Haridwar, Uttarakhand. He dedicated a 5 MW ground-mounted solar power plant and inaugurated a 30-ton Electric Arc Furnace. The event also included flagging off an upgraded Super Rapid Gun Mount for the Indian Navy. A turbo generator manufactured at the facility was also dispatched.

6. Government Adds Seven Districts in Phase VI of Gold Hallmarking

The Government of India implemented the sixth phase of mandatory gold hallmarking under the Bureau of Indian Standards regime. Seven districts including Katihar (Bihar) and Banda (Uttar Pradesh) were added from 2 March 2026. Hallmarking ensures the purity and authenticity of gold jewellery sold in India. With Phase VI, the system now covers 380 districts nationwide.

7. India Post Releases Special Cover for Annapurna Devi Birth Centenary

India Post released a special cover to mark the birth centenary of legendary musician Annapurna Devi in Kolkata. She was a renowned Hindustani classical music exponent and a respected teacher. Despite her reclusive life, she received major honours including the Padma Bhushan. The initiative commemorates her contribution to Indian classical music.

8. MSDE Signs MoU with GATI Foundation for Global Skill Mobility

The Ministry of Skill Development and Entrepreneurship signed an MoU with the GATI Foundation to enhance overseas employment opportunities for skilled Indians. The agreement aims to position India as a global skills capital by 2047. It includes foreign language training, documentation support and cultural orientation. The initiative will also strengthen Skill India International Centres.

9. DEPwD Launches Life-Cycle Support Model for Hearing Impaired

The Department of Empowerment of Persons with Disabilities partnered with the Coalition of the Willing to launch India’s first integrated support model for persons with hearing impairment. The collaboration includes organisations such as Yunikee and the Indian Sign Language Research and Training Centre. It focuses on awareness, assistive technology, education and employment opportunities. The initiative supports inclusive development for Divyangjan.

10. OIL and NSTFDC Partner to Improve Healthcare in Tribal Areas

Oil India Limited signed an MoU with the National Scheduled Tribes Finance and Development Corporation to strengthen healthcare infrastructure in Madhya Pradesh. The initiative will upgrade health facilities in Rajgarh district with ambulances and advanced medical equipment. The project includes ventilators, CPAP and ultrasonography machines. It aims to improve healthcare access for tribal communities.

11. IIT-Guwahati and Japan’s Gifu University Form Academic Consortium

Indian Institute of Technology Guwahati and Gifu University signed a Letter of Intent to establish the North East Region–Japan International Academic and Research Consortium. The partnership includes 22 institutions from Northeast India. It aims to promote research collaboration, academic exchange and technology development. The agreement was signed during the Japan-North East Academic Industry Cooperation Symposium 2026.

12. NCB and TraceXero Collaborate on Carbon Capture Technologies

The National Council for Cement and Building Materials partnered with TraceXero Technologies to develop carbon capture and utilisation technologies. The initiative focuses on reducing emissions in the cement sector. TraceXero has developed a process that converts captured CO₂ into graphitic carbon and graphene. The collaboration supports sustainable and low-carbon industrial development.

13. T-Hub and JETRO Partner for India–Japan Startup Collaboration

T‑Hub partnered with the Japan External Trade Organisation to strengthen collaboration between Indian and Japanese startups. The partnership focuses on deep-tech sectors such as AI, aerospace, defence and smart infrastructure. It will facilitate startup exchange programmes and market access opportunities. The initiative supports technology cooperation between India and Japan.

14. Jose Antonio Kast Sworn in as President of Chile

Jose Antonio Kast was sworn in as the 38th President of Chile after winning the 2025 presidential election. The ceremony took place at the National Congress in Valparaíso. He received the traditional presidential symbol, the Piocha de O’Higgins, from outgoing president Gabriel Boric. Kirti Vardhan Singh represented India at the inauguration ceremony.

15. KV Ramana Murty Appointed Whole-Time Member of SEBI

The Appointments Committee of the Cabinet approved the appointment of K. V. Ramana Murty as Whole-Time Member of the Securities and Exchange Board of India. He will serve for a three-year term from the date of assuming charge. Murty is a 1991-batch officer of the Indian Defence Accounts Service. His appointment increases the number of whole-time members on the SEBI board to four.

16. ISRO Conducts Sea-Level Hot Test of CE20 Cryogenic Engine

Indian Space Research Organisation conducted a successful sea-level hot test of the CE20 cryogenic engine at 22-tonne thrust at the ISRO Propulsion Complex in Mahendragiri. The test lasted 165 seconds and used a nozzle protection system. It supports the development of the C32 cryogenic stage for the Launch Vehicle Mark‑3. The upgrade will enhance payload capability for future missions.

17. World Rotaract Day 2026 – March 13

Rotary International observes World Rotaract Day annually on 13 March. The day recognises the contribution of Rotaractors in community service and leadership development. In 2026, it marks the 58th anniversary of the first Rotaract Club established in North Carolina in 1968. World Rotaract Week 2026 is observed from 9–15 March.

18. Supreme Court Urges Government to Promote Pulse Cultivation

The Supreme Court of India has asked the Union government to revisit its agricultural policy framework and encourage farmers to diversify from wheat and paddy to pulses. The Court emphasised that better incentives and pricing policies are needed to make pulse cultivation viable for farmers.

Daily Current Affairs Quiz
17 March, 2026

National Affairs

1. NavIC’s Atomic Clock Failure

Source: IE

Context:

The Indian Space Research Organisation (ISRO) recently reported the failure of an atomic clock onboard the navigation satellite IRNSS-1F, which is part of India’s regional navigation system NavIC (Navigation with Indian Constellation). The failure reduces the number of fully functional satellites in the constellation.

What is an Atomic Clock?

An atomic clock is an extremely precise timekeeping device that measures time based on the vibrations of atoms, typically Rubidium or Cesium.

Importance in Navigation Satellites

• Navigation systems depend on extremely accurate timing signals.
• Even a billionth of a second error can cause a location error of several meters on Earth.
• Atomic clocks ensure that satellite signals carry accurate timestamps, which are essential for calculating precise positions.

How Atomic Clocks Work

Atomic Resonance

• The clock measures the precise frequency of electromagnetic radiation emitted or absorbed when electrons change energy levels in an atom.

Ultra-Stable Frequency

• Atoms vibrate at a constant frequency, unlike quartz or mechanical clocks that can drift over time.

Time-of-Flight Measurement

• The satellite transmits a signal with a timestamp indicating when it was sent.

Trilateration

• A receiver calculates the distance from multiple satellites by comparing the sent and received time.
• Signals from at least four satellites are used to determine latitude, longitude, and altitude.

About NavIC (Navigation with Indian Constellation)

• NavIC is India’s independent regional satellite navigation system, earlier known as the Indian Regional Navigation Satellite System (IRNSS).

Launch Timeline

• The first satellite, IRNSS-1A, was launched in July 2013.
• The original constellation aimed to deploy seven satellites by 2016, with additional replacement satellites launched later.

Coverage Area

• Provides navigation services across India and about 1,500 km beyond its borders.

2. Pinaka Multi-Barrel Rocket Launcher (MBRL) System

Context:

The Indian Army has operationalised its seventh regiment of the Pinaka Multi-Barrel Rocket Launcher system and is currently raising an eighth regiment, with plans to expand to ten regiments by next year. The development strengthens India’s long-range artillery and battlefield firepower.

What is the Pinaka MBRL System?

The Pinaka is an indigenously developed multi-barrel rocket launcher (MBRL) capable of firing a salvo of 12 rockets in less than 44 seconds. It is designed as a high-volume area-saturation weapon that can neutralise enemy troops, infrastructure, and artillery positions across large battlefield zones.

Developed By

The system was developed by the Armament Research and Development Establishment (ARDE), a laboratory under the Defence Research and Development Organisation (DRDO).

Key Features of the Pinaka System

Rapid Fire Capability

• A single launcher fires 12 rockets in 44 seconds.
• A battery of six launchers can fire 72 rockets simultaneously, saturating an area of approximately 1,000 × 800 meters.

Range Variants

• Mk-I: Range of about 38 km.
• Mk-II (Extended Range): Range of about 60 km.
• Guided Pinaka: Range between 75–90 km.

3. Sujal Gaon ID

Context:

The Ministry of Jal Shakti has launched Sujal Gaon ID, a unique digital identifier to map and monitor rural piped drinking water supply schemes across India. The initiative aims to strengthen digital governance and transparency in rural water management.

What is Sujal Gaon ID?

Sujal Gaon ID is a scheme-based unique digital identifier assigned to every rural piped drinking water supply scheme in India. It enables digital mapping of water supply infrastructure and service areas, integrating them into a national digital platform for monitoring rural water systems.

Launched Under

The initiative has been introduced under the Jal Jeevan Mission 2.0, the flagship programme aimed at providing Functional Household Tap Connections (FHTCs) to all rural households.

Objectives

• Digitally map rural drinking water infrastructure across the country.
• Improve transparency and efficiency in water supply management.
• Enable evidence-based policy decisions through real-time data on water infrastructure and service delivery.

Key Features

Unique Digital Identification

• Each rural drinking water scheme is assigned a distinct Sujal Gaon ID, enabling easy identification and tracking of water infrastructure assets and services.

Integration with Sujalam Bharat Platform

• The ID is linked with Sujalam Bharat IDs, combining:
  • Infrastructure identification
  • Service-area identification
• This provides comprehensive mapping of the entire water supply system.

4. Megamalai Wildlife Sanctuary

Context:

Researchers from the Zoological Survey of India (ZSI) recently documented nine new species, including jumping spiders and damselflies, in the Megamalai Wildlife Sanctuary, highlighting the region’s rich biodiversity.

About Megamalai Wildlife Sanctuary

Megamalai Wildlife Sanctuary, often called the High Wavy Mountains, is a protected forest landscape in Tamil Nadu. Since 2021, it has been a core component of the Srivilliputhur–Megamalai Tiger Reserve (SMTR), India’s 51st Tiger Reserve.

Establishment

• The sanctuary became part of the tiger reserve after the SMTR notification in 2021.
• Its Eco-Sensitive Zone (ESZ) had earlier been notified in 2018.

Habitat and Ecosystems

Megamalai contains a mosaic of ecosystems, including:

• Montane Shola forests and high-altitude grasslands
• Tropical wet evergreen forests
• Tea and cardamom plantations interspersed with natural vegetation

This ecological diversity supports a wide range of flora and fauna in the southern Western Ghats.

New Species Identified

During the ZSI survey, 977 species were recorded, including nine species new to science:

• Jumping Spider: Stenaelurillus megamalai
• Mayfly: Edmundsula meghamalaiensis
• Damselfly: Thraulus vellimalaiensis, Protosticta sholai (endemic)
• Bark Lice and Cockroaches: Allacta vellimalai, Lachesilla vellimalai

Other notable fauna include:

• Hemidactylus vanam
• Historical records of the Critically Endangered Malabar Civet.

Banking/Finance

1. SEBI Announces Measures to Strengthen India’s Investment Advisory Ecosystem

Source: BS

Context:

The Securities and Exchange Board of India (SEBI) has announced several initiatives to strengthen and streamline India’s investment advisory ecosystem. The measures were outlined by SEBI Chairman Tuhin Kanta Pandey at the ARIA Aspire 2026 conclave of investment advisers.

Key Measures Announced by SEBI

1. Working Group to Review MFD–IA Regulatory Overlap

• SEBI has set up a working group to review the regulatory framework governing Mutual Fund Distributors (MFDs).
• The objective is to identify and address overlaps between Mutual Fund Distributors and Investment Advisers (IAs), ensuring clearer regulatory boundaries.

2. Common Advertisement Code

• SEBI plans to introduce a uniform advertisement code for all market intermediaries.
• This aims to:
  • Improve consistency in investor communication
  • Reduce operational complexities
  • Prevent misleading financial promotions.

3. Launch of SEBI Setu Digital Platform

• SEBI will launch “SEBI Setu”, a digital platform designed to provide:
  • End-to-end regulatory guidance
  • Compliance support for investment advisers
• The platform will simplify regulatory interactions and improve ease of compliance.

4. Light-Touch Penalty Framework

• The regulator plans to introduce a standardised and simplified penalty framework for investment advisers.
• This will help ensure proportionate regulatory enforcement while reducing compliance burden.

5. Simplified Certification for Advisory Professionals

• SEBI will introduce a simplified certification module through the National Institute of Securities Markets (NISM).
• The certification will apply to persons associated with investment advice, including those in sales and non-core roles.

Facts To Remember

1. PhonePe defers mega IPO as market turbulence hits corporate fundraise plans

The raging conflict in West Asia, that triggered a sharp surge in oil prices and tanked stock markets, is beginning to disrupt corporate plans to raise funds through initial public offerings (IPOs). 

2. PM Narendra Modi Visits Assam and West Bengal; Launches Projects Worth ₹66,280 Crore

Narendra Modi visited Assam and West Bengal on 13–14 March 2026 to inaugurate and lay the foundation stone for development projects worth over ₹66,280 crore. In Assam, projects worth ₹47,600 crore were launched across Kokrajhar, Guwahati and Silchar, including the Assam Mala 3.0 road programme. In West Bengal, projects worth ₹18,680 crore were inaugurated mainly in road, rail and port infrastructure. The visit focused on improving connectivity, logistics and regional development in eastern India.

3. Sagar Defence Lays Foundation for World’s First Autonomous Maritime Shipbuilding Centre

Sagar Defence Engineering Private Limited laid the foundation stone for the world’s first Autonomous Maritime Shipbuilding and Systems Centre in Nellore district of Andhra Pradesh. The facility will integrate robotics and Artificial Intelligence in shipbuilding processes. It will include shipbuilding units, R&D facilities, testing infrastructure and training centres. The initiative aims to enhance productivity and sustainability in maritime manufacturing.

4. Centre Announces ₹100 Crore Integrated Aqua Park in Jammu and Kashmir

Rajiv Ranjan Singh announced a ₹100 crore Integrated Aqua Park project in Anantnag district of Jammu and Kashmir. The announcement was made during the National Conference on Cold Water Fisheries held in Srinagar. Model Guidelines for the Development of Cold-Water Fisheries were also released to promote scientific aquaculture practices. The initiative aims to boost fisheries infrastructure and livelihoods in the region.

5. IISc Professor Arpita Patra Scales World’s Highest Volcano

Arpita Patra, professor at Indian Institute of Science Bengaluru, successfully summited Nevado Ojos del Salado, the world’s highest volcanic peak at 6,893 metres. With this achievement she became the second Indian woman to scale the peak after Arunima Sinha. The volcano is located on the Chile–Argentina border in the Atacama Desert. The expedition marks another milestone in her mountaineering achievements.

6. Government Revises Minimum Public Shareholding Norms for Listed Companies

The Ministry of Finance revised rules related to Minimum Public Shareholding under the Securities Contracts (Regulation) Rules, 1957. The amendment allows large companies to offer only 2.5% public shareholding at the time of listing instead of 5%. The revised framework introduces six categories based on post-issue market capitalisation. The reform aims to make IPOs easier for large companies while ensuring gradual compliance with the 25% public shareholding requirement.

7. ‘One Battle After Another’ Dominates Oscars 2026 with Six Awards

The 98th edition of the Academy Awards was held at the Dolby Theatre in Los Angeles. The film One Battle After Another directed by Paul Thomas Anderson won six Oscars including Best Picture and Best Director. Michael B. Jordan won Best Actor for the film “Sinners” while Jessie Buckley won Best Actress for “Hamnet”. Priyanka Chopra also presented an award at the ceremony.

8. Tamil Poet Vairamuthu Selected for 2025 Jnanpith Award

Vairamuthu was selected for the 60th Jnanpith Award for the year 2025. He became the third Tamil writer to receive the honour after Akilan and Jayakanthan. The award is presented by Bharatiya Jnanpith for outstanding contributions to Indian literature. It carries a cash prize of ₹11 lakh along with a citation and a bronze statue of Goddess Saraswati.

9. New Plant Species ‘Osbeckia zubeengargiana’ Discovered in Manas National Park

Researchers from Gauhati University discovered a new plant species named Osbeckia zubeengargiana in Manas National Park, Assam. The species was named after Assamese singer Zubeen Garg. It belongs to the Melastomataceae family and grows as a perennial shrub with distinctive pink flowers. The discovery was published in the scientific journal Phytotaxa.

10. India Tops Medal Table at World Para Athletics Grand Prix 2026

India topped the medal tally at the World Para Athletics Grand Prix 2026 New Delhi leg with 208 medals including 75 gold. The event was held at Jawaharlal Nehru Stadium from 11–13 March 2026. Russia finished second while Bosnia and Herzegovina secured third position. The tournament served as a qualifying pathway for upcoming global para-athletics championships.

11. Mayank Chakraborty Becomes India’s 94th Chess Grandmaster

Mayank Chakraborty became India’s 94th chess Grandmaster after securing his final GM norm at the Young Talents Tournament in Stockholm. The 17-year-old player from Guwahati is the first Grandmaster from India’s North-East region. He achieved the title after crossing the 2500 rating requirement set by Fédération Internationale des Échecs. The achievement marks a significant milestone for Indian chess.

12. Sarfaraz Ahmed Announces Retirement from International Cricket

Former Pakistan captain Sarfaraz Ahmed announced his retirement from international cricket. He represented Pakistan national cricket team from 2007 to 2023 and played 232 matches across formats. Sarfaraz captained Pakistan to victory in the ICC Champions Trophy 2017. He also led Pakistan to the number one ranking in T20 internationals during his captaincy.

13. International Day of Mathematics 2026 – March 14

International Day of Mathematics is observed globally on 14 March to highlight the role of mathematics in science, technology and sustainable development. The theme for 2026 is “Mathematics and Hope”. The day was proclaimed by UNESCO in 2019. It is coordinated with support from the International Mathematical Union.

14. International Day of Action for Rivers 2026 – March 14

International Day of Action for Rivers is observed annually on 14 March to raise awareness about the protection of rivers and water ecosystems. The 2026 theme is “Protect Rivers, Protect People”. The observance originated from the International Meeting of People Affected by Dams held in Brazil in 1997. It highlights the importance of rivers for biodiversity, livelihoods and water security.

15. Chhattisgarh Launches Gaudham Yojana to Establish 1,460 Cattle Shelters

Vishnu Deo Sai launched the Gaudham Yojana in Chhattisgarh to establish 1,460 cattle shelters across the state. Each development block will have around 10 shelters with capacity for about 200 cattle. The shelters will also function as training centres for animal husbandry and value-added products from cow dung. The scheme aims to manage stray cattle and support rural livelihoods.

Daily Current Affairs Quiz
18 March, 2026

National Affairs

1. Government Withdraws Jan Vishwas (Amendment of Provisions) Bill, 2025

Source: ET

The Government of India has withdrawn the Jan Vishwas (Amendment of Provisions) Bill, 2025 from the Lok Sabha to make further changes. The withdrawal motion was moved by Commerce and Industry Minister Piyush Goyal and was approved through a voice vote in the Lok Sabha.

Purpose of the Bill

The Jan Vishwas (Amendment of Provisions) Bill, 2025 aimed to:

• Decriminalise minor offences across various laws
• Rationalise penalties and compliance provisions
• Reduce the regulatory burden on businesses and citizens

The broader goal was to improve the ease of doing business in India by replacing certain criminal penalties with civil penalties or administrative actions.

Why the Bill Was Withdrawn

The government withdrew the bill in order to:

• Introduce modifications and improvements to the proposed amendments
• Rework certain provisions before presenting the bill again in Parliament.

2. State of Working India Report 2026

Source: BS

A report by Azim Premji University titled State of Working India 2026 highlights a significant trend in India’s labour market: about 67% of unemployed youth aged 20–29 were graduates in 2023.

Key Findings

1. Sharp rise in graduate unemployment

• 2023: Around 1.1 crore unemployed youth were graduates (67%)
• 2004: About 30 lakh unemployed youth were graduates (32%)

This indicates that the share of graduates among unemployed youth has more than doubled in two decades.

2. Rapid expansion of higher education

• Graduates among youth (20–29 years):
  • 2004: 10% (1.9 crore)
  • 2023: 28% (6.3 crore)

India has significantly expanded access to higher education, producing many more graduates.

3. Job creation lagging behind graduate supply

Between 2004 and 2023:

• Around 50 lakh graduates were added annually
• Only 28 lakh graduate jobs were created each year
• Out of these, only 17 lakh were salaried jobs

The report notes that graduate employment has not kept pace with the growing supply of graduates.

Reasons for High Graduate Unemployment

The report identifies several factors:

1. Job creation not keeping pace with education expansion
2. Skill mismatch and employability concerns
3. Lack of work experience among young graduates
4. Youth delaying job entry, as households today have slightly better income levels than before.

3. UNEP Report: Safe Disposal of Unused Medicines (2026)

Context:

The United Nations Environment Programme (UNEP) released the 2026 report “Safe Disposal of Unused Medicines”, highlighting the serious environmental and public health risks caused by improper disposal of pharmaceuticals.

The report proposes a global framework for safer management of unused medicines using a One Health approach, which links human health, animal health, and environmental protection.

What the Report Focuses On

The report recommends strengthening national systems through:

• Waste prevention strategies
• Medicine take-back programmes
• Strong legal and regulatory frameworks
• Public awareness campaigns

These measures should cover medicines from:

• Households
• Hospitals and pharmacies
• Agriculture and veterinary sectors

Key Findings

1. Environmental Risks

Improper disposal of medicines (e.g., flushing down toilets or dumping in landfills) releases pharmaceutical chemicals into soil and water.

This can cause:

• Antimicrobial resistance (AMR)
• Endocrine disruption in wildlife
• Toxicity in aquatic ecosystems

2. High Global Wastage

• Up to 50% of household medicines globally eventually become waste.
• This reflects over-prescription, improper storage, and patient non-compliance.

3. Rising Economic Impact

The unused medicine management market is projected to reach about $2.54 billion by 2032, driven by:

• Increasing healthcare consumption
• Greater awareness about pharmaceutical pollution
• Development of waste management systems

4. Wastewater Treatment Limitations

Most wastewater treatment plants are not designed to remove pharmaceutical compounds completely.

As a result:

• Drug residues enter rivers, lakes, and groundwater
• Long-term ecosystem contamination occurs.

5. Public Health Threat – Antimicrobial Resistance

According to global estimates:

• 1.27 million deaths in 2019 were directly caused by bacterial antimicrobial resistance (AMR).

Improper medicine disposal contributes to AMR by exposing bacteria in the environment to low levels of antibiotics, enabling resistance development.

6. Prevention Potential

The report highlights prevention as the most effective solution.

Example:

• In the Netherlands, around 40% of unused medicines could be avoided through better prescribing practices and improved patient guidance.

Key Recommendations of the Report

The report calls on governments to:

1. Establish national medicine take-back programmes.
2. Improve prescription and dispensing practices.
3. Strengthen regulations on pharmaceutical waste disposal.
4. Promote public awareness campaigns on safe disposal.
5. Develop pharmaceutical pollution monitoring systems.

4. Exercise Sea Dragon

Source: TH

Context:

Exercise Sea Dragon is a multinational anti-submarine warfare (ASW) exercise led by the United States Navy in the Western Pacific Ocean near Guam.

Recently, the Indian Navy deployed its Boeing P‑8I Poseidon maritime patrol aircraft to participate in this exercise.

Overview

• Type: Multinational Anti-Submarine Warfare (ASW) exercise
• Conducted by: United States Navy
• Location: Western Pacific Ocean near Guam
• Frequency: Annual exercise
• Focus: Maritime surveillance and anti-submarine operations

Aim of the Exercise

The exercise seeks to:

• Enhance anti-submarine warfare capabilities among partner navies
• Improve interoperability between maritime patrol aircraft crews
• Strengthen defence cooperation in the Indo-Pacific region
• Support a free, open, and secure Indo-Pacific maritime domain

Participating Countries

Key Indo-Pacific partners typically participating include:

• Indian Navy
• United States Navy
• Japan Maritime Self‑Defense Force
• Royal Australian Air Force
• Royal New Zealand Air Force

5. 24 Speed Post

Source: TH

Context:

The Department of Posts under the Ministry of Communications launched “24 Speed Post” on 17 March 2026 to provide guaranteed next-day delivery services for urgent consignments. This initiative strengthens the premium express delivery services of India Post.

What is 24 Speed Post?

24 Speed Post is a premium express postal service designed for time-sensitive shipments.

It ensures D+1 delivery, meaning the parcel is delivered the next day after booking, with enhanced tracking and security features.

Objectives

The service aims to:

• Provide fast and reliable next-day delivery
• Strengthen India Post’s express logistics network
• Support businesses and individuals with urgent shipments
• Improve competitiveness with private courier services

Cities Covered in the First Phase

The service will initially operate across all PIN codes in six major metro cities:

• New Delhi
• Mumbai
• Chennai
• Kolkata
• Bengaluru
• Hyderabad

6. India’s First National Report on Implementation of the Nagoya Protocol

Source: PIB

Context:

India has submitted its First National Report (NR1) on the implementation of the Nagoya Protocol to the Secretariat of the Convention on Biological Diversity (CBD). The report highlights India’s progress in implementing Access and Benefit Sharing (ABS) mechanisms related to the use of genetic resources.

It was prepared by the Ministry of Environment, Forest and Climate Change in collaboration with the National Biodiversity Authority (NBA).

About the First National Report (NR1)

India’s First National Report (NR1) is an official submission describing the legal, institutional, and implementation measures taken by India to fulfil its obligations under the Nagoya Protocol.

Reporting Period

The report covers the period from 1 November 2017 to 31 December 2025.

Key Findings from the Report

1. Community Participation

A large number of local biodiversity institutions have been established.

• 2,76,653 Biodiversity Management Committees (BMCs) have been formed across India.

These committees function at the local body level to document biodiversity and manage local resources.

2. Access and Benefit Sharing (ABS) Approvals

Total approvals issued (2017–2025):

• 12,830 approvals

3. Benefit Sharing

The Access and Benefit Sharing mechanism generated significant funds:

• ₹216.31 crore mobilised through approvals by the NBA.
• ₹139.69 crore distributed to:
  • Local communities
  • Farmers
  • Holders of traditional knowledge.

About the Nagoya Protocol

The Nagoya Protocol is a supplementary agreement to the Convention on Biological Diversity that establishes a legal framework for access to genetic resources and fair sharing of benefits arising from their use.

Objectives of the Protocol

• Ensure fair and equitable sharing of benefits from genetic resources.
• Promote conservation of biodiversity.
• Encourage sustainable use of biological resources.
• Protect traditional knowledge of indigenous and local communities.

7. Dual-Sex Crab (Vela carli)

Source: TH

Context:

Researchers have discovered a rare dual-sex freshwater crab in Silent Valley National Park in Kerala, located in the Western Ghats.

The crab belongs to the species Vela carli and shows gynandromorphy, a rare biological condition where an organism has both male and female physical traits. This is the first recorded case of gynandromorphy in the crab family Gecarcinucidae.

What is the Dual-Sex Crab?

• A freshwater crab species exhibiting gynandromorphy.
• The individual crab shows male reproductive structures along with female gonopores (genital openings).
• It represents a rare genetic anomaly in crustaceans.

Scientific Classification

• Scientific name: Vela carli
• Family: Gecarcinucidae
• Type: Freshwater crab

Habitat and Distribution

• Found in tree holes within forests of Silent Valley National Park.
• Species is endemic to the Central Western Ghats, meaning it occurs only in this region.

This region is known for high biodiversity and endemic species.

What is Gynandromorphy?

Gynandromorphy is a rare biological phenomenon where an organism shows both male and female physical characteristics simultaneously.

Banking/Finance

1. IRDAI Proposes Public Insurance Registry (PIR)

Source: TH

Context:

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed creating a Public Insurance Registry (PIR) to modernise the information infrastructure of India’s insurance sector.

The proposal was discussed at a stakeholder meeting addressed by IRDAI Chairman Ajay Seth in New Delhi.

What is the Public Insurance Registry (PIR)?

The Public Insurance Registry (PIR) is envisioned as a consent-driven, legally compliant digital platform that will consolidate insurance data from across the ecosystem.

It will cover the entire lifecycle of an insurance policy, including:

• Policy issuance
• Policy servicing
• Claims settlement
• Grievance redressal
• Dispute resolution

The PIR will function as a structured and interoperable information infrastructure connecting insurers, regulators, and other stakeholders.

Key Objectives of PIR

1. Reduce Information Asymmetry
   Provide a unified database of insurance policies and transactions.
2. Improve Fraud Detection
   Centralised data will help identify fraudulent claims and duplicate policies.
3. Data-Driven Regulation
   Enable better regulatory oversight and policy analysis.
4. Improve Customer Experience
   Provide easier access to insurance information for policyholders.

Integration with Bima Sugam

IRDAI emphasised alignment between the PIR and the proposed digital insurance marketplace Bima Sugam.

The integration aims to:

• Provide seamless access to insurance policies
• Improve service delivery
• Transform the overall customer experience

2. RBI Wins “Initiative of the Year” Award for .bank.in Domain

Source: ET

Context:

The Reserve Bank of India (RBI) has received the “Initiative of the Year” award from Central Banking for launching the .bank.in domain, a dedicated internet domain for India’s banking sector.

What is .bank.in?

The .bank.in domain is a specialised and exclusive internet domain for banks in India, designed to strengthen the security of digital banking services.

India has become the first country in the world to mandate a dedicated domain exclusively for banks.

Objectives of the Initiative

The .bank.in domain aims to:

• Enhance cybersecurity in digital banking
• Reduce phishing and digital payment frauds
• Increase consumer trust in online banking
• Strengthen overall financial stability

3. RBI Imposes ₹2.7 Lakh Penalty on Manappuram Finance for KMP Compensation Guideline Violation

Source: BS

Context:

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2.70 lakh on Manappuram Finance Limited, a Non-Banking Financial Company (NBFC), for non-compliance with guidelines related to Key Managerial Personnel (KMP) compensation.

Key Highlights:

Penalty Imposed

• The RBI levied the penalty under provisions of the Reserve Bank of India Act, 1934.
• The violation relates to non-adherence to compensation guidelines for Key Managerial Personnel (KMPs) applicable to NBFCs.

Inspection Basis

• The non-compliance was detected during the statutory inspection conducted by RBI.
• The inspection was based on the company’s financial position as of 31 March 2025.

Nature of the Violation

• Paid the entire variable pay upfront to certain Key Managerial Personnel (KMPs).
• According to RBI guidelines, a portion of the variable compensation must be deferred, rather than paid fully at once.
• The company did not fully comply with the KMP compensation norms under the Scale Based Regulation (SBR) framework applicable to NBFCs.

4. Fitch Raises India’s GDP Growth Forecast to 7.5% for FY26

Context:

In March 2026, Fitch Ratings released its Global Economic Outlook – March 2026, projecting India’s Gross Domestic Product (GDP) growth at 7.5% for FY2025–26 (FY26). The upward outlook is driven by strong domestic demand and stable macroeconomic indicators.

Key Highlights:

FY26 Growth Projection

• Fitch expects India’s GDP to grow at 7.5% in FY26, reflecting continued economic momentum supported by consumption and investment.

FY27 Growth Forecast Revised Upward

• For FY2026–27 (FY27), the agency revised its growth projection upward to 6.7%, compared with 6.4% estimated earlier in December 2025.

Medium-Term Outlook

• Growth is expected to moderate slightly but remain strong at around 6.5% in FY28, indicating sustained economic expansion.

5. NBFCs Delay External Commercial Borrowings as Hedging Costs Rise

Context:

Several Non-Banking Financial Companies (NBFCs) in India are postponing plans to raise funds through External Commercial Borrowings (ECBs) due to rising hedging costs triggered by geopolitical tensions in the West Asia region.

External Commercial Borrowings (ECBs)

External Commercial Borrowings (ECBs) are loans raised by Indian entities from foreign lenders in foreign currency or sometimes in Indian rupees. These borrowings help companies access international capital markets for financing their business activities.

The framework for ECBs in India is regulated by the Reserve Bank of India (RBI).

These loans can be in the form of:

• Bank loans
• Buyers’ credit
• Suppliers’ credit
• Bonds (such as Foreign Currency Convertible Bonds – FCCBs)
• Securitised instruments

Eligible Borrowers

Entities allowed to raise ECBs include:

• Companies in manufacturing and services sectors
• Non-Banking Financial Companies (NBFCs)
• Infrastructure companies
• Housing finance companies
• Microfinance institutions
• Start-ups (under specific conditions)

Why NBFCs Use ECBs

NBFCs generally tap overseas markets to:

• Diversify funding sources
• Access large global capital pools
• Borrow at potentially lower interest rates than domestic funding

However, the cost advantage depends on hedging costs used to protect against exchange-rate volatility.

6. RBI’s New Rules Deepen India’s Acquisition Finance Market

Source: Mint

Context:

Recent reforms by the Reserve Bank of India (RBI) have significantly reshaped India’s acquisition finance landscape, allowing banks to play a larger role in funding corporate acquisitions while maintaining strong prudential safeguards.

These changes come through:

• Amendments to the Credit Facilities Directions (February 2026)
• A revised framework for External Commercial Borrowings (ECBs)

Together, they open new channels for bank-funded acquisitions and offshore borrowing.

1. Banks Can Now Provide Acquisition Finance

RBI now allows Indian banks to provide acquisition finance to:

• Indian non-financial corporates
• Their subsidiaries
• Step-down Special Purpose Vehicles (SPVs)

The funds can be used to acquire strategic control in domestic or foreign companies.

Thresholds covered

Acquisitions that cross key voting thresholds are eligible:

• 26%
• 51%
• 75%
• 90%

Control can be acquired through:

• Equity shares
• Compulsorily Convertible Debentures (CCDs)

2. Eligibility Conditions for Borrowers

To prevent excessive risk, RBI has set strict financial eligibility criteria.

Minimum financial strength

Acquirers must have:

• Net worth: at least ₹500 crore
• Positive net profit: in each of the last 3 years

For unlisted companies:

• Credit rating must be BBB- or higher.

3. Financing Limits and Equity Contribution

RBI has imposed conservative leverage rules.

Rule	Requirement
Maximum bank financing	75% of acquisition value
Minimum equity contribution	25% from acquirer
Post-acquisition debt-equity ratio	Max 3:1

For unlisted targets:

• Two independent valuations are required.
• Lower valuation is used.

Listed acquirers can temporarily bridge equity contribution for up to 12 months, provided an equity take-out is planned.

4. Mandatory Recourse and Security

Unlike leveraged buyouts in global markets, RBI requires recourse to the parent company.

Key safeguards include:

• Corporate guarantee from the parent group
• Share pledge over acquired shares/CCDs
• Compliance with 30% per-bank shareholding limit

This marks a clear departure from non-recourse leveraged buyout structures commonly used internationally.

The goal is to prevent highly leveraged acquisition structures from threatening financial stability.

5. Refinancing of Target Company Debt Allowed

Banks can now refinance existing debt of the target company if it is integral to the acquisition.

This helps when:

• Existing lenders block change-of-control clauses
• Debt is secured on core assets of the target

Importantly:

• Such refinancing does not count toward banks’ capital market exposure limits.

6. Exposure Limits for Banks

The new framework also regulates banks’ risk exposure.

Exposure Limit	Cap
Total capital market exposure	40% of eligible capital
Acquisition finance sub-limit	20%
Overseas branch participation in a deal	Max 20% of funding

These limits help prevent concentration risk in acquisition lending.

7. Changes to External Commercial Borrowings (ECBs)

The RBI also liberalized the ECB framework.

Major changes include:

• Acquisition of control now allowed as an ECB end-use
• Removal of all-in-cost ceiling
• Minimum maturity standardized at 3 years

This opens an offshore borrowing channel for acquisition finance.

7. SEBI Proposes Changes to Simplify Nomination Rules for Demat Accounts and Mutual Funds

Source: BL

The Securities and Exchange Board of India (SEBI) has proposed simplifying nomination rules for demat accounts and mutual fund (MF) folios to reduce operational difficulties faced by investors and market participants.

The proposals modify the nomination framework introduced in January 2025 after industry feedback highlighted implementation challenges.

Key Proposed Changes

1. Nomination to Become Default Option

SEBI has proposed making nomination the default option when opening:

• Demat accounts
• Mutual fund folios

Investors who do not wish to nominate anyone must explicitly opt out by submitting a declaration.

This replaces the earlier process that required:

• OTP verification
• Video-based confirmation

These procedures were considered complex and inconvenient.

2. Simplified Nominee Information Requirements

Under the proposed framework, only basic details of the nominee will be mandatory:

Required:

• Name of the nominee
• Relationship with the investor

Optional:

• Address
• Mobile number
• Email ID
• Percentage share of the nominee

If the share percentage is not specified, the assets will be divided equally among nominees.

3. Reduction in Maximum Number of Nominees

Earlier SEBI rules (January 2025 circular):

• Allowed up to 10 nominees.

New proposal:

• Limit reduced to 4 nominees.

Reason:

• Operational complexity
• Data shows most investors appoint only one or two nominees.

8. Bima Sugam to Launch Standardised Insurance Products in 2026

Source: BS

Context:

The Insurance Regulatory and Development Authority of India (IRDAI) is preparing to roll out standardised insurance products on the digital platform Bima Sugam during 2026.

The initiative was discussed at a meeting between IRDAI and CEOs of insurance companies in New Delhi.

Phased Launch of Insurance Products

Insurance products on Bima Sugam will be introduced in phases:

• Motor Insurance – expected by July 2026
• Health Insurance – expected by August 2026
• Life Insurance – expected by September 2026

Separate industry committees with representatives from insurance companies have been formed to design standardised products for each segment.

Although products will be standardised, insurers will still compete through:

• Pricing
• Underwriting policies
• Customer experience and services

What is Bima Sugam?

Bima Sugam is a proposed digital insurance marketplace aimed at creating a single platform for buying, selling, and servicing insurance policies.

Key objectives include:

• Easier access to insurance products
• Greater transparency
• Faster policy issuance and claims processing
• Improved insurance penetration in India

Public Insurance Repository (PIR)

IRDAI also plans to establish a Public Insurance Repository (PIR) to strengthen the insurance sector’s data infrastructure.

The PIR will expand the role of the Insurance Information Bureau of India (IIB), which was set up in 2009 to collect and analyse insurance data.

Features of PIR

The proposed registry will:

• Act as a comprehensive insurance data repository
• Be consent-driven and legally compliant
• Cover the entire policy lifecycle, including:
  • Policy issuance
  • Claims processing
  • Grievance redressal
  • Dispute resolution

Agriculture

1. ICRIER Paper: Use West Asia Crisis to Push Fertiliser Reforms in India

Source: BS

Context:

A new policy paper by the Indian Council for Research on International Economic Relations (ICRIER) argues that India should use the current geopolitical disruptions in West Asia as an opportunity to reform its fertiliser subsidy and supply system.

The paper titled “De-risking Fertiliser Supplies for India Amid Rising Geopolitical Risks” highlights the country’s heavy import dependence and fiscal burden from fertiliser subsidies.

Key Concern: High Import Dependence

The report notes that 68.6% of India’s fertiliser value chain depends on imports, making the sector vulnerable to geopolitical shocks.

Break-up of dependence:

• 44.5% – Imported feedstock (mainly natural gas and raw materials)
• 24.1% – Imported finished fertilisers
• 5.8% – Domestic feedstock
• 25.6% – Domestic processing and manufacturing

This means India’s fertiliser security is highly exposed to global conflicts and supply disruptions, especially in energy-producing regions.

Major Reform Recommendations

The ICRIER paper suggests several structural reforms.

1. Direct Benefit Transfer (DBT) to Farmers

Instead of subsidising fertiliser products, the government should transfer subsidies directly to farmers.

Benefits:

• Reduces leakages (estimated around 20%)
• Promotes balanced fertiliser use
• Improves fiscal efficiency

2. Gradual Price Deregulation

The report recommends gradually deregulating fertiliser prices, especially for macronutrients.

This would:

• Allow market-based pricing
• Encourage efficient use of fertilisers
• Reduce government subsidy burden

3. Bring Urea Under Nutrient-Based Subsidy (NBS)

Currently:

• Urea is highly subsidised and price-controlled

The report proposes bringing urea under the
Nutrient Based Subsidy Scheme.

This would:

• Promote balanced nutrient usage
• Reduce excessive nitrogen consumption
• Improve soil health.

4. Use AgriStack for Fertiliser Targeting

If direct reforms are difficult initially, the paper suggests restricting fertiliser sales based on farm size and crop patterns.

This could be implemented using the government’s
AgriStack digital agriculture platform.

The restrictions could be based on:

• Farm size
• Crop type
• Recommended nutrient doses from State Agricultural Universities (SAUs)

Supply-Side Recommendations

The report also calls for reducing import risks through diversification.

Measures suggested:

• Diversify fertiliser import sources
• Encourage overseas investments in fertiliser assets
• Accelerate domestic exploration of feedstock
• Simplify regulatory frameworks to improve efficiency

2. Asia-Africa Agri Alliance (AAAA)

Source: BS

Context:

The Asia-Africa Agri Alliance (AAAA) has been launched to strengthen agricultural trade, investment, technology transfer, and policy cooperation between countries in Asia and Africa.

The initiative was launched with participation from ambassadors, policymakers, agribusiness leaders, and representatives from more than 10 countries.

What is the Asia-Africa Agri Alliance?

The Asia-Africa Agri Alliance (AAAA) is a not-for-profit platform established as a Section 8 institution in India to promote institutional cooperation in the agricultural sector between Asia and Africa.

The alliance aims to bridge gaps between the two regions in technology, investment, and agricultural markets.

Importance of Asia–Africa Agricultural Cooperation

• Asia and Africa together account for over 40% of global agricultural production.
• Bilateral agricultural trade already exceeds $90 billion annually.

Africa’s Advantages

• Holds 65% of the world’s remaining arable land
• Has a young and rapidly growing workforce
• Agricultural sector projected to reach $1 trillion by 2030

Asia’s Strengths

• Advanced agricultural processing technologies
• Strong supply chain infrastructure
• Experience in agricultural transformation
• Access to large consumer markets

Key Objectives

The alliance focuses on five major pillars of cooperation:

• Trade and Market Access
  • Promote agricultural trade and improve market access between Asian and African countries.
• Technology and Innovation Transfer
  • Share modern farming technologies, digital agriculture tools, and processing techniques.
• Investment and Finance
  • Encourage investment flows and agribusiness partnerships across the two regions.
• Policy, Standards and Agricultural Diplomacy
  • Promote policy coordination, regulatory standards, and cooperation in global agricultural negotiations.
• Capacity Building and Knowledge Exchange
  • Strengthen skills, research collaboration, and training programmes.

Facts To Remember

1. BHIM App Targets 5% UPI Market Share to Enter Top 5

The payments app BHIM is aiming to reach around 5% share of India’s UPI transaction volume within the next three years. The initiative is part of an effort by National Payments Corporation of India (NPCI) to position BHIM as a sovereign alternative to private digital payment apps.

2. China Overtakes Netherlands as India’s 3rd Largest Export Market (Feb 2026)

According to data from India’s commerce department, China has overtaken Netherlands to become India’s third-largest export destination in February 2026.

3. Government Approves Food Safety Reforms to Improve Ease of Doing Business

The Ministry of Health and Family Welfare approved major regulatory reforms in the food safety sector effective from April 2026. Licences issued by the Food Safety and Standards Authority of India will now have perpetual validity, eliminating renewal requirements. The turnover threshold for basic registration has been raised from ₹12 lakh to ₹1.5 crore. Street vendors registered under the Street Vendors Act, 2014 will be automatically considered registered under FSSAI.

4. Government Approves ₹1,250 Crore IT SEZ in Puducherry

The Government of India approved the establishment of an Information Technology Special Economic Zone in Puducherry. The project will be developed on 21.30 acres of land with an investment of about ₹1,250 crore. Nearly 70% of the area will have plug-and-play office infrastructure for IT companies. The SEZ is expected to generate about 30,000 jobs and produce service exports worth ₹10,000 crore over the next decade.

5. Indian Navy Participates in Exercise Sea Dragon 2026

The Indian Navy participated in the multinational anti-submarine warfare exercise Exercise Sea Dragon 2026 hosted by the United States Navy at Andersen Air Force Base in Guam. The exercise focuses on advanced maritime surveillance and submarine detection operations. Other participants included Japan, Australia and New Zealand. It aims to enhance coordination among Indo-Pacific maritime forces.

6. World Bank Approves USD 300 Million Loan for Clean Air Plan in Uttar Pradesh

The World Bank approved a loan of USD 300 million to support clean air initiatives in Uttar Pradesh. The programme will strengthen air quality management and pollution monitoring systems. The loan has a maturity period of 10 years including a two-year grace period. The initiative forms part of the regional air quality programme in the Indo-Gangetic Plains.

7. Reliance Signs USD 3 Billion Green Ammonia Deal with Samsung C&T

Reliance Industries Limited signed a long-term supply agreement with Samsung C&T Corporation of South Korea for green ammonia supply. The agreement valued at over USD 3 billion will run for 15 years starting from FY 2028-29. The green ammonia will be produced through Reliance’s clean energy ecosystem in India. The deal supports the goals of the National Green Hydrogen Mission.

8. BCCI Naman Awards 2026 Honour Cricket Legends

The Board of Control for Cricket in India presented the BCCI Naman Awards in New Delhi. Roger Binny and Rahul Dravid received the Colonel C. K. Nayudu Lifetime Achievement Award. Mithali Raj was honoured with the Lifetime Achievement Award for women’s cricket. Shubman Gill and Smriti Mandhana won the Best International Cricketer awards in men’s and women’s categories.

9. Sahitya Akademi Announces Awards for 2025

The Sahitya Akademi announced the winners of the Sahitya Akademi Awards for 2025 across 24 Indian languages. Navtej Sarna won the award in English for the novel “Crimson Spring”. Mamta Kalia received the Hindi award for her memoir “Jeete Jee Allahabad”. Each winner receives a plaque, shawl and a cash prize of ₹1 lakh.

10. Gujarat Conducts First Sounding Rocket Launch at Dholera

A sounding rocket developed by Omspace Rocket and Exploration Private Limited was successfully launched near Dholera in Gujarat. The rocket reached an altitude of about 3 kilometres carrying a small weather-monitoring payload. The launch was conducted with approval from IN-SPACe. It marks Gujarat’s entry into India’s private space technology ecosystem.

11. ZSI Discovers Two New Lichen Moth Species in Eastern Himalayas

Scientists from the Zoological Survey of India discovered two new species of lichen moths named Caulocera hollowayi and Asura buxa. The species were identified in Sikkim and West Bengal in the Eastern Himalayas. The findings were published in the journal Zootaxa. Lichen moths are considered important indicators of environmental and air quality.

12. Kimi Antonelli Wins Formula One Chinese Grand Prix 2026

Andrea Kimi Antonelli of Mercedes-AMG Petronas won the Formula 1 Chinese Grand Prix 2026 held at the Shanghai International Circuit in China. George Russell finished second while Lewis Hamilton secured third place. The race was the second round of the 2026 Formula One World Championship. It was Antonelli’s first Grand Prix victory.

13. World Sleep Day 2026 – March 13

World Sleep Day was observed on 13 March 2026 to raise awareness about the importance of healthy sleep. The campaign is organised annually by the World Sleep Society. It promotes better prevention and management of sleep disorders worldwide. The first World Sleep Day was observed in 2008.

14. Himachal Pradesh Signs MoUs with NDDB to Strengthen Dairy Sector

The Government of Himachal Pradesh signed three agreements with the National Dairy Development Board to improve dairy infrastructure. Two milk processing plants will be established at Nahan and Nalagarh with capacities of 20,000 litres per day each. Chilling centres will also be set up to strengthen milk collection systems. The project aims to increase farmer income and modernise dairy operations in the state.

15. Mundra Port Receives Indian Vessel ‘Jag Ladki’ Carrying 81,000 Tonnes of Crude Oil from UAE

A large Indian vessel named ‘Jag Ladki’ arrived at Mundra Port in Gujarat this morning carrying a significant consignment of crude oil. 

16. Lok Sabha Extends Tenure of JPC on ‘One Nation, One Election’ Bills Till Monsoon Session 2026

The Lok Sabha has extended the tenure of the Joint Parliamentary Committee examining the legislation related to one nation, one election, until the first day of the last week of the Monsoon session, 2026. 

17. Parliament passes Appropriation Bill 2026

Parliament has passed the Appropriation Bill 2026 with the Rajya Sabha returning it to the Lower House after discussion. 

18. Govt increases Budget for Agriculture & Farmers Welfare by 2025-26

The Government has enhanced the Budget allocation of the Department of Agriculture and Farmers’ Welfare from 21,933 crore during 2013-14 to 127,290 crore during 2025-26.