Current Affairs 26 May 2026
National Affairs
DPIIT Releases Guidelines for Implementation of BHAVYA Scheme
The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry (MoC&I), released the detailed operational guidelines for the implementation of the BHAVYA (Bharat Audyogik Vikas Yojna) Scheme.
| Parameter | Detail |
|---|---|
| Purpose | Develop investment-ready, world-class industrial infrastructure to enable investors to ground investment with ease, adding to manufacturing capacity |
| Alignment | Make in India and PM Gati Shakti |
| Scheme Type | Central Sector Scheme (100% funded and implemented by the Central Government) |
| Financial Outlay | ₹33,660 crore (includes ₹60 crore administrative fund) |
| Parks | Development of 100 investment-ready industrial parks |
Union Minister Rajnath Singh Inaugurates NIBE Defence Manufacturing Complex in Shirdi, Maharashtra
Union Minister Rajnath Singh, Ministry of Defence (MoD), inaugurated the NIBE Group's private defence manufacturing complex in Shirdi, Maharashtra, and flagged off India's first 300 km Universal Rocket Launching System "Suryastra".
He also approved four defence corridors in Maharashtra to strengthen the indigenous defence manufacturing ecosystem.
NIBE Defence Manufacturing Complex: Developed by NIBE Group with an investment of over ₹5,000 crore; expected to generate around 4,000 jobs.
Suryastra: An indigenous guided rocket launcher system developed under the emergency procurement framework; successfully tested at the Integrated Test Range (ITR), Chandipur, Odisha.
Defence Corridors Approved:
| Corridor Location | Focus |
|---|---|
| Pune | Defence manufacturing ecosystem |
| Nashik | Indigenous weapons production |
| Ahmednagar (Ahilyanagar) | Defence exports |
| Nagpur | MSMEs with ancillary industries |
DoS Approves Establishment of Two New Space-Tech Facilities in TN & Gujarat
The Department of Space (DoS) granted approval for the establishment of Common Technical Facilities (CTFs) in Gujarat and Tamil Nadu (TN) to strengthen India's space ecosystem by promoting domestic manufacturing capabilities.
| Facility | Location | Focus |
|---|---|---|
| Space Manufacturing Park | Khoraj, near Ahmedabad, Gujarat | Building spacecraft and complex payload systems |
| Space Vehicles Cluster | Thoothukudi, TN (near upcoming SLV complex at Kulasekharapatnam) | Manufacturing, testing & integration of launch vehicle systems |
Key Role of IN-SPACe: The Indian National Space Promotion and Authorisation Centre (IN-SPACe), the commercial arm of ISRO, will be responsible for procurement, installation, and commissioning of the technical infrastructure.
Ladakh L-G Approves 5-Year MoU Extension with ONGC for India's First Geothermal Energy Project
Vinod Saxena, Lieutenant Governor (LG) of UT Ladakh, approved the extension of the MoU for another 5 years with Oil and Natural Gas Corporation (ONGC) for the construction of India's 1st geothermal power project.
Key Target: ONGC will develop a 1 MWe pilot geothermal power plant at an altitude of over 14,000 ft at Puga Valley in eastern Ladakh, along with a Detailed Project Report (DPR) for large-scale commercial exploitation.
Phase-wise Implementation:
| Phase | Scope |
|---|---|
| 2026 Working Season | Drill existing geothermal well up to 1,000 m |
| Next Phase | Drill another geothermal well of 1,000 m |
| Testing & Commissioning | Commences in FY27 |
Project Status: ONGC drilled Ladakh's deepest geothermal well (up to 405 m) in 2025 despite extreme weather conditions.
DoP & Flipkart India Sign Agreement to Strengthen e-Commerce Logistics Ecosystem
The Department of Posts (DoP), under the Ministry of Communications, signed an agreement with Flipkart India Private Limited to bolster the country's e-commerce logistics ecosystem and enhance parcel delivery efficiency across urban, semi-urban, rural, and remote regions.
Signed by Neeraj Kumar Jha, GM, Parcel Directorate, DoP, and Harvinder Kapur, Director-Commercial, Flipkart India, in New Delhi, Delhi.
Key Role: India Post will facilitate last-mile delivery services for Flipkart shipments across the country.
Key Services: Delivery of prepaid and Cash On Delivery (COD) parcels, OTP-based delivery authentication, and real-time shipment tracking.
Focus Areas: Faster deliveries, improved operational coordination, and seamless technology integration.
Indian Army Launches 'Q-FORCE' Application for Logistics & Sustainment Management
The Indian Army (IA) launched 'Q-FORCE', an integrated digital application designed to streamline logistics and sustainment management through seamless integration of multiple logistics and inventory platforms across varied operational terrains.
Integration: A digital logistics management system for real-time coordination, resource planning, and efficient decision-making within the IA through faster tracking and management of logistics assets.
Key Features: Real-time logistics monitoring, efficient supply-chain management, faster resource allocation, and improved operational readiness.
Benefits: Enhances operational readiness, responsiveness, strategic mobility, and emergency deployment capabilities while minimising delays and duplication.
Other Launches: The IA also launched 'Kautilya', an AI-powered command intelligence platform using AI dashboards and Natural Language Processing (NLP)-based interfaces for structured data generation, analytics, and decision-making.
International Affairs
Overview of Defence Minister Rajnath Singh's Visit to Vietnam & South Korea from May 18–21, 2026
Union Minister Rajnath Singh, Ministry of Defence (MoD), undertook a 4-day official visit to Vietnam and South Korea from May 18–21, 2026, aimed at strengthening defence industrial partnership, boosting maritime collaboration, and promoting peace and stability in the Indo-Pacific region.
Visit to Vietnam:
- Bilateral meeting with Phan Van Giang, Deputy PM and Defence Minister of Vietnam, in Hanoi
- Inaugurated a Language Lab at the Air Force Officers College in Vietnam
- Established an AI Lab
- Signed an MoU between MCTE (Mhow, MP, India) and the Telecommunications University of Vietnam in AI and quantum technology
Visit to South Korea:
- Bilateral talks with Ahn Gyu-back, Minister of National Defence of ROK, and Lee Yong-Cheol, Minister of DAPA, in Seoul
- Chaired the India-ROK Defence Industry Business Roundtable in Seoul
Key MoUs:
- India–South Korea MoU on defence cybersecurity and defence information sharing
- Two agreements between Larsen & Toubro (L&T) (India) and Hanwha Co. Ltd. (ROK) for enhanced defence industry collaboration
India & Ethiopia Sign Bilateral Accession Protocol for Ethiopia's WTO Membership in Geneva
India and Ethiopia signed a bilateral accession protocol in Geneva, Switzerland, related to Ethiopia's membership in the World Trade Organization (WTO), marking a major step in Ethiopia's WTO accession process.
Signatories: Senthil Pandian C, Ambassador and Permanent Representative of India to the WTO, and Tsegab Kebebew Daka, Ambassador and Permanent Representative of Ethiopia to the UN Office and Other International Organisations.
WTO Accession: Follows Ethiopia's 7th Working Party meeting in April 2026, involving negotiations on trade reforms, tariff commitments, market access, and alignment with WTO rules.
India's Support: India supports Least Developed Countries (LDCs) and developing countries' WTO accessions to promote inclusive growth and south-south cooperation. Fast-tracked under the guidance of Union Minister Piyush Goyal, MoC&I.
Banking & Finance
RBI Imposes Monetary Penalties on CUB, Mintifi Finserve & Newa Investments
| Entity | Penalty | Reason |
|---|---|---|
| City Union Bank (CUB) | ₹10.10 lakh | Levying loan-related charges on certain priority sector agriculture advances up to ₹25,000; failing to report SHG member-level data to credit information companies |
| Mintifi Finserve (NBFC) | ₹3.10 lakh | Failure to upload certain customers' KYC records to Central KYC Records Registry (CKYCR) within prescribed timeline |
| Newa Investments (NBFC) | ₹2.70 lakh | Appointing directors without prior RBI approval, leading to management change involving over 30% of directors |
AIIB Rolls Out USD 10 Billion Relief Shield for Conflict-Hit Nations
The Asian Infrastructure Investment Bank (AIIB) launched a new USD 10 billion financing facility named the 'Energy, Food Security and Economic Resilience Facility (EFSERF)' to help member countries tackle the economic impact of the ongoing Middle East conflict.
| Parameter | Detail |
|---|---|
| Objective | Reduce economic impact of conflicts; support reconstruction & recovery; enhance financial stability; strengthen resilience against future geopolitical and economic shocks |
| Mechanism | USD 10 billion in financial support over 2 years |
| Assistance | Budgetary assistance, funding for critical imports, liquidity support & refinancing aid |
AIIB: Headquartered in Beijing, China; established in 2015; formally commenced operations in January 2016.
Awards & Recognitions
Cannes Film Festival 2026: Cristian Mungiu's Fjord Wins Palme d'Or
The 79th annual Cannes International Film Festival 2026 was held from 12–23 May 2026 at the Palais des Festivals et des Congrès in Cannes, France.
Key Winners:
| Award | Winner | Film |
|---|---|---|
| Palme d'Or | Cristian Mungiu (Romania) | Fjord |
| Grand Prix | Andrey Zvyagintsev (Russia) | Minotaur |
| Jury Prize | Valeska Grisebach (Germany) | The Dreamed Adventure |
| Best Director (shared) | Javier Calvo & Javier Ambrossi (Spain) / Paweł Pawlikowski (Poland) | La Bola Negra / Fatherland |
| Best Actor (shared) | Emmanuel Macchia & Valentin Campagne (Belgium) | Coward |
| Best Actress (shared) | Virginie Efira (Belgium-France) & Tao Okamoto (Japan) | All Of A Sudden |
| Best Screenplay | Emmanuel Marre (France) | A Man of His Time |
| Caméra d'Or (Best First Film) | Marie-Clémentine Dusabejambo (Rwanda) | Ben'Imana |
Cristian Mungiu became a two-time Palme d'Or winner, with strong thematic focus on war, displacement, and political cinema.
Appointments & Resignations
RBI Approves Reappointment of Sandeep Bakhshi as ICICI Bank MD & CEO till 2028
The Reserve Bank of India (RBI) approved the reappointment of Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank for a further term of two years.
| Parameter | Detail |
|---|---|
| New Tenure | October 4, 2026 – October 3, 2028 |
| Subject To | Shareholders' approval and statutory clearances |
| Leadership | Leading ICICI Bank since 2018; oversaw major transformation including strengthening retail loan portfolio, improving asset quality & expanding digital banking |
ICICI Bank: Established in 1994; headquartered in Mumbai, Maharashtra; registered office in Vadodara, Gujarat.
Sports
Indian All-Rounder Vijay Shankar Retires from Domestic Cricket & IPL
Indian all-rounder from Tamil Nadu (TN), Vijay Shankar, announced his retirement from domestic cricket and the Indian Premier League (IPL) after a 25-year cricket journey.
He represented India in 12 ODIs and 9 T20Is between 2018 and 2019.
Achievement: Became the first Indian to take a wicket with the first ball of his World Cup debut in the 2019 ICC Cricket World Cup; popularly referred to as the '3D Cricketer'.
Statistics:
| Format | Matches | Runs | Wickets |
|---|---|---|---|
| First-Class | 77 | 4,253 | — |
| List A | 112 | 2,790 | — |
| T20 | 159 | 2,583 | — |
| IPL | 78 | — | — |
| Total Wickets (across formats) | — | — | 154 |
Domestic: Played mainly for TN; moved to Tripura for the 2025–26 season.
IPL: Represented CSK, SRH, DC, and GT (2014–2025); went unsold in the 2026 auction.
Important Days at a Glance
| Date | Event | Key Theme / Significance |
|---|---|---|
| May 23 | International Day to End Obstetric Fistula | Theme 2026: "Her Health Is a Right: Invest to End Fistula and Childbirth Injuries". Established via UNGA Resolution A/RES/67/147 (20 December 2012). The resolution identified poverty as the primary risk factor. First observed on 23 May 2013. |
| May 23 | World Turtle Day | 26th observance in 2026. Launched in 2000 by American Tortoise Rescue (ATR), a California (USA)-based non-profit founded in 1990 by Susan Tellem and Marshall Thompson. Observed annually on May 23 since 2000. |
| May 24 | International Day of the Markhor | 3rd observance in 2026. Adopted via UNGA Resolution A/RES/78/278 (2 May 2024). Proposed by Pakistan and co-sponsored by Afghanistan, China, Hungary, Kazakhstan, Israel, Tajikistan, Turkmenistan & Uzbekistan. First observed on 24 May 2024. Celebrates the markhor (Capra falconeri), a wild goat native to Central and South Asia's mountainous regions. |
State News
Delhi Govt & SBI Sign MoU for Digital Payment System for e-Procurement Portal
Delhi e-Governance Society (DeGS), under the Department of IT of Delhi Government, signed an MoU with the State Bank of India (SBI), India's largest Public Sector Bank (PSB), to implement an integrated digital payment solution 'e-Pay' on the state's e-procurement portal.
Objective: Bolster transparency, improve efficiency, and promote ease of doing business in government procurement processes.
Digitisation of EMD: Integration of Earnest Money Deposit (EMD) functionality will enable real-time payment verification and eliminate the need for physical demand drafts.
Key Services: SBI will provide enhanced e-banking services, seamless digital payment support, and comprehensive Management Information System (MIS) assistance for procurement-related operations.
0 Comments