Banking, Finance & Business

World Bank Approves $1.5 Billion for India’s Low-Carbon Energy Transition

Key Highlight: The World Bank has approved $1.5 billion in financing to support India’s transition towards low-carbon energy and green hydrogen production.

• This is the second Low-Carbon Energy Programmatic Development Policy Operation for India.
• The funding aims to scale up renewable energy and support the National Green Hydrogen Mission.
• It focuses on achieving India's target of 500 GW of non-fossil fuel capacity by 2030 and Net Zero by 2070.
• The program will support the development of a national carbon market to incentivize investments in green technology.

About World Bank

• Established: 1944
• Headquarters: Washington, D.C., USA
• President: Ajay Banga

Canara Bank Launches 'Canara UPI 123Pay' for Feature Phone Users

Key Highlight: Canara Bank has introduced Canara UPI 123Pay, a specialized payment solution tailored for feature phone users to enhance digital inclusion.

• The service allows users to perform UPI transactions without an active internet connection.
• It utilizes IVR (Interactive Voice Response) technology to facilitate secure money transfers.
• Users can perform peer-to-peer transfers, merchant payments, and utility bill payments.
• This initiative aligns with the RBI’s vision of a less-cash economy and digital empowerment for rural sectors.

S&P Global Retains India’s GDP Growth Forecast at 6.8% for FY25

Key Highlight: S&P Global Ratings has maintained its GDP growth forecast for India at 6.8% for the fiscal year 2024-25, citing robust domestic demand.

• The agency noted that India remains the fastest-growing major economy globally.
• High interest rates and fiscal consolidation are expected to temper growth slightly from the previous year’s 8.2%.
• S&P expects the Reserve Bank of India (RBI) to start cutting interest rates in the second half of the fiscal year.
• Infrastructure spending and strong corporate balance sheets are identified as key growth drivers.

RBI Imposes ₹1 Crore Penalty on a Major Private Sector Bank

Key Highlight: The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on a leading private sector bank for non-compliance with directions on 'Loans and Advances'.

• The penalty was issued under Section 47A(1)(c) of the Banking Regulation Act, 1949.
• The bank failed to comply with statutory restrictions on providing term loans for certain infrastructure projects.
• An inspection revealed that the bank sanctioned loans without verifying the actual deployment of funds.
• The RBI clarified that this action is based on regulatory lapses and not the validity of any transaction with customers.

National & State News

Kerala Assembly Passes Resolution to Rename State as 'Keralam'

Key Highlight: The Kerala Legislative Assembly has unanimously passed a resolution requesting the Central Government to officially rename the state as 'Keralam'.

• The resolution was moved by Chief Minister Pinarayi Vijayan on 26 June 2026.
• The state seeks to amend the First Schedule of the Constitution under Article 3.
• The name 'Keralam' is the linguistic name of the state in Malayalam.
• The assembly had passed a similar resolution in 2023, but the Home Ministry suggested technical corrections.

Uttar Pradesh to Establish India’s First Biotherapeutic Unit in Noida

Key Highlight: The Uttar Pradesh government has announced the establishment of the country’s first biotherapeutic unit at the Noida medical device park.

• The project involves an investment of over ₹500 crore to foster innovation in biotechnology.
• It will focus on the manufacturing of advanced medicines, including vaccines and cell-based therapies.
• CM Yogi Adityanath stated that this unit will position Uttar Pradesh as a hub for the global pharmaceutical industry.
• The facility is expected to generate direct employment for over 2,000 professionals.

Government Observes International MSME Day 2026

Key Highlight: The Ministry of Micro, Small and Medium Enterprises organized a national convention in New Delhi to celebrate International MSME Day.

• The theme for 2026 is 'MSMEs: The Engine of Sustainable Development'.
• Union Minister Narayan Rane launched the 'Udyami 2.0' portal to provide integrated support for entrepreneurs.
• The government highlighted that MSMEs contribute approximately 30% to India's GDP.
• Awards were conferred to top-performing MSMEs in categories like innovation, sustainability, and export excellence.

Appointments & Resignations

Mark Rutte Appointed as Next NATO Secretary General

Key Highlight: Dutch Prime Minister Mark Rutte has been officially appointed as the next Secretary General of NATO.

• He will succeed Jens Stoltenberg, who has served as the head of the alliance for a decade.
• The appointment was confirmed by all 32 member nations on 26 June 2026.
• Mark Rutte is expected to take charge of the office on 1 October 2026.
• His appointment comes at a critical time for European security and the ongoing conflict in Ukraine.

About NATO

• Established: 1949
• Headquarters: Brussels, Belgium
• Member Countries: 32

Swaminathan Janakiraman Re-appointed as RBI Deputy Governor

Key Highlight: The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Swaminathan Janakiraman as the Deputy Governor of the Reserve Bank of India (RBI).

• His tenure has been extended for a period of two years or until further orders.
• He was first appointed to the post in June 2023 for a three-year term.
• He oversees key departments including Supervision and Consumer Education.
• The RBI has four Deputy Governors, and Swaminathan is one of them representing the commercial banking sector.

Ruchira Kamboj Retires as India’s Permanent Representative to the UN

Key Highlight: Senior diplomat Ruchira Kamboj has retired from her position as India’s Permanent Representative to the United Nations after a distinguished career.

• She was the first woman to hold the prestigious post of India's PR at the UN in New York.
• A 1987-batch IFS officer, she previously served as India’s Ambassador to Bhutan.
• During her tenure, she championed India’s bid for a permanent seat in the UN Security Council.
• An interim representative has been named pending the announcement of her successor by the Ministry of External Affairs.

Defence News

DRDO Successfully Flight-Tests High-Speed Expendable Aerial Target 'Abhyas'

Key Highlight: The Defence Research and Development Organisation (DRDO) successfully conducted the flight test of Abhyas from the Integrated Test Range (ITR) in Chandipur, Odisha.

• Abhyas is an indigenously developed High-speed Expendable Aerial Target (HEAT).
• The vehicle is designed for autonomous flying with the help of an autopilot system.
• It is powered by a small gas turbine engine and features micro-electromechanical systems for navigation.
• The test demonstrated the vehicle's performance at low altitudes and high endurance.

Science & Technology

ISRO Successfully Tests 3D-Printed Liquid Rocket Engine

Key Highlight: The Indian Space Research Organisation (ISRO) has successfully conducted a hot test of a 3D-printed liquid rocket engine.

• The engine, called PS4, was manufactured using Laser Powder Bed Fusion technology.
• The test was conducted at the ISRO Propulsion Complex in Mahendragiri.
• This technology reduces the number of engine parts from 14 to a single piece, saving significant production time and material.
• It is intended for use in the upper stages of the PSLV (Polar Satellite Launch Vehicle).

About ISRO

• Established: 15 August 1969
• Headquarters: Bengaluru, Karnataka
• Chairman: S. Somanath

Sports

Deepika Kumari Wins Silver at Archery World Cup Stage 3

Key Highlight: Ace Indian archer Deepika Kumari clinched the Silver medal in the women’s individual recurve event at the Archery World Cup Stage 3 in Antalya, Turkey.

• She lost the gold medal match to South Korea’s Lim Sihyeon with a score of 6-0.
• This marks a significant comeback for Deepika following her maternity break.
• The Indian women's team also finished in the top four during the tournament.
• Deepika Kumari is a former World No. 1 and a multiple-time World Cup gold medalist.

India Advances to T20 World Cup 2026 Semi-Finals

Key Highlight: The Indian national cricket team has secured a spot in the semi-finals of the ICC Men's T20 World Cup 2026 after a victory over Australia.

• Captain Rohit Sharma led the team with a blistering knock of 92 runs off 41 balls.
• India remained undefeated throughout the Super 8 stage of the tournament.
• The match was held at the Daren Sammy National Cricket Stadium in St Lucia.
• India is set to face England in the second semi-final scheduled for later this week.

International News

Bolivia Declares State of Emergency Following Failed Coup Attempt

Key Highlight: The government of Bolivia has declared a state of emergency after a group of military units led by General Juan Jose Zuniga attempted a coup.

• Armored vehicles and troops forced their way into the presidential palace in La Paz.
• President Luis Arce confronted the military leaders and called for citizens to defend democracy.
• The General was later arrested, and troops withdrew after the President appointed new military leadership.
• International leaders from the UN, EU, and OAS have condemned the attempt to overthrow the democratically elected government.

India and Egypt Sign MoU for Cooperation in Agriculture

Key Highlight: India and Egypt have signed a Memorandum of Understanding (MoU) to strengthen bilateral ties in the agriculture and allied sectors.

• The agreement focuses on crop production, irrigation techniques, and food processing technology.
• It was signed during the visit of the Egyptian Agriculture Minister to New Delhi.
• Both nations agreed to establish a Joint Working Group to monitor the progress of the cooperation.
• Egypt is looking to import more wheat and rice from India to ensure food security.

Awards & Honours

Sahitya Akademi Announces Yuva Puraskar 2026 Winners

Key Highlight: The Sahitya Akademi has announced the winners of the Yuva Puraskar for 2026, recognizing young writers across 24 Indian languages.

• The award includes a casket containing an engraved copper plaque and a cheque of ₹50,000.
• Among the winners is K. Vaishali for her memoir in English titled 'Homeless'.
• The Yuva Puraskar is given to authors who are 35 years of age or below.
• The awards will be presented at a special ceremony held in New Delhi later this year.

Obituaries

Veteran Politician and Former Minister Passes Away

Key Highlight: Senior politician and former Union Minister Pavan Kumar Verma passed away on 26 June 2026 at the age of 82.

• He was a five-time Member of Parliament and served in several key ministries including External Affairs.
• He was known for his expertise in international relations and his literary contributions.
• The Prime Minister expressed grief over his demise, calling it a great loss to the nation's political landscape.
• He was a recipient of several state honors for his public service and diplomacy.