Banking, Finance & Business

RBI Issues Revised Master Directions on Fraud Risk Management

Key Highlight: The Reserve Bank of India (RBI) issued updated Master Directions for Fraud Risk Management on July 1, 2026, for Regulated Entities.

• Applies to Commercial Banks, Cooperative Banks, and NBFCs.
• Requirement for a Board-approved policy on fraud risk management and Early Warning Signals (EWS).
• Banks must report frauds to the Central Fraud Registry within specific timelines.
• Mandatory Special Committee of the Board for monitoring high-value frauds.

About Reserve Bank of India (RBI)

• Established: 1 April 1935
• Headquarters: Mumbai, Maharashtra
• Governor: Shaktikanta Das

GST Collections for June 2026 Surge to ₹1.74 Lakh Crore

Key Highlight: India's Goods and Services Tax (GST) collections for June 2026 reached ₹1.74 lakh crore, marking an 8% year-on-year growth.

• Strong performance attributed to increased domestic transactions and compliance improvements.
• The average monthly collection for Q1 2026-27 stands at ₹1.80 lakh crore.
• Integrated GST (IGST) accounted for the largest share of the total collection.

HDFC Bank to Sell 100% Stake in HDFC Education and Development Services

Key Highlight: HDFC Bank announced the sale of its entire 100% stake in HDFC Education and Development Services Private Ltd on July 1, 2026.

• The sale is part of the regulatory requirements following the HDFC-HDFC Bank merger.
• The transaction is valued at approximately ₹192 crore.
• The buyer is Vama Sundari Investments, a promoter group entity of HCL Technologies.

National & State News

Three New Criminal Laws Come into Force Across India

Key Highlight: The Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA) officially replaced colonial-era laws on July 1, 2026.

• Replaces the Indian Penal Code (1860), CrPC (1973), and Indian Evidence Act (1872).
• Introduces Zero FIR, allowing citizens to file a complaint at any police station.
• Mandates forensic investigation for crimes involving a punishment of 7 years or more.
• Legal recognition given to electronic and digital records as primary evidence.

Sujata Saunik Appointed as Maharashtra’s First Woman Chief Secretary

Key Highlight: Senior IAS officer Sujata Saunik took charge as the Chief Secretary of Maharashtra on July 1, 2026, becoming the first woman to hold the post in the state's history.

• She is a 1987-batch IAS officer of the Maharashtra cadre.
• She succeeds Nitin Kareer following his retirement.
• Prior to this, she served as the Additional Chief Secretary in the Home and Skill Development departments.

India Placed in 'Regular Follow-up' Category by FATF

Key Highlight: The Financial Action Task Force (FATF) placed India in the 'Regular Follow-up' category during its plenary session on July 1, 2026.

• This is the highest rating given by the global watchdog for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
• Only four other G20 countries have achieved this distinction.
• India was praised for its effective transition to a digital economy to mitigate risks.

About FATF

• Established: 1989
• Headquarters: Paris, France
• President: Elisa de Anda Madrazo

Appointments & Resignations

Ravi Agrawal Assumes Charge as Chairman of CBDT

Key Highlight: Ravi Agrawal, a 1988-batch IRS officer, took over as the Chairman of the Central Board of Direct Taxes (CBDT) on July 1, 2026.

• He succeeds Nitin Gupta, whose tenure ended on June 30.
• Agrawal previously served as Member (Administration) in the CBDT.
• He will lead the apex body for Direct Tax administration in India until his retirement.

Challa Sreenivasulu Setty Recommended as Next SBI Chairman

Key Highlight: The Financial Services Institutions Bureau (FSIB) has recommended Challa Sreenivasulu Setty to be the next Chairman of State Bank of India (SBI).

• Setty is currently the senior-most Managing Director at SBI.
• He is set to succeed Dinesh Kumar Khara, who retires on August 28, 2026.
• The final decision rests with the Appointments Committee of the Cabinet (ACC).

Defence News

India-Mongolia Joint Exercise 'Nomadic Elephant' Commences

Key Highlight: The 16th edition of the India-Mongolia Joint Military Exercise 'Nomadic Elephant' began on July 1, 2026.

• The exercise is being held at Ulaanbaatar, Mongolia.
• The Indian Army contingent is represented by the Sikkim Scouts.
• Focuses on Counter-Terrorism operations in mountainous and semi-urban terrain under United Nations mandate.

Indian Coast Guard Organises National Pollution Response Exercise 'Samanvay 2024'

Key Highlight: The Indian Coast Guard (ICG) conducted 'Samanvay 2024', a national-level Pollution Response Exercise, off the coast of Goa.

• Aims to test the readiness of various agencies in handling oil spills at sea.
• Participated by over 20 agencies including major ports and state departments.
• Showcases India’s indigenous capabilities in marine pollution control equipment.

Sports

Rohit Sharma, Virat Kohli, and Ravindra Jadeja Announce Retirement from T20Is

Key Highlight: Following India's historic T20 World Cup victory, senior cricketers Rohit Sharma, Virat Kohli, and Ravindra Jadeja announced their retirement from T20 International cricket on July 1, 2026.

• Rohit Sharma retires as the highest run-getter in T20I history and a two-time T20 WC winner.
• Virat Kohli ends his career after a Match-winning performance in the final.
• Ravindra Jadeja retires as one of India's most successful T20I all-rounders.
• All three will continue to play in IPL and other international formats (ODI and Tests).

Viswanathan Anand Wins Leon Masters Chess Title for the 10th Time

Key Highlight: Indian Chess legend Viswanathan Anand defeated Jaime Santos Latasa to win the Leon Masters 2026 title on July 1, 2026.

• This marks Anand’s 10th title at the Leon Masters held in Spain.
• The 5-time World Champion secured the win in the Blitz tie-breaks.
• Anand remains one of the top active players in the world at the age of 56.

Science & Technology

World Asteroid Day Observed Globally on June 30

Key Highlight: World Asteroid Day was observed on June 30, 2026, to raise public awareness about asteroid impact hazards.

• Commemorates the anniversary of the Siberian Tunguska event (1908).
• ISRO organised several workshops and webinars to discuss planetary defense.
• The theme for 2026 focuses on "Small is Beautiful", highlighting near-earth objects.

Important Days

National Doctors' Day 2026 Observed on July 1

Key Highlight: National Doctors' Day is celebrated in India every year on July 1 to honor the contributions of physicians.

• Marks the birth and death anniversary of Dr. Bidhan Chandra Roy, former CM of West Bengal.
• The 2026 theme is "Healing Hands, Caring Hearts".
• Recognizes the selfless service of medical professionals towards the nation's health.

National Chartered Accountants' Day Celebrated on July 1

Key Highlight: The Institute of Chartered Accountants of India (ICAI) celebrated its 78th Foundation Day as CA Day on July 1, 2026.

• ICAI is the world's second-largest professional body of Chartered Accountants.
• The day honors the role of CAs as "Partners in Nation Building".
• Special events were organized to launch the new digital learning platform for CA students.

About ICAI

• Established: 1 July 1949
• Headquarters: New Delhi
• President: Ranjeet Kumar Agarwal

International Day of Parliamentarism 2026

Key Highlight: The International Day of Parliamentarism was celebrated on June 30, 2026, to recognize the role of parliaments in governance.

• Established by the United Nations General Assembly in 2018.
• Marks the anniversary of the Inter-Parliamentary Union (IPU) founded in 1889.
• Theme for 2026: "Parliaments for the Planet".

International News

South Africa's President Cyril Ramaphosa Announces New Coalition Cabinet

Key Highlight: South African President Cyril Ramaphosa unveiled his new multi-party Government of National Unity (GNU) cabinet on July 1, 2026.

• For the first time since 1994, the ANC is sharing power with other parties like the Democratic Alliance (DA).
• Paul Mashatile remains the Deputy President.
• The new cabinet includes 32 ministers from across the political spectrum.

Zomato CEO Deepinder Goyal Becomes India's Newest Billionaire

Key Highlight: Deepinder Goyal, co-founder and CEO of Zomato, entered the Billionaire Index on July 1, 2026, following a surge in the company's stock price.

• Zomato’s market capitalization crossed ₹1.8 lakh crore.
• Goyal’s net worth is estimated at $1.1 billion.
• He is the first billionaire from the Indian food delivery sector.

PR Sreejesh Announces Retirement from International Hockey

Key Highlight: Legendary Indian goalkeeper PR Sreejesh announced that the 2026 Asian Games will be his final international assignment.

• Sreejesh has represented India in over 300 matches.
• Known as the "Great Wall of India", he was instrumental in the Tokyo Olympics bronze win.
• He is a two-time FIH Goalkeeper of the Year winner.

ICICI Bank Becomes 6th Indian Company to Cross ₹10 Lakh Crore Market Cap

Key Highlight: ICICI Bank achieved a market capitalization of ₹10 lakh crore on July 1, 2026, becoming the sixth Indian company to do so.

• Joins the elite club of Reliance Industries, TCS, HDFC Bank, Bharti Airtel, and Infosys.
• The bank's shares hit a new 52-week high of ₹1,250.
• Reflects strong investor confidence in the private banking sector.