Current Affairs - July 2, 2026 Current Affairs

HSBC India partnered with the National Payments Corporation of India (NPCI) and JP Morgan Payments to introduce real-time foreign exchange (FX) settlement for cross-border UPI transactions. This initiative enables instant currency conversion, faster payment confirmation, and real-time settlement between participating financial institutions. It also reduces settlement risks and improves transparency by providing customers with immediate exchange rates and transaction values. The partnership is a significant step in strengthening UPI's global reach, making international digital payments quicker, more efficient, and more reliable while supporting India's vision of expanding its digital payment ecosystem worldwide.

Ravi Shankar was appointed as the Executive Director of the Reserve Bank of India (RBI) with effect from 1st July 2026. Before his promotion, he served as the Adviser-In-Charge of the Department of Statistics and Information Management (DSIM). With over three decades of experience at the RBI, he has worked extensively in corporate and banking statistics, government securities, settlement systems, public debt management, and macroeconomic statistics. He has also contributed to several RBI committees and working groups focused on economic policy, financial sector analysis, statistical methodology, and data governance, making him a highly experienced central banker and statistician.

Uttar Pradesh launched the second phase of the 'School Chalo Abhiyan' under the leadership of Chief Minister Yogi Adityanath to achieve 100% enrolment of eligible children in government schools for the 2026–27 academic session. The campaign focuses on identifying out-of-school children, re-enrolling school dropouts, and ensuring their integration into the formal education system. It also encourages active participation from parents, School Management Committees (SMCs), local communities, and public representatives. The initiative aligns with the National Education Policy (NEP) 2020 and supports the implementation of the Right to Education (RTE) Act, 2009.

Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, received the 2026 USISPF Leadership Award at the IX US-India Strategic Partnership Forum (USISPF) Annual Leadership Summit held in Washington, D.C. He was recognised for his outstanding leadership in transforming India's telecommunications sector and strengthening economic and commercial ties between India and the United States. Under his leadership, Bharti Enterprises expanded into telecommunications, digital services, infrastructure, financial services, and other sectors. His efforts have promoted digital connectivity, innovation, international investment, and stronger business collaboration between India and North America.

Lt Gen Rajesh Pushkar assumed charge as the General Officer Commanding-in-Chief (GOC-in-C) of the Indian Army's Southern Command on 1st July 2026, succeeding Lt Gen Sandeep Jain, who became the Vice Chief of the Army Staff. A senior Armoured Corps officer commissioned into the 74 Armoured Regiment in 1988, Lt Gen Pushkar has nearly four decades of distinguished military service. He has commanded several important formations, served in instructional and staff appointments, and represented India internationally in Bhutan and Russia. He is also a recipient of the Ati Vishisht Seva Medal (AVSM) and Vishisht Seva Medal (VSM) for his exceptional service to the nation.

Agnikul signed a Memorandum of Understanding (MoU) with Finnish space technology company ICEYE on 1st July 2026 to develop, launch, and operate Synthetic Aperture Radar (SAR) Earth observation systems from India. The partnership aims to establish an end-to-end sovereign space capability, reducing dependence on foreign launch providers while strengthening India's space ecosystem. SAR technology enables high-resolution imaging regardless of weather conditions or time of day, making it valuable for disaster management, border surveillance, defence, and environmental monitoring. The collaboration also seeks to position India as a major satellite manufacturing and launch hub for the Asia-Pacific region.

Air Marshal Jasvir Singh Mann assumed charge as the Air Officer Commanding-in-Chief (AOC-in-C) of the Southern Air Command on 1st July 2026, succeeding Air Marshal Manish Khanna after his retirement. Commissioned into the fighter stream of the Indian Air Force in 1989, he has accumulated over 3,000 flying hours on aircraft including the Apache, MiG-21, Jaguar, MiG-29, Su-30, and Rafale. He has held several key operational and leadership appointments and is a recipient of the Ati Vishisht Seva Medal (AVSM) and Vayu Sena Medal (VSM) for his distinguished service.

Four advanced research and development facilities were inaugurated at the CSIR-Indian Institute of Chemical Technology (CSIR-IICT) in Hyderabad by Union Minister Dr Jitendra Singh on 30th June 2026. The initiatives included an Advanced R&D Facility for Fluorochemicals, a Sustainable Engineering Complex, a Continuous Processing Platform for industrial chemicals, and a Decentralised Effluent Treatment Plant. The foundation stone for a new hostel complex was also laid to support young researchers. These projects aim to strengthen indigenous technologies, promote sustainable industrial development, improve waste management, and transform scientific research into a driver of economic growth and innovation.

Ravi Agrawal was reappointed as the Chairman of the Central Board of Direct Taxes (CBDT) for six months, from 1st July 2026 to 31st December 2026, or until further orders. The Appointments Committee of the Cabinet (ACC) approved his extension on a contract basis by relaxing the Recruitment Rules, as he was due to retire on 30th June 2026. A 1988-batch Indian Revenue Service (IRS) officer, Ravi Agrawal, has been heading the CBDT since July 2024. The CBDT is the apex authority responsible for administering direct tax laws under the Department of Revenue, Ministry of Finance.

IIT Madras signed a Memorandum of Understanding (MoU) with the Ministry of Corporate Affairs and several professional institutes to implement the Corporate Mitra Scheme. The initiative aims to create a pool of trained para-professionals who can assist Micro, Small and Medium Enterprises (MSMEs) in managing business operations and regulatory compliance. The programme includes 150 hours of online learning through the SWAYAM Plus portal, followed by six months of practical training with professional firms. It also offers fee concessions for women and candidates from specified regions, supporting skill development and ease of doing business in India.