Current Affairs — 23 May 2026

📖 Explanation

The National Payments Corporation of India (NPCI) is the umbrella organisation that operates India's major retail payment systems such as UPI and IMPS. It granted Viyona Fintech certification covering its UPI Acquirer, UPI Issuer, IMPS and IBMB integrations. NPCI plays a central role in India's digital payments ecosystem and financial inclusion initiatives. The RBI, SEBI and IRDAI regulate banks, capital markets and insurance respectively, but do not certify payment technology integrations.

📖 Explanation

IBMB stands for Interoperable Banking Mobile Banking. The concept refers to mobile banking services that work across different banks and platforms without being locked to a single institution. This is particularly important for rural banking, where customers may need services that function seamlessly even when switching between banks. Interoperability is a key goal of NPCI's digital payments ecosystem.

📖 Explanation

The 79th World Health Assembly (WHA) was held in Geneva under the theme 'Reshaping Global Health: A Shared Responsibility'. The WHA is the decision-making body of the World Health Organisation (WHO), which is headquartered in Geneva and has 194 member states. Union Health Minister J.P. Nadda represented India at the plenary session and highlighted initiatives such as Ayushman Bharat and Vaccine Maitri.

📖 Explanation

TVS Motor Company, part of the broader TVS Group, separately secured a 4.9 per cent holding in Jana Small Finance Bank in addition to the 9.9 per cent stake acquired by TVS Venu Group for ₹193.3 crore. Jana Small Finance Bank is headquartered in Bengaluru and began operations as a Small Finance Bank in 2018. Small Finance Banks are set up to serve underserved segments including small farmers, small businesses and low-income households.

📖 Explanation

Gunveer Singh was appointed Executive Director of the Reserve Bank of India on 18 May 2026 and will head the Department of Payment and Settlement Systems. This department oversees India's payment infrastructure and the digital transaction settlement ecosystem. Before his promotion, he served as Chief General Manager-in-Charge at the RBI. Other senior officials including Monisha Chakraborty, Suman Ray, Sudhakar Malli and Ravi Shanker were also empanelled for future Executive Director posts.

📖 Explanation

PRAGATI stands for 'Partnership of Regional Armies for Growth and Transformation in the Indian Ocean Region'. The multilateral military exercise began on 20 May 2026 at Umroi Military Station in Meghalaya and is a two-week event focused on counter-terrorism operations in semi-mountainous and jungle terrain. A total of 12 friendly foreign nations including Bhutan, Nepal, Sri Lanka, Vietnam and Indonesia participated alongside India.

📖 Explanation

The FAO Agricola Medal 2026 was presented to Prime Minister Narendra Modi by FAO Director-General Dr Qu Dongyu at the FAO headquarters in Rome. The award recognised Modi's contributions to food security, sustainable agriculture and rural development. The visit was also notable as it was the first time in 30 years that an Indian Head of Government had visited the FAO headquarters. The Food and Agriculture Organisation is a specialised UN agency headquartered in Rome.

📖 Explanation

The 68th Session of the APO Governing Body was held at Bharat Mandapam in New Delhi. Over 60 delegates from 20 APO member economies attended. The meeting discussed APO Vision 2030, budget for 2027-28 and leadership elections. India currently chairs the APO, having taken up that role during the 67th session in 2025. The APO was established in 1961 as a regional intergovernmental body to improve productivity across the Asia-Pacific region.

📖 Explanation

Research Centre Imarat (RCI) was the lead laboratory for the development of the ULPGM-V3 precision-guided missile, with supporting contributions from DRDL, TBRL and HEMRL. The missile was tested at the DRDO range in Kurnool in both air-to-ground and air-to-air modes. It is primarily designed for anti-tank warfare but can also engage drones and helicopters. Production will be carried out by Bharat Dynamics Limited and Adani Defence & Aerospace.

📖 Explanation

The ₹5,400 crore solar ingot and wafer manufacturing facility with a 6 GW capacity is being set up in Anakapalli district of Andhra Pradesh. The project is part of the Andhra Pradesh Integrated Clean Energy Policy 2024 and is expected to be completed in about 24 months, creating more than 2,100 jobs. The plant is significant for reducing India's dependence on imported solar components as part of its clean-energy and Atmanirbhar Bharat goals. The wider investment plan for the state amounts to ₹82,000 crore.

📖 Explanation

The RBI transferred a record surplus of approximately Rs 2.87 lakh crore to the central government for FY 2025-26. This surplus is the difference between the RBI's total income (about Rs 4.28 lakh crore) and its total expenses (about Rs 1.41 lakh crore). Unlike a private company, the RBI must hand over its entire net surplus to the government, which is its sole owner, and this money helps reduce the fiscal deficit.

📖 Explanation

The Contingent Risk Buffer (CRB), governed by the Economic Capital Framework (ECF), decides how much reserve the RBI retains to cover potential losses before sharing the surplus with the government. For FY 2025-26, the RBI lowered the CRB from 7.5 per cent to 6.5 per cent of its balance sheet, which resulted in a larger surplus being available for transfer to the Centre. The Economic Capital Framework is the rulebook that sets these risk-based provisioning norms for the central bank.