July 2, 2026 Current Affairs

1. Which banking partner collaborated with NPCI to enable real-time foreign exchange (FX) settlement for international UPI payments?

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. The initiative enables instant currency conversion, faster payment confirmation, and real-time settlement between financial institutions. It improves transparency by providing immediate exchange rates while reducing settlement risks. This collaboration is a significant step towards expanding UPI's global reach and making international digital payments faster, safer, and more efficient.

2. Who was appointed as the new Executive Director of the Reserve Bank of India (RBI) with effect from July 1, 2026?

Ravi Shankar was appointed as the Executive Director of the Reserve Bank of India (RBI) with effect from July 1, 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 RBI, he has contributed extensively to banking statistics, government securities, public debt management, settlement systems, and macroeconomic statistics.

3. Which state launched the second phase of the 'School Chalo Abhiyan' for the 2026–27 academic session?

Uttar Pradesh launched the second phase of the School Chalo Abhiyan under the leadership of Chief Minister Yogi Adityanath. The campaign aims to achieve 100% enrolment of eligible children in government schools by identifying out-of-school children, re-enrolling dropouts, and encouraging participation from parents, School Management Committees (SMCs), local communities, and public representatives. The initiative supports the implementation of the National Education Policy (NEP) 2020 and the Right to Education (RTE) Act, 2009.

4. Who received the 2026 USISPF Leadership Award?

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 in Washington, D.C. He was honoured for transforming India's telecommunications sector and strengthening economic and commercial ties between India and the United States. Under his leadership, Bharti Enterprises has expanded into telecommunications, digital services, infrastructure, financial services, and several other sectors.

5. Who assumed charge as the General Officer Commanding-in-Chief (GOC-in-C) of the Indian Army's Southern Command on July 1, 2026?

Lieutenant General Rajesh Pushkar assumed charge as the General Officer Commanding-in-Chief (GOC-in-C) of the Indian Army's Southern Command, succeeding Lieutenant General Sandeep Jain, who became the Vice Chief of the Army Staff. Commissioned into the 74 Armoured Regiment in 1988, Lt Gen Pushkar has nearly four decades of distinguished military service and has been awarded the Ati Vishisht Seva Medal (AVSM) and Vishisht Seva Medal (VSM).

6. Which Indian private aerospace company signed an MoU with Finland's ICEYE?

Agnikul signed a Memorandum of Understanding (MoU) with Finnish space technology company ICEYE 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, reduce dependence on foreign launch providers, and strengthen India's space ecosystem. SAR technology enables high-resolution imaging regardless of weather conditions or time of day, making it valuable for disaster management, defence, border surveillance, and environmental monitoring.

7. Who was appointed as the Air Officer Commanding-in-Chief (AOC-in-C) of the Indian Air Force's Southern Air Command?

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

8. In which city were four advanced R&D facilities inaugurated at CSIR-IICT?

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. The new facilities include an Advanced R&D Facility for Fluorochemicals, a Sustainable Engineering Complex, a Continuous Processing Platform, and a Decentralised Effluent Treatment Plant. These projects aim to strengthen indigenous technologies, promote sustainable industrial development, and transform scientific research into a driver of innovation and economic growth.

9. Who was reappointed as the Chairman of the Central Board of Direct Taxes (CBDT)?

Ravi Agrawal was reappointed as the Chairman of the Central Board of Direct Taxes (CBDT) for a six-month term from July 1, 2026, to December 31, 2026. The extension was approved by the Appointments Committee of the Cabinet (ACC). A 1988-batch Indian Revenue Service (IRS) officer, Ravi Agrawal has been heading the CBDT since July 2024. The CBDT is India's apex authority for direct tax administration under the Department of Revenue, Ministry of Finance.

10. Which institution signed an MoU with the Ministry of Corporate Affairs to implement the Corporate Mitra Scheme?

IIT Madras signed a Memorandum of Understanding (MoU) with the Ministry of Corporate Affairs (MCA) and several professional institutes to implement the Corporate Mitra Scheme. The initiative aims to create a pool of trained para-professionals to assist Micro, Small and Medium Enterprises (MSMEs) with 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.

Exam-Oriented Quick Facts

• Banking partner for NPCI FX Settlement – HSBC India
• New RBI Executive Director – Ravi Shankar
• School Chalo Abhiyan (Phase II) – Uttar Pradesh
• 2026 USISPF Leadership Award – Sunil Bharti Mittal
• GOC-in-C, Southern Command – Lt Gen Rajesh Pushkar
• Indian company partnering with ICEYE – Agnikul
• New AOC-in-C, Southern Air Command – Air Marshal Jasvir Singh Mann
• CSIR-IICT new R&D facilities inaugurated in – Hyderabad
• Reappointed CBDT Chairman – Ravi Agrawal
• Corporate Mitra Scheme implemented by – IIT Madras