1. Prof. Bimal N. Patel Elected Judge of ITLOS (2026–2035)
Why in News?
India's nominee, Prof. (Dr.) Bimal N. Patel, was elected as a Judge of the International Tribunal for the Law of the Sea (ITLOS) for a nine-year term (2026–2035) during the 36th Meeting of States Parties to UNCLOS held in New York (15–19 June 2026).
Key Points
Patel secured 115 of 168 valid votes; seven new judges were elected for the 2026–2035 term from India, Vietnam, Ghana, Tunisia, Russia, the Netherlands, and Brazil.
He currently serves as Vice Chancellor, Rashtriya Raksha University, Gujarat, and is a member of the UN's International Law Commission.
He will assume office on 1 October 2026, succeeding India's outgoing representative Neeru Chadha, ITLOS Vice President since 2023.
ITLOS has 21 independent members elected via regional groups: 5 Africa, 5 Asia, 4 Latin America & Caribbean, 4 Western Europe & Other States, 3 Eastern Europe.
ITLOS adjudicates disputes on maritime zone delimitation, navigation, marine resource conservation, and marine scientific research under UNCLOS.
Static Knowledge
ITLOS headquarters: Hamburg, Germany.
UNCLOS (1982) entered into force in 1994; 172 member parties.
ITLOS established under Part XV and Annex VI of UNCLOS.
India ratified UNCLOS in 1995.
2. RBI Withdraws Interest Rate Ceiling on FCNR(B) and NRE Deposits
Why in News?
The Reserve Bank of India issued the RBI (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026, effective 17 June 2026, temporarily removing interest rate caps on select NRI deposit schemes to boost foreign currency inflows.
Key Points
Interest rate ceiling on fresh FCNR(B) deposits (3–5 year tenure) withdrawn till 30 September 2026.
Restriction on NRE deposit rates (3 years and above tenure) also removed for the same period; renewed deposits also covered.
Transfers from NRO to NRE accounts are excluded from this exemption.
Issued under Section 35A of the Banking Regulation Act, 1949, amending the Commercial Banks Interest Rate on Deposits Directions, 2025.
Builds upon the FCNR(B) swap facility (announced 8 June 2026) under which RBI absorbs full hedging cost (~3–3.5% annually); such deposits are exempt from CRR/SLR.
Banks such as AU Small Finance Bank, Karur Vysya Bank, CSB Bank, and Yes Bank have already raised FCNR(B) rates in response.
Static Knowledge
FCNR(B): foreign-currency term deposit for NRIs/PIOs; tax-free interest; fully repatriable; no exchange-rate risk to depositor.
NRE Account: rupee-denominated repatriable account for NRIs.
NRO Account: rupee account for income earned in India by NRIs; not freely repatriable.
RBI regulates deposit interest rate ceilings under the Banking Regulation Act, 1949.
3. I4C Launches GRM and MRM Portals to Combat Cybercrime
Why in News?
The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs launched two new portals during a high-level review chaired by Union Home Minister Amit Shah on the national cybercrime helpline 1930.
Key Points
Grievance Redressal Mechanism (GRM): Streamlines victim complaint handling and coordination with banks/police.
Money Restoration Module (MRM): Facilitates faster restoration of funds lost to cyber fraud through coordinated banking-police action.
Both portals strengthen real-time coordination among police forces, banking networks, and the National Cyber Crime Reporting Portal (NCRP).
I4C operates under MHA to combat cybercrime in a coordinated and comprehensive manner.
Static Knowledge
I4C was established in 2020 under MHA to tackle cybercrime holistically.
National Cyber Crime Reporting Portal (NCRP): cybercrime.gov.in.
Helpline 1930: national helpline for reporting financial cyber fraud.
4. Smart Warehousing System Launched for Foodgrain Storage
Why in News?
Union Minister Pralhad Joshi (Ministry of Consumer Affairs, Food and Public Distribution) launched the AI/IoT-based Smart Warehousing System at Bharat Mandapam, New Delhi.
Key Points
Enables real-time monitoring of inventory and warehouse operations using Artificial Intelligence and Internet of Things (IoT).
Currently implemented across 215 bag-based foodgrain warehouses of the Central Warehousing Corporation (CWC).
FCI plans to extend the system to 150 additional warehouses by October 2026.
Integrates FASTag, ANPR-based gate automation, geo-tagged smart locks, AI-enabled bag counting, and facial recognition systems.
Static Knowledge
Central Warehousing Corporation (CWC): statutory body under Ministry of Consumer Affairs, Food & Public Distribution, established 1957.
Food Corporation of India (FCI): established 1965 under the Food Corporations Act, 1964.
ANPR: Automatic Number Plate Recognition.
5. NIUA Celebrates Golden Jubilee – 'Resilient Urban India @2047'
Why in News?
The National Institute of Urban Affairs (NIUA) is marking its 50th anniversary (Golden Jubilee) under the theme 'Resilient Urban India @2047'.
Key Points
NIUA is India's premier think tank and capacity-building institution for the urban sector under the Ministry of Housing and Urban Affairs (MoHUA).
Established in 1976; headquartered in New Delhi.
Bridges theoretical urban research with practical planning solutions to manage rapid urbanisation.
Theme aligns with India's vision of resilient, sustainable urban development by 2047 (centenary of independence).
Static Knowledge
MoHUA also administers AMRUT, Smart Cities Mission, and PM Awas Yojana (Urban).
India's urban population is projected to rise significantly by 2047, raising infrastructure and housing demand.
6. Debate on Sovereign Wealth Fund-Like Mechanism for Asset Monetisation
Why in News?
Amid rising global competition for capital and fiscal constraints, a policy debate has emerged on whether India should adopt a sovereign wealth fund-like mechanism to monetise public assets.
Key Points
Asset monetisation involves unlocking economic value of public assets via transfer of management rights, listing on exchanges, corporatisation, or attracting private investment — while retaining public ownership.
India's sovereign assets currently generate returns below their economic potential.
Such a mechanism could unlock capital for infrastructure and growth without raising fresh debt.
Builds on the existing National Monetisation Pipeline (NMP) framework.
Static Knowledge
National Monetisation Pipeline (NMP) was launched in 2021 by NITI Aayog.
Examples of sovereign wealth funds globally: Norway's Government Pension Fund, Singapore's Temasek/GIC.
National Investment and Infrastructure Fund (NIIF) is India's existing quasi-sovereign investment vehicle.
The Odisha High-Level Clearance Authority (HLCA), chaired by the Chief Minister, approved 20 major industrial projects across nine districts.
Key Points
Total investment: ₹76,611.86 crore; expected to generate 50,517 jobs.
Key projects include Tata Power's ₹10,000 crore solar manufacturing unit in Ganjam and Rashmi Metallurgical's 4 MTPA steel plant in Jajpur.
Reflects Odisha's strategy for industrial diversification beyond traditional mining/metals sectors.
Static Knowledge
Odisha is a leading state in mineral resources (chromite, bauxite, coal) and is diversifying into renewable energy and steel manufacturing.
HLCA is the apex state-level body for clearing large industrial investment proposals in Odisha.
8. WEF Energy Transition Index 2026: India Ranked 70th
Why in News?
The World Economic Forum released its Energy Transition Index (ETI) 2026, noting that only 24% of nations advanced across all energy metrics simultaneously this year.
Key Points
India ranked 70th globally but recorded one of the strongest readiness gains among major economies.
Improvement driven by investment in energy security, affordability, infrastructure, and human capital.
WEF identifies India as a "key player in the next phase" of the global energy transition.
Static Knowledge
WEF also publishes the Global Competitiveness Report, Global Gender Gap Report, and Global Risks Report.
India's renewable energy capacity target: 500 GW non-fossil fuel capacity by 2030.
9. European Parliament Passes Return Regulation (Offshore Deportation Law)
Why in News?
On 17 June 2026, the European Parliament passed the Return Regulation, permitting EU member states to set up offshore "return hubs" in non-EU countries for deporting irregular migrants.
Key Points
Allows EU states to deport irregular migrants to third-party countries under structured legal arrangements.
Sparked debate over human rights implications and migration policy reform within the EU.
Reflects tightening of EU immigration and asylum policy amid rising migration pressures.
Static Knowledge
Deportation: forced removal of foreign nationals violating immigration laws or posing security threats, carried out under domestic legal frameworks.
European Parliament is the directly elected legislative body of the European Union.
10. India-UK CETA Entry-into-Force Date Confirmed: 15 July 2026
Why in News?
India and the United Kingdom confirmed 15 July 2026 as the entry-into-force date for their Comprehensive Economic and Trade Agreement (CETA), after resolving a last-minute dispute over UK steel-import duties.
Key Points
CETA was signed earlier in 2026 between India and the UK to boost bilateral trade and investment.
The agreement had faced delays due to disagreement over steel-import tariff terms.
Entry into force will reduce tariffs and ease market access across goods and services trade.
CETA is India's most comprehensive trade pact with a developed economy after agreements with UAE and Australia (ECTA).
India also has trade pacts under negotiation/concluded with EU, EFTA states.
11. India's $2 Billion Drone Push and Defence Indigenisation
Why in News?
Reports highlight India's growing drone manufacturing and procurement ecosystem, valued at over $2 billion, with calls for sustained long-term partnerships to maintain battlefield relevance.
Key Points
India's drone push spans military reconnaissance, attack, and logistics applications.
Emphasis on Atmanirbhar Bharat in defence manufacturing and indigenous UAV technology.
Sustained partnerships with private defence start-ups are seen as critical for adapting to fast-changing battlefield requirements.
Static Knowledge
Drone (PM-Kisan) Yojana promotes agricultural drone use; separate from defence UAV procurement.
iDEX (Innovations for Defence Excellence) supports indigenous defence start-ups including drone makers.
12. Bonn Climate Summit (SB64) 2026
Why in News?
The SB64 Bonn Climate Conference is underway in Germany, focusing on climate finance and adaptation ahead of COP31.
Key Points
Key demand: $120 billion in annual adaptation finance by 2035 for developing nations.
Key issues discussed: climate-related health risks, fossil fuel phase-out, just transition for workers, and loss-and-damage funding.
Serves as a preparatory technical session ahead of the annual UNFCCC Conference of Parties (COP).
Static Knowledge
SB stands for "Subsidiary Bodies" of the UNFCCC — SBI (Implementation) and SBSTA (Scientific & Technological Advice).
UNFCCC adopted in 1992 at the Rio Earth Summit; COP is its supreme decision-making body.
India is a party to UNFCCC, Kyoto Protocol, and Paris Agreement (2015).
Prelims Practice MCQs
Prof. Bimal N. Patel has recently been elected as a Judge of which international body?
The International Tribunal for the Law of the Sea (ITLOS) is headquartered in which city?
The RBI's recent Amendment Directions (2026) temporarily withdrew the interest rate ceiling on which deposits?
Under which Act/Section did RBI issue the 2026 Amendment Directions on NRI deposit interest rates?
I4C, which recently launched the GRM and MRM portals, functions under which ministry?
The national helpline number for reporting cyber financial fraud in India is?
The newly launched Smart Warehousing System has been implemented across warehouses of which organisation?
The National Institute of Urban Affairs (NIUA), celebrating its Golden Jubilee in 2026, functions under which ministry?
Asset monetisation, as discussed in the context of a sovereign wealth fund-like mechanism for India, refers to:
Which Indian state's High-Level Clearance Authority (HLCA) recently approved 20 industrial projects worth over ₹76,000 crore?
As per WEF's Energy Transition Index (ETI) 2026, what is India's global rank?
The Return Regulation, recently passed by the European Parliament, primarily deals with:
India and the United Kingdom have confirmed which date as the entry-into-force date for their CETA?
The SB64 Bonn Climate Conference 2026 primarily focuses on which issues?
"SB" in SB64 (Bonn Climate Conference) refers to which UNFCCC body?