Monthly current affairs for May 2026

Union Minister CR Patil has launched the 9th edition of the India International Water Week (IIWW-2026) at Shram Shakti Bhavan in New Delhi. During the launch, he noted that over 60 lakh artificial recharge and water conservation structures have been created under the initiative. The Government of India (GoI) has set a target to establish 1 crore such structures by May 2026.

Union Minister Nirmala Sitharaman has announced that the Government of India (GoI) has established a high-level panel to evaluate systemic threats posed by “Mythos”, an advanced AI model developed by Anthropic. The announcement was made after a meeting with Union Minister Ashwini Vaishnaw and senior banking executives.

The committee is chaired by CS Setty, the Chairman of the SBI and leader of the Indian Banks’ Association (IBA). The primary objective of the panel is to assess “AI-born” risks to the financial sector and identify strategic technology investments required to enhance national resilience.

India Post Payments Bank (IPPB) has introduced a specialized Self Help Group (SHG) Savings Account to cater to the unique banking requirements of community-based organizations.

The initiative aims to advance financial inclusion and provide economic empowerment to women-led SHGs in rural India by facilitating access to formal banking channels.

The RBI has withdrawn certain restrictions on foreign exchange dealers regarding positions in the offshore Non-Deliverable Forwards (NDF) market, which were originally implemented to mitigate rupee volatility.

To manage market fluctuations, the RBI has capped the net open positions of banks in the offshore derivatives market at $100 million.

Coca-Cola India has signed a 3-year MoU with Invest UP, the investment promotion agency of the Uttar Pradesh government, to bolster environmental sustainability, community welfare, and access to safe drinking water in the state.

The agreement focuses on developing water access infrastructure and safe hydration solutions. It also aims to strengthen waste collection and recycling systems to improve environmental hygiene.

Lee Jae Myung, the President of the Republic of Korea, accompanied by First Lady Kim Hea Kyung, has visited India at the invitation of PM Narendra Modi. During a bilateral summit at Hyderabad House in New Delhi, both nations announced a “Joint Strategic Vision” to expand the India-ROK Special Strategic Partnership (SSP) for the 2026-2030 period.

The visit resulted in the establishment of an Industrial Cooperation Committee (ICC) and the formulation of a framework for the “India–Korea Digital Bridge” to facilitate collaboration in AI, semiconductors, and Information Technology. Both countries also agreed to resume negotiations for upgrading the Comprehensive Economic Partnership Agreement (CEPA).

According to the 20th edition of “The Wealth Report 2026” released by Knight Frank, India is ranked as the 6th largest wealth market globally. India has 19,877 Ultra-High Net-Worth Individuals (UHNWIs) and 207 billionaires, accounting for 2.8% of the global ultra-wealthy population (up from 2% five years ago). USA remains the top wealth market with 2.51 lakh UHNWIs, followed by China, Germany, and UK. By 2031, the number of UHNWIs in India is projected to grow by 27% to reach 25,217, while the number of billionaires is expected to increase by 51% to 313.

The Hashemite Kingdom of Jordan has joined the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), and the Global Biofuels Alliance (GBA) to strengthen strategic cooperation with India in clean energy, climate resilience, and sustainable fuels.

The integration of Jordan into the ISA is intended to support the national goal of the country to achieve 50% electricity generation from renewable energy sources by 2030.

The Indian Army has conducted an Advanced Surgical Eye Camp named ‘Op Netra 1.0’ at the 153 General Hospital in Leh, Ladakh. The camp, inaugurated by the General Officer Commanding (GOC) 14 Corps Lieutenant General Hitesh Bhalla, served as a significant instance of civil-military cooperation.

A surgical team led by Brigadier (Dr) Sanjay Kumar Mishra performed 214 specialized procedures, while 950 patients from 7 districts across the Ladakh region were screened. Additionally, the hospital launched an indigenous platform named ‘Op Netra’ App to support the medical operation.

The DRDO and the Indian Navy have successfully conducted the maiden salvo launch of the indigenous Naval Anti-ship Missile Short Range (‘NASM-SR’) from a helicopter of the Navy off the Odisha coast in the Bay of Bengal. The trial involved launching two missiles in quick succession to evaluate the air-launched anti-ship system.

The missile, developed by the Research Center Imarat (RCI) in Hyderabad along with other labs of the DRDO, weighs 400 kg and can carry a warhead payload of up to 100 kg. It has a length of 3.6 m, a diameter of 300 mm, a strike range of 55 km, and a speed of Mach 0.8. The ‘NASM-SR’ can function at altitudes between 50 m and 3 km.

Oil and Natural Gas Corporation Ltd (ONGC), operating under the Ministry of Petroleum and Natural Gas (MoPNG), has approved the formation of a Joint Venture (JV) with its subsidiaries, Mangalore Refinery and Petrochemicals Ltd (MRPL) and ONGC Petro additions Ltd (OPaL).

The JV will focus on integrated petrochemicals marketing and trading. The shareholding structure of the JV consists of ONGC at 50% (₹25 crore), MRPL at 25% (₹12.5 crore), and OPaL at 25%. The proposal is subject to approval from the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance (MoF).

Rocklink India Pvt Ltd has inaugurated the first integrated lithium-ion battery and rare earth magnet recycling facility in India at Sikandrabad, Uttar Pradesh. The plant has a processing capacity of 10,000 tonnes per annum (TPA) for lithium-ion batteries, yielding an estimated 5,000 to 6,000 tonnes of black mass. The facility also processes rare earth magnets at a rate of 60 tonnes per month (TPM) and plans to implement a rare earth chloride unit with a capacity of 1,500 TPA by 2026.

NASA has unveiled the “Nancy Grace Roman Space Telescope”, a wide-field observatory designed to survey the universe and detect exoplanets. The telescope is named after Nancy Grace Roman, the first Chief Astronomer of NASA who is known as the ‘mother of the Hubble Space Telescope’.

It is to be noted that the project, developed over 10 years at a cost of $4 billion, will be stationed 1.5 million km from the Earth. The system is capable of transmitting 11 terabytes (TB) of data daily to the Earth.

The International Shooting Sport Federation (ISSF) has signed an agreement with the International Paralympic Committee (IPC) to transfer the governance and operations of Shooting Para Sport from the latter to the former.

Currently, the sport is managed by World Shooting Para Sport, an entity under the IPC. Pending final approval, the transition is scheduled to begin in 2027 and will include a 2-year integration period until 2028.

The Ministry of Consumer Affairs, Food and Public Distribution (MoCAF&PD) has expanded procurement operations under the PM Annadata Aay Sanrakshan Abhiyan (PM-AASHA) in Chhattisgarh and launched the first structured pulse procurement under the Atmanirbhar Pulses Mission (APM) in Bihar.

The procurement drive is led by the National Cooperative Consumers’ Federation of India Ltd (NCCF) and the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED). In Bihar, the NCCF has started the first organized procurement of masoor (lentil) under the APM. In Chhattisgarh, the process includes digitized farmer registration through the Electronic-Samyukti (E-Samyukti) portal and awareness campaigns.

The government of India has sanctioned the inaugural withdrawal worth ₹3,000 crore ($360 million) for the Maldives under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework (2024–2027). The facility is provided through the Indian Rupee (INR) Swap Window to offer short-term foreign exchange liquidity support to the member nations of SAARC.

The approval follows the settlement of a previous $400 million facility by the Maldives in October 2024. It is to be noted that the RBI has provided cumulative swap support worth $1.1 billion to the Maldives since 2012.

The RBI has issued a Master Direction to transition toward an Expected Credit Loss (ECL) based approach for asset classification, income recognition, and provisioning. The new directions will come into force in April 2027, replacing the current regulatory norms.

Under the proposed ECL framework, the 90-day rule for Non Performing Assets (NPAs) will be maintained, classifying loans as NPAs if repayments remain overdue for more than 90 days. Additionally, a new reporting framework for Over-the-Counter (OTC) FX derivative contracts will be effective from July 2027.

Union Minister Nirmala Sitharaman delivered the keynote address at the 38th foundation day of the SEBI in Mumbai. She highlighted that SEBI should expand investor awareness campaigns across digital platforms and regional languages to ensure wider protection.

She also launched “Mission Jagrook”, a nationwide investor awareness initiative aimed at safeguarding retail investors against misinformation, fraud, and manipulative financial content.

The United Nations Educational, Scientific and Cultural Organization (UNESCO) has designated 12 new Global Geoparks, bringing the total number of sites to 241 across 51 countries. The new additions are located in China, France, Greece, Ireland, Japan, Malaysia, Portugal, Russia, Uruguay, and Tunisia, with the Dahar site being the first-ever for Tunisia. The total area covered by these geoparks exceeds 8.82 lakh sq km.

The label of UNESCO was established in 2015 and uses a “bottom up” approach involving local stakeholders. The status is valid for 4 years, after which the sites must undergo a revalidation process to retain the title.

The DRDO has unveiled two variants (tracked and wheeled) of the next-generation Advanced Armoured Platforms named “Vikram VT-21” in Ahilyanagar, Maharashtra. Developed by the Vehicles Research & Development Establishment (VRDE) to modernize the mechanized infantry of the Indian Army, the platforms are produced by Tata Advanced Systems Ltd (TASL) and Bharat Forge Ltd (BFL).

The armament includes an indigenous 30 mm crewless turret with a 7.62 mm PKT gun and supports Anti-Tank Guided Missile (ATGM). These amphibious platforms offer modular blast and ballistic protection (STANAG Level 4 and 5) and use hydro-jets for water traversal. It is to be noted that the current indigenous content is 65%, with a target to reach 90%.