Daily Current Affairs: 1 May 2026

Federal Open Market Committee (FOMC) maintains federal funds rate in 3.5%–3.75% range

[United States, Federal Reserve]

Key Updates:

• The Federal Open Market Committee (FOMC) is projected to maintain the federal funds rate within the 3.5%–3.75% range.
• The Federal Reserve (Fed) last conducted a rate cut in December 2025.
• Year-over-year Consumer Price Index (CPI) inflation for March 2026 reached 3.3%, surpassing the Fed target of 2%.
• Jerome Powell's tenure as Fed Chair concludes on May 15, 2026.
• Kevin Warsh, who served on the Federal Reserve Board from 2006 to 2011, has been nominated by President Trump to replace Jerome Powell.

Securities and Exchange Board of India (SEBI) operationalises PaRRVA framework for performance verification

[Securities and Exchange Board of India]

Key Updates:

• The Securities and Exchange Board of India (SEBI) has operationalised the Past Risk and Return Verification Agency (PaRRVA) framework to standardise the reporting and verification of investment performance.
• Care Ratings has been recognised as the first PaRRVA, and the National Stock Exchange (NSE) will serve as the PaRRVA Data Centre (PDC).
• The PaRRVA platform is scheduled to go live on May 4.
• Investment Advisers (IAs) and Research Analysts (RAs) are required to enrol with PaRRVA by August 3 to continue sharing certified past performance with clients.
• After May 2028, only PaRRVA-verified risk and return metrics can be communicated, and historical performance data from the pre-PaRRVA period will no longer be permitted in client communication.

Employees’ Provident Fund Organisation (EPFO) to launch E-PRAAPTI portal for inoperative accounts

[Employees' Provident Fund Organisation]

Key Updates:

• The Employees’ Provident Fund Organisation (EPFO) is launching the E-PRAAPTI (EPF Aadhaar-Based Access Portal for Tracking Inoperative Accounts) portal to enable members to access inoperative accounts through Aadhaar-based authentication.
• The E-PRAAPTI portal will facilitate the identification, tracking, Universal Account Number (UAN) linking, and activation of old EPF accounts, specifically for members without a UAN or those with physical accounts.
• The portal will initially operate on a member ID basis and will later expand to include members who cannot recall or access their old member IDs.
• As of March 31, 2025, the EPFO has 31.83 lakh inoperative accounts amounting to ₹10,181 crore, excluding international workers.
• The EPFO’s Central Board of Trustees has approved the auto-settlement of inoperative accounts with an unclaimed balance of ₹1,000 or less to registered bank accounts.
• An EPF account is treated as inoperative if no contribution is received for a continuous period of three years after the member attains 55 years of age or from the date of retirement, whichever is later.
• The EPFO has a consolidated corpus of over ₹28.34 lakh crore, with 27.05 lakh establishments under its purview and 34.63 crore members.
• The EPFO settled a record 8.31 crore claims in 2025-26, compared to 6.01 crore in FY25.
• In 2025-26, 5.51 crore claims were for advance or partial withdrawals, of which 71.11% were processed in auto mode.
• For the current financial year starting April 1, 61.03 lakh claims have been settled, with 98.7% of total claims settled in less than 20 days.

Reserve Bank of India (RBI) issues revised guidelines for relief measures in calamity-affected areas

[Reserve Bank of India]

Key Updates:

• The Reserve Bank of India (RBI) issued revised guidelines for relief measures in calamity-affected areas, which will come into force from 1 July 2026.
• The directions apply to commercial banks, small finance banks, local area banks, cooperative banks, Non-Banking Financial Companies (NBFCs), and All India Financial Institutions.
• Lenders are permitted to extend relief measures to all borrowers without waiting for requests, with an opt-out clause available for 135 days from the date of natural calamity declaration.
• Banks may operate calamity-affected branches from temporary premises or provide services through satellite offices, extension counters, or mobile banking facilities.
• Banks can provide a waiver or reduction of fees and charges for customers in calamity-declared areas for a period not exceeding one year.
• Borrowers are eligible for resolution if their accounts are classified as Standard and are not in default for more than 30 days as of the date of the calamity.
• Accounts that became Non-Performing Assets (NPAs) between the date of the calamity and the implementation of the resolution plan shall be upgraded to Standard upon implementation.
• Banks are mandated to make an additional specific provision of 5 per cent of the outstanding debt for borrowers under a resolution plan, subject to a ceiling of 100 per cent.

Ministry of Statistics and Programme Implementation (MoSPI) releases approach paper on Index of Service Production (ISP)

[Ministry of Statistics and Programme Implementation (India)]

Key Updates:

• The Ministry of Statistics and Programme Implementation (MoSPI) has released an approach paper for compiling the Index of Service Production (ISP) for the formal sector of the economy.
• The ISP is designed to capture short-term movements in the services sector, which contributes more than half of India's Gross Domestic Product (GDP).
• The National Statistical Office (NSO), MoSPI proposes to use aggregated Goods and Services Tax (GST) data to monitor the progress of the services sector.
• The GST was implemented in India on July 1, 2017.
• A Technical Advisory Committee on ISP (TAC-ISP) comprising 24 members was constituted in May 2025 to prepare the approach paper.
• The approach paper analyses more than 40 sub-sectors of the services sector.
• Key sub-sectors covered include wholesale and retail trade, transport, banking, insurance, communication, hotels and restaurants, real estate, professional, scientific and technical services, arts, entertainment and recreation.
• MoSPI has invited comments and suggestions on the proposed methodology from stakeholders by May 5, 2026.

DTDC Express and India Post sign MoU to expand logistics reach to 9,000 pin codes

[Department of Posts (India), DTDC]

Key Updates:

• DTDC Express and India Post (Department of Posts) signed a Memorandum of Understanding (MoU) on April 27 in New Delhi.
• The MoU was signed by Neeraj Kumar Jha, General Manager, Parcel Directorate, Department of Posts, and Abhishek Chakraborty, CEO of DTDC Express Ltd.
• The partnership is operational across 21 states and has expanded service coverage to over 9,000 additional pin codes.
• The collaboration aims to strengthen delivery services and improve last-mile connectivity in rural areas and small towns.

Reserve Bank of India (RBI) introduces Expected Credit Loss (ECL) framework for banks

[Reserve Bank of India]

Key Updates:

• The Reserve Bank of India (RBI) issued amendments to the framework for classification of assets, income recognition, and provisioning, shifting to an Expected Credit Loss (ECL) based approach.
• The new directions will come into force from April 1, 2027, replacing existing norms.
• The ECL framework adopts a three-stage classification system: Stage 1 for assets with no significant increase in credit risk (12-month ECL), Stage 2 for assets with significant increase in credit risk (lifetime ECL), and Stage 3 for credit-impaired assets (lifetime ECL).
• The RBI has retained existing non-performing assets (NPA) norms, where a financial asset is classified as NPA if interest or principal remains overdue for more than 90 days for term loans, or if accounts are out of order in overdraft or cash credit facilities.
• Asset classification will be applied at the borrower level, meaning if one exposure becomes NPA, all exposures to that borrower will be treated as NPA.
• ECL computation will be based on three key parameters: Probability of Default (PD), Loss Given Default (LGD), and Exposure at Default (EAD).
• A rebuttable presumption of significant increase in credit risk is established when contractual payments are more than 30 days past due.
• The Effective Interest Rate (EIR) method is mandated for income recognition, with all loans outstanding as of March 31, 2027, required to transition to this regime by March 31, 2030.
• The RBI has prescribed prudential floors across loan categories to serve as a regulatory backstop for ECL estimates.
• Upon transition on April 1, 2027, banks must fair value their entire loan portfolio, with any difference between fair value and carrying amount adjusted against retained earnings.
• Governance of the ECL implementation must be overseen by a Board or Board-approved committee, including the Chief Financial Officer (CFO) and Chief Risk Officer (CRO).

Flipkart, Axis Bank and PayU introduce biometric authentication for card payments

[Flipkart, Axis Bank, PayU]

Key Updates:

• Flipkart, Axis Bank and PayU have introduced biometric authentication for card payments, replacing One-Time Passwords (OTPs) with fingerprint and Face ID approvals.
• The biometric authentication feature is currently available for Axis Bank cardholders on Flipkart.
• The system operates through a coordinated stack where Flipkart manages the front-end, PayU handles merchant-side infrastructure and security, and Axis Bank manages issuer-level authentication via Wibmo.
• The move aligns with the Reserve Bank of India (RBI) push towards stronger, risk-based authentication mechanisms.
• Digital fraud in India surged past ₹1,400 crore in Financial Year (FY) 2024.

Ministry of Panchayati Raj releases Panchayat Advancement Index (PAI) 2.0 Report

Key Updates:

• The Ministry of Panchayati Raj released the Panchayat Advancement Index (PAI) 2.0 Report for FY 2023–24 on National Panchayati Raj Day, celebrated on 24th April 2026.
• PAI 2.0 recorded a national participation of 97.30 per cent, with 2,59,867 Gram Panchayats (GPs) across 33 States and Union Territories submitting validated data.
• Based on composite scores, 3,635 GPs are categorized as Front Runners and 1,18,824 GPs (approximately 45.72% of participating GPs/Traditional Local Bodies) are placed in the Performer category.
• Under the theme Poverty Free and Enhanced Livelihoods in Panchayats, 3,313 GPs/Traditional Local Bodies (TLBs) achieved the A+ grade.
• Under the theme Healthy Panchayats, 1,015 GPs/TLBs attained the A+ grade.
• PAI 2.0 evaluates GPs against 150 indicators and 230 data points across nine thematic areas under the Localization of Sustainable Development Goals (LSDGs).
• The nine LSDG thematic areas include Poverty, Health, Child Welfare, Water, Environment, Infrastructure, Social Justice, Good Governance, and Women’s Empowerment.
• The index classifies GPs into five performance categories: Achiever (A+: 90 and above), Front Runner (A: 75 to below 90), Performer (B: 60 to below 75), Aspirant (C: 40 to below 60), and Beginner (D: below 40).
• West Bengal has not on-boarded in the PAI 2.0 exercise.

Ganga Expressway: ₹36,230 Crore Infrastructure Project in Uttar Pradesh

[Uttar Pradesh]

Key Updates:

• Prime Minister Narendra Modi inaugurated the Ganga Expressway in Uttar Pradesh on 29 April 2026.
• The Ganga Expressway is a 594-kilometre-long, six-lane access-controlled greenfield corridor.
• The project was constructed at an estimated cost of ₹36,230 crore and completed in less than 3.5 years.
• The route starts from Bijoli village in Meerut district and ends at Judapur Dandu village in Prayagraj district.
• Travel time between Meerut and Prayagraj is reduced from 10–12 hours to approximately 6 hours.
• The expressway passes through 12 districts of Uttar Pradesh and connects 519 villages.
• A 3.5 km stretch in Shahjahanpur district has been developed as a dedicated Emergency Landing Facility (ELF) for the Indian Air Force (IAF).
• The expressway is designed for speeds up to 120 km/h and includes provisions for future expansion to eight lanes.
• Work has commenced to extend the Ganga Expressway from Meerut to Haridwar.
• The project is expected to result in fuel savings of approximately 30%.

Ayushman Bharat (PM-JAY): ₹5 Lakh Health Coverage

Key Updates:

• Ayushman Bharat Diwas is celebrated annually on April 30 to recognise the impact of the Pradhan Mantri Jan Arogya Yojana (PM-JAY).
• PM-JAY was launched on September 23, 2018, in Ranchi, Jharkhand.
• The scheme provides cashless health coverage of up to ₹5 lakh per family per year for secondary and tertiary healthcare.
• It targets over 10.74 crore poor and vulnerable families (approximately 50 crore individuals), focusing on the poorest 40% of the population identified by SECC 2011 data.
• The programme is aligned with the Sustainable Development Goals (SDG) of the World Health Organization (WHO) and United Nations (UN) under the umbrella of Universal Health Coverage (UHC).
• The scheme covers pre-existing conditions and provides access to over 1,900 medical procedures at empanelled public and private hospitals.
• Beneficiary groups include low-income families, people with chronic illnesses, hospitalised patients, women, the elderly, and interstate migrants.
• The coverage includes maternal and child health, non-communicable diseases, mental health, and rehabilitation care.
• By late 2025, more than 5.38 crore Ayushman cards were issued, with 74.4 lakh beneficiaries in Uttar Pradesh receiving free treatment.
• Over 1 lakh Health and Wellness Centres (HWCs) have been operationalised to expand healthcare access in underserved areas.
• The Ask Ayushman chatbot on WhatsApp is utilised to help users find hospitals and check eligibility.

Sikkim Development Package: ₹4,000 Crore Outlay

[Sikkim]

Key Updates:

• Prime Minister Narendra Modi launched and laid the foundation stone for development projects worth more than ₹4,000 crore in Gangtok as part of Sikkim's 50th Year of Statehood celebrations.
• Transport infrastructure projects include two double-lane steel arch bridges over the Teesta river at Sirwani and Lower Samdong, and the upgraded Birdhang–Namchi road via Kitchudumra.
• Education projects include the permanent campus of Sikkim University at Yangang, the administrative block of Netaji Subhash Chandra Bose University of Excellence, Helen Lepcha Medical College in Gangtok, Dentam Professional College in Gyalshing, and IT-enabled learning infrastructure across 160 schools.
• Healthcare initiatives include a 100-bed Ayurveda hospital at Yangang and a 30-bed Integrated Sowa Rigpa Hospital at Deorali.
• Urban development works include the Jan Seva Sachivalaya at Lumsey, a Civil Service Officers Institute in Gangtok, housing projects for low-income residents and police personnel, and a public utility centre at MG Marg.
• Tourism infrastructure includes the redevelopment of Gangtok’s Ridge Precinct, eco-tourism facilities in Soreng, Kailash Mansarovar Yatra support facilities, and an eco-pilgrimage complex in Gyalshing.
• The power sector will see an upgraded transmission and distribution network in Gangtok to improve electricity reliability.
• The Sikkim Indian Farmers Fertiliser Cooperative (IFFCO) Processing Plant was inaugurated to strengthen agro-processing and farmer incomes.

Google Cloud India AI Hub: $15 Billion Investment in Visakhapatnam

[Andhra Pradesh, Google]

Key Updates:

• Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation stone for the Google Cloud India AI hub in Visakhapatnam on April 28, 2026.
• The project is valued at over $15 billion.
• The data centre is aimed to have an initial capacity of 1 GW, with the Andhra Pradesh government aiming to boost this to 6.5 gigawatts.
• The hub will be established over 600 acres in the villages of Adavivaram, Rambilli, and Tarluvada.
• The project is being developed as part of the 'Speed of Doing Business' policy of the Andhra Pradesh government.

India's DRDO and Indian Navy conduct maiden Salvo launch of NASM-SR missiles on 29 April 2026

[Defence Research and Development Organisation]

Key Updates:

• The Defence Research and Development Organisation (DRDO) and the Indian Navy conducted the maiden Salvo launch of the Naval Anti-ship Missile-Short Range (NASM-SR) off the coast of Bay of Bengal in Odisha.
• The trial involved the launch of two missiles in quick succession from a single helicopter platform.
• The Naval Science and Technological Laboratory (NSTL) of DRDO, in collaboration with the Indian Navy's Warship Design Bureau, completed the Hydrodynamic Performance Assessment and Model Testing of a Frontline Indian Naval Ship Project.
• The naval ship project testing covered critical parameters including hull hydrodynamic, CFD-based simulation, resistance, propulsion, sea keeping, and manoeuvrability.
• Advanced Armoured Platforms (Tracked and Wheeled), developed by the Vehicles Research & Development Establishment, were unveiled at the DRDO laboratory in Ahilyanagar, Maharashtra.
• The armoured platforms are integrated with an indigenously developed 30 mm Crewless Turret and a 7.62 mm PKT gun, with the capability to launch Anti-Tank Guided Missiles.
• The platforms feature STANAG level 4 and 5 protection and are amphibious with hydro jets for improved water obstacle crossing.
• The current indigenous content of the armoured platforms is 65%, with plans to increase it to 90%.

Bharat Heavy Electricals Limited signs tech transfer pact with DRDO lab for naval systems on April 28, 2026

Key Updates:

• Bharat Heavy Electricals Limited (BHEL) entered into a licensing agreement for transfer of technology (LAToT) with the Naval Science & Technological Laboratory (NSTL), Visakhapatnam.
• NSTL is a constituent laboratory of the Defence Research and Development Organisation (DRDO).
• The agreement pertains to the gas turbine–infrared suppression system (GT-IRSS) for naval vessels.
• BHEL will undertake the fabrication, installation, and commissioning of the LM2500 gas turbine infrared suppression system developed by NSTL-DRDO.
• The pact aligns with the government's 'Make in India' initiative to strengthen indigenous capabilities in naval systems.
• BHEL reported a provisional and unaudited turnover of approximately ₹32,350 crore for FY26.
• The total outstanding order book of BHEL was about ₹2.4 lakh crore at the end of FY26.

SkyHop Aviation becomes India's first dedicated commercial seaplane operator

Key Updates:

• SkyHop Aviation has received its Air Operator Certificate (AOC) from the Directorate General of Civil Aviation (DGCA).
• The company is India's first dedicated commercial seaplane operator.
• Test flights were conducted at Tehri Lake in Uttarakhand and the Ganga Barrage in Rishikesh on April 6, 2026.
• The airline will begin operations using a 19-seater modified De Havilland Canada DHC-6 Twin Otter aircraft.
• In the first phase, SkyHop plans to connect five islands in Lakshadweep with each other and the mainland.

China launches Pakistani satellite PRSC-EO3

Key Updates:

• China launched the Pakistani satellite PRSC-EO3 from the Taiyuan Satellite Launch Centre in Shanxi Province.
• The satellite was launched using a Long March-6 carrier rocket.
• PRSC-EO3 is the fourth Pakistani satellite launched by China since last year.
• Two Pakistani nationals arrived in Beijing on April 24 for training at the Astronaut Centre of China.
• The China Manned Space Agency (CMSA) announced that one of the trainees will participate in a space mission as a payload specialist, becoming the first foreign astronaut to board the Tiangong space station.

West Bengal Assembly Elections 2026 recorded historic 92.47% turnout on April 29, 2026

Key Updates:

• West Bengal recorded a combined voter turnout of 92.47% across two phases in the 2026 Assembly elections, the highest since Independence.
• The Election Commission (EC) reported a turnout of 93.19% in Phase 1 and 91.66% in Phase 2 of the polls.
• A Special Intensive Revision (SIR) of electoral rolls resulted in the deletion of over 90 lakh voters, approximately 12% of the total electorate.
• The total electorate in the state was reduced from 7.66 crore to 6.77 crore following the revision process.
• Significant voter deletions were recorded in the districts of North 24 Parganas, Murshidabad, Malda, and Kolkata.
• The Bhabanipur constituency and the city of Kolkata both recorded a voter turnout of approximately 87%.
• Purba Bardhaman district registered a voter turnout of 92.46% during the electoral process.

International Jazz Day observed on 30 April

Key Updates:

• International Jazz Day is observed globally every 30 April.
• The day was established by the General Conference of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 2011.
• International Jazz Day is recognised by the United Nations (UN) General Assembly.
• The 15th edition of the All-Star Global Concert took place on 30 April in Chicago, United States of America.
• The concert lineup, announced by UNESCO and the Herbie Hancock Institute of Jazz, featured musicians Gregory Porter (United States of America), James Morrison (Australia), Tiger Okoshi (Japan), Mandisi Dyantyis (South Africa), Antonio Sánchez (Mexico), and Mino Cinélu (Martinique, France).
• International Jazz Day reaches more than 2 billion people annually across all continents through education programmes, performances, and media.

World Immunization Week observed from April 24 to April 30 with theme "For Every Generation, Vaccines Work"

Key Updates:

• World Immunization Week is observed every year from April 24 to April 30.
• The theme for World Immunization Week 2026 is "For Every Generation, Vaccines Work".
• The 2026 campaign focuses on lifelong immunisation, spanning infancy, adolescence, adulthood, and old age.
• Vaccines have saved more than 150 million lives globally.