Daily Current Affairs: 2 March 2026

Ayatollah Alireza Arafi appointed as Iran's Interim Supreme Leader.

[Iran]

Key Updates:

• Ayatollah Alireza Arafi was appointed as Iran's Interim Supreme Leader after the death of Ayatollah Khamenei.
• He was born in 1959 in Yazd province, Iran.
• Arafi achieved the rank of mujtahid, granting him authority to issue independent legal rulings.
• He formerly headed Al-Mustafa International University, managing global clerical training.
• In 2019, he was appointed to the Guardian Council, giving him influence over national legislation and candidate vetting.
• His ideology promotes a politically active and revolutionary version of Shia Islam.

Ayatollah Ali Khamenei killed in Israeli-US strikes on Iran.

[Iran, United States, Israel]

Key Updates:

• Ayatollah Ali Khamenei, 86, was killed at his office during joint Israeli-US attacks on Iran confirmed on 28 February 2026.
• Iranian state media announced a 40-day mourning period following his death.
• Khamenei had served as Iran’s Supreme Leader since 1989, succeeding Ayatollah Ruhollah Khomeini.
• The Supreme Leader held ultimate authority over all branches of government, the military and the judiciary in Iran.
• US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu publicly confirmed Khamenei’s death on the same day.
• A senior Israeli official told Reuters that Khamenei’s body had been located.

Jagat Prakash Nadda chairs reconstituted Hindi Advisory Committee of Ministry of Chemicals and Fertilisers.

[Ministry of Chemicals and Fertilisers]

Key Updates:

• The government reconstituted the Hindi Advisory Committee for the Ministry of Chemicals and Fertilisers.
• Union Minister for Chemicals and Fertilisers Jagat Prakash Nadda will serve as the chairman of the committee.
• The committee includes six nominated Members of Parliament.
• The committee will review and recommend measures for the progressive use of Hindi in the ministry’s official work and its subordinate offices.

Padma Shri Awardee Utsav Charan Das Dies at 80

Key Updates:

• Renowned Odia folk dancer Utsav Charan Das passed away at the age of 80 in Choudwar, Cuttack.
• He was a celebrated exponent of Odisha's traditional folk dance form known as Ghoda Nacha (horse dance).
• The Government of India conferred the Padma Shri upon him in 2020 for his six-decade-long dedication to preserving and popularising the dance form.
• He was also honoured by the Odisha Sangeet Natak Akademi for his outstanding contribution to traditional performing arts.
• Born in Tangimania village and raised in Choudwar, he began his journey in Ghoda Nacha while studying in Class 8.
• He is credited with training generations of artistes and elevating the rural cultural tradition of Ghoda Nacha to national platforms.

Ministry of Statistics and Programme Implementation (MoSPI) revises India GDP growth to 7.8% for Q3 FY26 and raises FY26 estimate to 7.6%

[Ministry of Statistics and Programme Implementation (MoSPI)]

Key Updates:

• India’s GDP growth slowed to 7.8% in Q3 FY26 from 8.4% in Q2 FY26 but exceeded ET poll estimate of 7.4%.
• GDP growth for FY26 has been revised upwards to 7.6% from the earlier first advance estimate of 7.4%.
• The new GDP series uses 2022-23 as the base year, replacing the previous 2011-12 series.
• Manufacturing sector recorded double-digit growth in FY2023-24 and FY2025-26.
• The ‘Trade, Repair, Hotels, Transport, Communication & Services related to Broadcasting and Storage’ segment grew by 10.1% in FY2025-26.
• Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) both grew by more than 7% in FY2025-26.
• The GDP series now incorporates double deflation for agriculture and manufacturing sectors.
• The Proportional Denton Benchmarking method has been adopted for aligning quarterly and annual GDP estimates.

Reserve Bank of India (RBI) approves SBI Mutual Fund to acquire up to 9.99% stake in Bandhan Bank.

[Reserve Bank of India (RBI), SBI Mutual Fund, Bandhan Bank]

Key Updates:

• Reserve Bank of India (RBI) approved SBI Mutual Fund’s proposal to acquire up to 9.99% of the paid-up share capital or voting rights in Bandhan Bank.
• RBI communicated the approval through a letter dated 25 February 2026.
• The approval is subject to compliance with the Banking Regulation Act, 1949; RBI (Commercial Banks’ Acquisition and Holding of Shares or Voting Rights) Directions, 2025 dated 28 November 2025; Foreign Exchange Management Act, 1999; and Securities and Exchange Board of India regulations.
• If SBI Mutual Fund fails to acquire the major shareholding within one year from RBI’s letter date, the approval will stand cancelled.
• SBI Mutual Fund’s aggregate holding must not exceed 9.99% of Bandhan Bank’s paid-up share capital or voting rights at any time.
• If SBI Mutual Fund’s aggregate holding falls below 5%, prior RBI approval is required to raise it back to 5% or more.
• Bandhan Bank shares closed 1.77% higher at ₹186.11 on NSE on Thursday.

Reliance Industries Limited (RIL) restructures Reliance Enterprise Intelligence Limited (REIL) stake; Meta subsidiary acquires 30% stake

[Reliance Industries Limited (RIL), Meta]

Key Updates:

• Reliance Enterprise Intelligence Limited (REIL) allotted 85,31,75,000 equity shares of face value Rs 10 each at par.
• Reliance Intelligence Limited, a wholly owned subsidiary of Reliance Industries Limited (RIL), received 59,66,22,500 equity shares aggregating Rs 596.6 crore.
• Facebook Overseas Inc, a wholly owned subsidiary of Meta Platforms Inc, received 25,65,52,500 equity shares aggregating Rs 256.6 crore.
• Post allotment, Reliance Intelligence Limited holds 70% of REIL's total equity capital and Facebook Overseas Inc holds 30%.
• REIL has ceased to be a step-down wholly owned subsidiary of RIL and has become a step-down subsidiary.

Asian Development Bank (ADB) approves $300 million loan to IIFL Home Finance for women-focused affordable housing.

[Asian Development Bank (ADB), International Finance Corporation (IFC)]

Key Updates:

• IIFL Home Finance Limited signed a $300 million loan agreement with Asian Development Bank (ADB).
• The loan targets women in low-income communities in peri-urban and urban areas and lagging states of India.
• Over 25% of the loan proceeds are earmarked for green-certified affordable homes.
• The financing package includes $150 million from ADB and $150 million in parallel loans from MUFG, Emirates Bank, Sampath Bank, and Hatton National Bank.
• This marks IIFL Home Finance’s first syndicated external commercial borrowing.

Central Bank of India partners with Canara Robeco AMC to distribute mutual fund products.

[Central Bank of India, Canara Robeco AMC]

Key Updates:

• Central Bank of India signed a distribution agreement with Canara Robeco Asset Management Company Ltd (CRAMC) on 27 February 2026.
• CRAMC is a joint venture between Canara Bank and ORIX Corporation Europe and was established in 1987.
• CRAMC reported total assets under management of ₹1.22 lakh crore as of December 2025.
• CRAMC serves over 50 lakh investors across India.
• The partnership will enable Central Bank of India customers to access CRAMC’s mutual fund products through the bank’s network.

DFCC Bank lists Sri Lanka’s first Blue Bond worth LKR 3 billion on NSE International Exchange (NSE IX) at GIFT City.

[DFCC Bank, NSE International Exchange (NSE IX), Gujarat International Finance Tec-City (GIFT City)]

Key Updates:

• DFCC Bank’s LKR 3 billion Blue Bond is Sri Lanka’s first-ever Blue Bond and is primarily listed on the Colombo Stock Exchange (CSE).
• The bond has been dually listed on NSE International Exchange (NSE IX) at GIFT City, becoming the first blue bond admitted for trading within India’s International Financial Services Centre (IFSC) jurisdiction.
• The dual listing was facilitated under a Memorandum of Understanding between NSE IX and the Colombo Stock Exchange signed at GIFT City on Friday.
• DFCC Bank introduced the blue bonds in November 2025 to finance sustainable use of marine resources, supply of clean drinking water, aquatic pollution control, and related sustainable economic activities.
• Blue bonds are a subset of green bonds that channel proceeds specifically toward marine conservation, sustainable fisheries, ocean-based economic activity, and broader water-related environmental projects.
• In June 2025, NSE IX hosted DFCC Bank PLC’s leadership at GIFT IFSC to mark the listing of its LKR 2.5 billion foreign-currency green bonds, Sri Lanka’s first renewable energy-focused capital market debt instrument and the first foreign corporate issuance admitted to trading on the exchange.

NSIC upgraded to Schedule A CPSE status by Ministry of Micro, Small and Medium Enterprises (MSME)

[National Small Industries Corporation (NSIC), Ministry of Micro, Small and Medium Enterprises (MSME)]

Key Updates:

• The Ministry of Micro, Small and Medium Enterprises (MSME) announced the upgrade of National Small Industries Corporation (NSIC) to Schedule A Central Public Sector Enterprise (CPSE) status.
• Schedule A recognition enhances NSIC’s managerial, operational and financial powers.
• NSIC received an “Excellent” rating from the Department of Public Enterprises for 2024–25.

Ministry of Culture (MoC) & Federation of Indian Chambers of Commerce and Industry (FICCI) sign MoU to develop comprehensive strategy for India’s Cultural & Creative Economy

[Ministry of Culture (MoC), Federation of Indian Chambers of Commerce and Industry (FICCI)]

Key Updates:

• The Ministry of Culture (MoC) and the Federation of Indian Chambers of Commerce and Industry (FICCI) signed an MoU on 25 February 2026 to craft a comprehensive strategy for India’s Cultural and Creative Economy.
• Union Culture and Tourism Minister Gajendra Singh Shekhawat stated the agreement positions culture as the foundation of economic prosperity.
• The MoU aims to secure a brighter future for India’s artists and artisans.
• The Minister highlighted that the MoU can help gain global recognition for Indian cultural products and services.

Rani Durgavati Scheme: Chhattisgarh to give ₹1.5 lakh to girls at 18

[Chhattisgarh]

Key Updates:

• Chhattisgarh Finance Minister OP Choudhary announced the Rani Durgavati Scheme in the FY 2026-27 budget.
• Girls will receive ₹1.5 lakh on attaining 18 years of age under the scheme.
• The annual budget for 2026-27 is ₹1.72 lakh crore.

World Economic Forum (WEF) President Børge Brende steps down after Epstein links review

[World Economic Forum (WEF)]

Key Updates:

• Børge Brende announced his resignation as President and CEO of the World Economic Forum (WEF) after an internal review into his contacts with Jeffrey Epstein.
• The WEF review, conducted by outside counsel, found no additional concerns beyond previously disclosed interactions.
• Alois Zwinggi will serve as interim President and CEO of the WEF.

Southern Air Command (SAC) conducts joint maritime exercise Kalari Leap in Lakshadweep on 24 February 2026

[Lakshadweep]

Key Updates:

• Southern Air Command (SAC) conducted the joint maritime exercise Kalari Leap in the Lakshadweep and Minicoy archipelago on 24 February 2026.
• The exercise involved the participation of the Armed Forces Special Operations Division (AFSOD) and the Indian Coast Guard (ICG).
• The operations encompassed airborne and air-landed insertions, special heliborne missions, amphibious assault, anti-ship strike, and maritime search and rescue.
• Air assets utilised during the exercise included An-32, Mi-17V5, and Su-30MKI aircraft.
• The ICG deployed ships and Gemini boats, while its Dornier 228 aircraft was used for search and rescue missions and shepherding fighters for maritime strikes.
• AFSOD special forces were integrated for Combat Free Fall insertions and amphibious assaults to validate joint planning and rapid force projection.

India and Israel elevate ties to special strategic partnership and advance mutually beneficial FTA

[Israel]

Key Updates:

• India and Israel elevated their relationship to a special strategic partnership during Prime Minister Narendra Modi’s visit to Israel.
• Both sides agreed to soon finalise a mutually beneficial Free Trade Agreement (FTA).
• India and Israel signed multiple agreements to expand cooperation in trade, agriculture, energy, cyberspace and digital payment.
• Prime Minister Narendra Modi held extremely fruitful and wide-ranging talks with Israeli President Isaac Herzog to enhance cooperation in education, start-ups, innovation, tech and connectivity.
• Modi and Herzog planted an oak tree at the President’s residence as a symbol of friendship and shared future.
• Prime Minister Modi addressed the Knesset, becoming the first Indian to speak in Israel’s Parliament.
• Modi voiced strong support for the Gaza peace initiative and stated that terrorism anywhere threatens peace everywhere.
• The Speaker of the Knesset conferred the Speaker of the Knesset Medal on Prime Minister Modi for his exceptional contribution to strengthening India-Israel strategic relations.

Indian Navy to commission INS Anjadip at Chennai port on 27 February

[Indian Navy, Tamil Nadu]

Key Updates:

• INS Anjadip is the third of eight vessels built under the anti-submarine warfare shallow water craft project.
• Built by Garden Reach Shipbuilders and Engineers (GRSE), Kolkata, the 77-metre-long ship achieves 25 knots via water-jet propulsion.
• The vessel carries the indigenous hull-mounted sonar Abhay, Lightweight Torpedoes and ASW Rockets for littoral anti-submarine warfare.
• Chief of the Naval Staff Admiral Dinesh K Tripathi will attend the commissioning ceremony on Friday.
• Named after Anjadip island off Karwar, North Karnataka, the ship will operate in coastal Tamil Nadu and Puducherry waters.

Climate change threatens Nilgiri Wood Pigeon habitat in Western Ghats

Key Updates:

• A research paper titled Biogeography and habitat suitability of the Nilgiri Wood Pigeon using MaxEnt warns that climate change could restrict the habitat of the Nilgiri Wood Pigeon (Columba elphinstonii) to isolated pockets by 2100.
• The study, published in the Proceedings of the Indian National Science Academy, utilised MaxEnt, a machine-learning method, to model habitat suitability for the species.
• The Nilgiri Wood Pigeon (NWP) is endemic to the Western Ghats, inhabiting high-elevation wet evergreen and moist deciduous forests in the Nilgiris, Anamalai Hills, Biligirirangan Hills, Nandi Hills, and northern Maharashtra.
• Researchers used 9,757 occurrence records from the eBird database, a citizen-science project, to identify 117 presence points and model environmental projections using nine bioclimatic variables.
• The model predicts that habitat suitability will initially increase between 2021 and 2040 before witnessing sharp declines in high-suitability areas by the period 2081-2100.
• The study highlights the phenomenon of up-slope shifting, where species move higher up mountain slopes as climate change alters their preferred habitats and food sources.
• Although the International Union for Conservation of Nature (IUCN) recently down-listed the NWP to Least Concern, researchers from the Bombay Natural History Society (BNHS) advocate for systematic ground surveys to validate population thresholds.
• The NWP is one of 16 bird species occupying mid and high-elevation parts of the Western Ghats that are highly susceptible to climate change and anthropogenic pressures like deforestation.

NMDC Limited and Indian Institute of Technology Hyderabad (IITH) partner for indigenous mining technologies

[NMDC Limited, Indian Institute of Technology Hyderabad (IITH)]

Key Updates:

• NMDC Limited (NMDC) signed a Memorandum of Understanding (MoU) with Indian Institute of Technology Hyderabad (IITH) to strengthen research and academic collaboration in the mineral and metals sector.
• The partnership focuses on joint research in iron ore beneficiation and agglomeration, green steelmaking technologies, and alternate ironmaking using indigenous raw materials.
• Both institutions will collaborate on advanced modelling and simulation of mining and metallurgical processes.
• The initiative includes the extraction of critical and rare earth minerals from primary and secondary sources to enhance India’s mineral security.
• The collaboration covers digital transformation domains such as Artificial Intelligence (AI), Internet of Things (IoT), autonomous vehicle operations, Mining 4.0 frameworks, and drone-based surveying.
• The MoU was signed in the presence of IITH Director B. S. Murty and NMDC Chairman and Managing Director (CMD) Amitava Mukherjee.

Tamil Nadu Forest Department establishes state's first Dark Sky Park in Kolli Hills

[Tamil Nadu]

Key Updates:

• The Tamil Nadu Forest Department has established the state's first Dark Sky Park at Ariyur Shola Forest in the Kolli Hills of Namakkal district.
• Developed at a cost of ₹1 crore, the facility is equipped with three advanced telescopes to support structured sky observation sessions.
• The initiative aims to protect natural night skies from artificial light pollution and promote eco-sensitive astro-tourism and scientific awareness.
• Solar panels have been installed at the site to ensure an uninterrupted and sustainable power supply for on-site operations.
• The centre will organise whole-night stargazing camps two to three times a month, specifically during significant astronomical events and the new moon phase.
• Accommodation for visitors has been arranged at the Agaya Gangai eco-huts with transport services provided by the department.
• The facility will also operate during the daytime to conduct educational programmes for students, researchers, and visitors.

Jio Finance Platform and Service Limited (JFPSL) launches AI-powered JioFinance app with Finsider early access.

Key Updates:

• Jio Finance Platform and Service Limited (JFPSL), a wholly owned subsidiary of Jio Financial Services Limited (JFSL), launched the JioFinance app and introduced an early access initiative titled ‘Finsider’.
• The app aggregates financial products including home loans, loans against securities, personal loans, credit cards, insurance, UPI services, life and general insurance, mutual funds, investment advisory, fixed deposits, digital gold, tax filing tools, and a savings account with automated liquidity management.
• The platform uses artificial intelligence-based systems with multiple AI agents and decision engines to assess user intent, eligibility and financial profile in real time for customised product recommendations.
• Select users in the Finsider early access programme can test the app, provide feedback, and earn JioPoints redeemable against rewards.

Gnani.ai and Razorpay launch agentic AI platform for in-call UPI payments

Key Updates:

• Gnani.ai and Razorpay have partnered to launch an agentic AI collections platform that can complete Unified Payments Interface (UPI) transactions during live customer calls.
• The platform utilizes Razorpay’s Model Context Protocol (MCP) server to connect AI agents directly to payment infrastructure for real-time transaction initiation and tracking.
• The system currently supports two payment flows: one-time UPI payments and mandate-based UPI SBMD, also known as Reserve Pay, for recurring obligations.
• Gnani.ai’s voice AI systems support conversations in more than 38 languages and currently handle over 10 million calls per day.
• The partnership builds on previous work by Razorpay with the National Payments Corporation of India (NPCI) and OpenAI to integrate UPI payments within chat interfaces like ChatGPT.
• Security protocols ensure that customer payment details do not pass through the voice AI system and are processed exclusively through Razorpay’s infrastructure.
• The platform allows AI agents to assess customer intent, generate transaction-specific payment links, and confirm receipt during the same interaction.

Sarvam partners with SBI Life Insurance to deploy Artificial Intelligence tools

[Sarvam, SBI Life]

Key Updates:

• Artificial Intelligence (AI) startup Sarvam partnered with SBI Life Insurance (SBI Life) to build applications for customer engagement and sales.
• The AI deployment is expected to reach more than 8 crore customers and support over 3,50,000 distributors nationwide.
• The system is built on Sarvam’s conversational AI platform Samvaad and its multi-agent orchestration platform Arya.
• Sarvam launched two flagship language models, Sarvam-30B and Sarvam-105B, during the India AI Impact Summit.
• AI startup Gnani.ai partnered with Razorpay to launch an agentic AI platform for payment collections during live customer calls.
• Gnani.ai introduced a voice model that supports 12 Indian languages and is designed to operate under low-bandwidth conditions.

Yadava-era stone pillar remains found in Hinganghat on February 22, 2026

[Maharashtra]

Key Updates:

• Researchers discovered remains of a 12th-century Yadava-era temple-style stone pillar near the Vena river banks in Hinganghat, Wardha district.
• The stone fragments are carved from locally available black basalt and feature an intricate lotus motif.
• The carvings are identified as the Hemadpanti architectural style, which was prevalent in 12th and 13th-century temples.
• The Hemadpanti style is characterised by a stone interlocking technique that does not involve the use of lime.
• Researchers have been advised to approach the Archaeological Survey of India (ASI) for the scientific preservation and detailed survey of the historical remains.

Kashi sets Guinness record with 2.51 lakh saplings planted in one hour

Key Updates:

• Varanasi surpassed China's 2018 record of 1,53,981 saplings by planting 2,51,446 saplings in one hour.
• The plantation drive was organised by Varanasi Municipal Corporation (VMC) at Sujabad Domri on 350 bigha of land.
• The event aimed to create the first urban forest of Kashi and the world's largest Miyawaki forest zone in Domari.
• Guinness World Records judge Rishi Nath presented the record certificate to Mayor Ashok Kumar Tiwari and Municipal Commissioner Himanshu Nagpal.
• Participants included the Army, National Disaster Response Force (NDRF), police, and thousands of students.

Rare Disease Day observed on 28 February 2026 with the theme More Than You Can Imagine

Key Updates:

• Rare Disease Day 2026 is observed globally on 28 February with the official theme More Than You Can Imagine.
• Approximately 300 million people worldwide live with a rare disease, of which nearly 80 per cent are genetic and 70 per cent appear in childhood.
• Statistics indicate that 95 per cent of rare diseases have no approved therapy, and the average time to receive an accurate diagnosis is 4.8 years.
• Nearly 30 per cent of children affected by rare diseases do not survive beyond their fifth birthday.
• The year 2026 marks the tenth anniversary of the National Alliance for Rare Diseases Support – Malta, founded by Michelle Muscat.
• UK-based Healx is applying Artificial Intelligence (AI) to identify drug repurposing opportunities for conditions such as Fragile X syndrome.
• Italian biotech AAVantgarde Bio is developing treatments for Usher syndrome type 1B by splitting and reassembling large genes inside the body.
• Beam Therapeutics is advancing base editing for Alpha-1 antitrypsin deficiency, while Tune Therapeutics is focusing on epigenetic tuning.
• Actio Biosciences is developing therapies for KCNT1-related epilepsy, and French firm InnoSkel is targeting Type II collagenopathies.
• AstraZeneca reinforced its rare disease strategy through the acquisition of Alexion Pharmaceuticals.
• India link not mentioned in the article.