Pension Fund Regulatory and Development Authority (PFRDA) approves PPFAS Asset Management to sponsor NPS pension fund.
[Pension Fund Regulatory and Development Authority, PPFAS Asset Management Company]
Key Updates:
- PPFAS Asset Management has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) to act as a sponsor for a pension fund under the National Pension System (NPS).
- The company will set up a separate pension fund entity to manage retirement savings of NPS subscribers.
- PPFAS Asset Management will complete regulatory and operational formalities, including registration and infrastructure setup, before commencing operations.
- Neil Parag Parikh, Chairman and Chief Executive Officer of PPFAS Asset Management, stated the firm would approach pension fund management with a long-term focus and an emphasis on investor interest.
- PPFAS Asset Management is based in Mumbai and was established in 2011.
- The NPS framework, regulated by PFRDA, allows multiple pension fund managers to operate and enables subscribers to choose and switch between them.
Similar Coverage
- Wealth First Portfolio Managers received Sebi approval to start mutual fund operations.
- Lakshya Asset Management Company, sponsored by Wealth First Portfolio Managers, will be India’s first AMC headquartered in Ahmedabad.
- Lakshya AMC has onboarded Sanjiv Shah, Rajan Mehta, and Sanjay Gaitonde, former key members of Benchmark Asset Management Company.
- Benchmark AMC launched India’s first ETF Nifty BeES, India’s first gold ETF Gold BeES, and the world’s first money market ETF Liquid BeES.
- India’s mutual fund industry AUM grew from about ₹1 lakh crore in 2001 to over ₹82 lakh crore in early 2026.
- Passive investing represents 19–20% of total mutual fund AUM in India compared with over 50% in the United States.
- The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level committee to formulate guidelines and regulations for establishing a framework for assured payouts under the National Pension System (NPS).
- The committee will be chaired by Dr. M. S. Sahoo, Founder of Dr. Sahoo Regulatory Chambers and former Chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
- The 15-member panel comprises experts from law, actuarial science, finance, insurance, capital markets, and academia.
- The committee has been established as a standing advisory committee on structured pension payouts.
- Its core objectives include formulating regulations for assured payout products, designing an end-to-end framework for transition from accumulation to payout phase, and enabling legally enforceable, market-based guarantees for assured payouts.
- The committee will define operational parameters such as lock-in periods, withdrawal limits, pricing methodologies, and fee and cost structures for service providers.
- It will establish capital and solvency requirements for providers and examine tax implications for payout options within the NPS architecture.
- The committee will develop standardized disclosure norms to prevent mis-selling and align subscriber expectations with market-based guarantees.
- The Pension Fund Regulatory and Development Authority (PFRDA) issued the circular on Tuesday.
- The pilot NPS Swasthya Pension Scheme operates under the Regulatory Sandbox Framework as a proof of concept.
- Subscribers can withdraw up to 25 per cent of their own contributions for medical expenses with no cap on the number of withdrawals.
- A minimum accumulated corpus of Rs 50,000 is required before the first withdrawal.
- Full premature exit with 100 per cent lump sum is allowed if inpatient medical expenses exceed 70 per cent of the total corpus in a single instance.
- Subscribers above 40 years (excluding government sector) may transfer up to 30 per cent of contributions from their existing NPS common account to the Swasthya Pension Scheme account.
- Pension funds (PFs) must obtain prior PFRDA approval and may partner with fintech firms, health benefit administrators (HBAs), or third-party administrators (TPAs).
- The pilot runs for a limited period with a restricted subscriber base; unviability will allow corpus transfer back to the common NPS account.
- The Ministry of Power (MoP) has constituted a high-level committee and a three-member working group to oversee the merger of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
- The working group is headed by the Director (Distribution) of the MoP and includes executive directors from both PFC and REC as members.
- The working group is tasked with studying and recommending strategies for personnel and technology integration, corporate and functional restructuring, and harmonisation of stakeholder interests.
- The high-level committee is convened by the Joint Secretary (Distribution) of the MoP, with the Chairman and Managing Directors (MDs) of PFC and REC serving as members.
- The high-level committee will meet once every week to review progress reports from the working group and ensure the smooth execution of the merger process.
NPCI Bharat BillPay (NBBL) integrates Axis Bank into Banking Connect platform, expanding interoperable netbanking reach to 37 million customers.
[National Bank for Financing Infrastructure and Development, Axis Bank]
Key Updates:
- NPCI Bharat BillPay (NBBL) announced that Axis Bank is now live on the Banking Connect platform.
- Banking Connect platform was launched in 2025 and provides interoperability between payment aggregators and banks for netbanking transactions.
- Axis Bank joins State Bank of India (SBI), ICICI Bank and HDFC Bank on the platform.
- The integration enables Axis Bank’s 37 million customers to experience faster checkout across more than 4,800 merchants in India.
- Eight banks and 11 payment aggregators are currently live on the Banking Connect platform.
- NBBL is a wholly owned subsidiary of the National Payments Corporation of India (NPCI).
Similar Coverage
- Axis Bank and IndiGo launched the IndiGo Axis Bank Credit Card priced at ₹799 plus GST targeting mass retail customers.
- The IndiGo Axis Bank Premium Credit Card is priced at ₹5,000 plus GST and is positioned for affluent customers.
- Both cards are linked to IndiGo’s loyalty programme IndiGo BluChip and allow users to earn reward points on eligible retail and travel spends.
- The IndiGo Axis Bank Credit Card offers one BluChip per ₹100 spent on eligible categories, two BluChips per ₹100 on grocery and dining spends, and three BluChips per ₹100 on IndiGo transactions.
- Cardholders of the IndiGo Axis Bank Credit Card receive a 1,200 BluChips voucher on joining, renewal and on achieving specified spending milestones.
- The IndiGo Axis Bank Premium Credit Card offers seven BluChips per ₹100 spent on IndiGo bookings, three BluChips per ₹100 on hotel and grocery spends, and two BluChips per ₹100 on other eligible transactions.
- The premium variant provides vouchers worth 5,000 BluChips on joining, renewal and milestone spends, complimentary domestic and international airport lounge access, and a reduced forex markup of 2.5% on international transactions.
- The products will be available on both the RuPay and Visa networks.
- Canara Bank will integrate NPCI BHIM Services Limited (NBSL) bank plugins to offer Unified Payments Interface (UPI) services on its banking app, Canara ai1Pe.
- Canara Bank is the first financial institution to adopt this technology stack approach from NBSL to host UPI features and upgrades.
- NBSL was established as a wholly owned subsidiary of the National Payments Corporation of India (NPCI) in 2024.
- The Unified Payments Interface (UPI) recorded 21.63 billion transactions worth ₹27.97 trillion at the end of 2025.
- The Public Sector Undertaking (PSU) Bank index grew by 31% in 2025, outperforming the Nifty for the fifth consecutive year.
- The Indian Rupee (INR) breached the 91 per US Dollar mark as Foreign Portfolio Investors (FPIs) sold ₹29,300 crore in 2026.
- In 2025, BHIM presented a proof of concept for BHIM Vishwas, a technology stack designed for white-labeling payment capabilities for banks.
India rejects China’s renaming of places in Arunachal Pradesh
[China, Arunachal Pradesh]
Key Updates:
- The Ministry of External Affairs (MEA) dismissed China’s assignment of new names to locations within Indian territory as mischievous attempts that carry no legitimacy.
- Official spokesperson Randhir Jaiswal stated that India categorically rejects any fictitious names assigned by China to places in Arunachal Pradesh.
- The MEA emphasised that Arunachal Pradesh was, is, and will always remain an integral and inalienable part of India.
Similar Coverage
- Uttar Pradesh has more than 20 expressways operational, under construction, or in the planning stage.
- Yamuna Expressway spans 165.5 km with six lanes, completed in 2012 at an estimated cost of ₹13,300 crore.
- Agra–Lucknow Expressway stretches 302 km and reduced travel time between Agra and Lucknow to about three and a half hours.
- Purvanchal Expressway covers 340 km, connecting Lucknow to Ghazipur and passing through Sultanpur, Azamgarh, and Ambedkar Nagar districts.
- Bundelkhand Expressway is 296 km long and supports the Uttar Pradesh Defence Industrial Corridor.
- Ganga Expressway will connect Meerut to Prayagraj over 594 km and is expected to be completed around 2026.
- Proposed expressways include Lucknow–Kanpur, Ghaziabad–Kanpur, Ayodhya–Varanasi, Gorakhpur–Siliguri, and Gorakhpur–Shamli corridors.
- Total expressway length in Uttar Pradesh could exceed 3,000 kilometres once upcoming projects are completed.
- Arunachal Pradesh and Mizoram celebrate their Statehood Day on February 20 every year.
- The article marks 12 years of transformative change in both states since 2015-16.
- Arunachal Pradesh recorded a 166% increase in GSDP since 2015-16.
- Mizoram maintained an average annual real GSDP growth of 10.1% between 2012 and 2022.
- The Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the easing of FDI norms for all countries sharing land borders with India.
- The decision involves the amendment of Press Note 3 of 2020, which previously mandated prior government approval for investments from bordering nations in any sector.
- The target countries sharing land borders with India include China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan.
- China currently ranks 23rd in India's FDI equity inflow with a 0.32 per cent share, totalling 2.51 billion United States Dollar (USD) from April 2000 to December 2025.
- In the 2024-25 fiscal year, India's exports to China were 14.25 billion USD and imports were 113.45 billion USD, resulting in a trade deficit of 99.2 billion USD.
- During the April-January 2025-26 period, India's exports to China rose to 15.88 billion USD, while imports reached 108.18 billion USD.
- Following military tensions in June 2020, India banned over 200 Chinese mobile apps, including TikTok, WeChat, and Alibaba's UC browser.
Indian Space Research Organisation (ISRO) completes second integrated air drop test for Gaganyaan crew module
[Indian Space Research Organisation (ISRO), Andhra Pradesh]
Key Updates:
- The Indian Space Research Organisation (ISRO) successfully carried out the second integrated air drop test (IADT-02) for its Gaganyaan human spaceflight programme at Sriharikota in Andhra Pradesh.
- The test focused on validating the recovery mechanism of the crew module, ensuring safe astronaut return during re-entry and landing.
- Union Minister Jitendra Singh congratulated ISRO on the achievement, noting Gaganyaan is scheduled for next year.
- The first integrated air drop test was conducted on 24 August 2025 at the Satish Dhawan Space Centre in Sriharikota.
- During the first test, a 4.8-tonne dummy crew module was dropped from a Chinook helicopter at an altitude of three kilometres and descended safely via a parachute system of 10 parachutes.
Similar Coverage
- The Defence Research and Development Organisation (DRDO) successfully conducted the qualification level load test of the Drogue Parachute for the Gaganyaan programme on 18 February 2026 at the Rail Track Rocket Sled (RTRS) facility of Terminal Ballistics Research Laboratory (TBRL), Chandigarh.
- The test was jointly carried out by teams from Vikram Sarabhai Space Centre (VSSC), ISRO, Aerial Delivery Research and Development Establishment (ADRDE), DRDO and TBRL.
- The RTRS dynamic test simulated qualification level loads higher than maximum flight loads, demonstrating additional design safety margin of the parachute.
- Defence Minister Rajnath Singh complimented DRDO, ISRO and Industry on the achievement, stating it advances the vision of Atmanirbhar Bharat.
- Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat congratulated the teams involved in the successful test.
- Defence Research and Development Organisation (DRDO) and the Indian Navy jointly conducted four successful in-flight release trials of the indigenous Air Droppable Container ADC-150 from the P8I aircraft off the coast of Goa between February 21 and March 1.
- The ADC-150 is indigenously designed to deliver a 150 kg payload and enhances naval operational logistics capabilities for quick response to naval vessels under distress.
- Naval Science and Technological Laboratory, Visakhapatnam, is the nodal laboratory for the activity.
- Aerial Delivery Research and Development Establishment, Agra, developed the parachute system.
- Centre for Military Airworthiness and Certification, Bengaluru, provided the flight clearance and certification.
- Defence Research and Development Laboratory, Hyderabad, provided the instrumentation support for the trials.
- The ADC-150 system for the P8I aircraft was developed and qualified in a short timeframe to meet Indian Navy requirements.
- All developmental flight trials have been completed successfully and the system is expected to be inducted into the Indian Navy soon.
- Indian Space Research Organisation (ISRO) conducted a sea-level hot test of its CE20 cryogenic engine at 22-tonne thrust at the ISRO Propulsion Complex on March 10.
- The CE20 engine powers the upper cryogenic stage of the LVM-3 launch vehicle.
- The test lasted 165 seconds and used a nozzle protection system and a multi-element igniter.
- ISRO plans to operate future LVM-3 missions with an uprated C32 cryogenic stage delivering 22-tonne thrust to enhance payload capability.
- The cryogenic engine has undergone a record 20 successful hot tests demonstrating technologies including ignition using a multi-element igniter and engine qualification for Gaganyaan at 20-tonne thrust level.
- 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.
Deakin University and Telangana Government sign MoU for Applied Artificial Intelligence (AI) collaboration
[Telangana, Deakin University]
Key Updates:
- Deakin University and the Government of Telangana, through Aikam™, signed a Memorandum of Understanding (MoU) to collaborate on applied Artificial Intelligence (AI), skilling, research, and innovation.
- The agreement was signed at the Telangana State Secretariat by Professor Iain Martin, Vice-Chancellor of Deakin University, and Shri Phani Nagarjuna, CEO of Aikam™.
- The partnership focuses on three key pillars: AI skilling and education, research and applied innovation, and ecosystem and industry engagement.
- A Joint Centre of Excellence (CoE) in Applied AI, named the Aikam-Deakin Hub for Research in Intelligent Technology & Innovation (Aikam-DHRITI), will be established under the agreement.
- Aikam™ is India's first ecosystem-approach based open innovation entity designed to position Telangana as a global hub for frontier technologies.
- The collaboration aims to develop public sector use-case applications by leveraging emerging technologies such as Data, Cybersecurity, AI, and Machine Learning.
Similar Coverage
- IIT Madras Global Research Foundation will establish its inaugural Applied Artificial Intelligence Innovation Centre at Dubai CommerCity.
- MCA Gulf is the partner for the centre.
- The centre will initially onboard six early-stage applied AI startups backed by IIT Madras Global.
- The combined valuation of the six startups is estimated near USD 118 million.
- Projections indicate nearly USD 281 million in revenue over five years.
- Details of the centre’s formation were announced during WORLDEF Dubai 2026.
- Prof. Raghunathan Rengaswamy, dean of Global Engagement at IIT Madras, stated the facility will scale academic research into industry adoption and advance responsible, people-oriented AI design.
- The centre will focus on local product development, solution deployment, intellectual property creation, and collaboration with government entities, industry stakeholders, and innovation ecosystem partners.
- Amna Lootah, Director-General of Dubai CommerCity and Dubai Airport Freezone, said the partnership reinforces Dubai’s role as a digital trade and advanced technologies hub.
- The Indian Institute of Management, Udaipur (IIMU) successfully hosted the third edition of the D'Future: India Digital Conclave at the T-Hub in Hyderabad.
- The conclave focused on technology-led growth, resilient systems, and building an inclusive nation through digital technologies.
- Shri Jayesh Ranjan, Special Chief Secretary of the Government of Telangana, highlighted the state's commitment to digitising governance, including providing optical fibre connectivity to households.
- Prof. Ramayya Krishnan from Carnegie Mellon University discussed the role of Artificial Intelligence (AI) in healthcare applications and the importance of AI governance.
- Kamlesh Gosai, Executive Director at the Ministry of Railways, shared insights into the GatiShakti programme and the Tech Vision 2035 roadmap for integrated infrastructure planning.
- The event featured student-led innovations from the IIMU 1-Year MBA (GSCM) programme, including AI-powered inventory management and demand forecasting tools.
- Start-up companies presented pitches in advanced fields such as quantum computing, high-speed devices, low-cost sustained energy systems, and rocket launching.
- Viren Rasquinha, CEO of Olympic Gold Quest, discussed the increasing role of data analytics and wearable devices in enhancing sports performance.
- HCL Technologies (HCLTech) and Indian Institute of Technology (IIT) Kanpur signed an MoU to convert research into real-world pilots and scalable solutions for Global Capability Centres (GCCs).
- The collaboration focuses on advanced engineering and deep tech including AI, robotics and next-generation technologies.
- The partnership enables GCCs to accelerate complex research, access niche skills without building internal labs and reduce time-to-market.
- IIT Kanpur brings translational R&D expertise in AI, intelligent systems, robotics, cybersecurity and other next-generation technologies.
- The MoU bridges academic research and enterprises to co-develop innovative technologies with measurable impact.
- Union Minister for Education Dharmendra Pradhan launched the two-day Bharat Bodhan AI Conclave-2026 in New Delhi.
- The conclave focuses on four verticals: AI for school education, AI for higher education, AI for skilling and workforce readiness, and AI research and deep technology.
- It aims to integrate AI in education at scale and develop the ‘Bharat EduAI Stack’ by bringing together academia, industry, policymakers, start-ups, innovators, scientific leadership and the skilling ecosystem.
- Pradhan stated that India’s AI will be inclusive by design, interoperable by architecture and sovereign by capability.
- Indian Institute of Management (IIM) Lucknow introduced a series of new Artificial Intelligence programmes during the event.
- An MoU was exchanged between Indian Institute of Technology (IIT) Bombay and Columbia University to establish a Centre of AI for manufacturing at IIT Bombay.
- On 11 February, Pradhan chaired a roundtable with founders of 10 new-age Indian start-ups using AI in education at IIT Delhi to discuss alignment with the National Education Policy (NEP) 2020.
Russia declares Stanford University undesirable on 12 April 2026
[Russia, Stanford University]
Key Updates:
- The Justice Ministry of Russia added the United States (US)-based Stanford University to its list of undesirable organisations on 12 April 2026.
- Stanford University is the 19th Western university to be added to the list over the last five years.
- The Stanford University Centre for Russian, East European, and Eurasian Studies (CREEES) has also been included in the undesirable classification.
- According to Russian law, students affiliated with an undesirable organisation can face up to four years in prison, while organisers may face up to six years.
- Over 200 foreign organisations, including Yale University, Amnesty International, and the British Council, have been declared undesirable by Russia.
- Russia introduced the law regarding undesirable organisations in 2015 to regulate foreign-funded entities and opposition groups.
- The Kremlin has applied the foreign agent tag to more than 1,000 organisations and individuals, requiring them to adhere to strict reporting requirements.
Similar Coverage
- The University Grants Commission (UGC) has identified 32 fake universities operating across 12 states in India.
- Delhi has the highest number of such universities with 12, followed by Uttar Pradesh with four.
- The UGC, a statutory body under the Ministry of Education, has clarified that these institutions are not recognized by the Central or State Governments and lack the authority to award valid degrees under the UGC Act.
- UNESCO's 2026 Global Education Monitoring (GEM) Report states 273 million children and young people are out of school worldwide.
- One in six school-age children are excluded from education and only two in three complete secondary school.
- Progress in school participation has slowed across most regions since 2015, with conflict and population growth as key drivers.
- Sub-Saharan Africa is particularly affected by the slowdown in educational participation.
- The UN Human Rights Monitoring Mission in Ukraine (HRMMU) reported Russia launched nearly 1,000 drones and dozens of missiles at Ukrainian cities during 23-24 March.
- The 23-24 March attacks killed at least six people, injured almost 100, and damaged residential areas, medical facilities, and energy infrastructure.
- Targets included a monastery in Lviv and a maternity hospital in Ivano-Frankivsk region.
- More than 15,000 civilian killings have been confirmed since Russia's full-scale invasion of Ukraine over four years ago.
- 3.7 million people are internally displaced in areas controlled by the Kyiv government.
- The UN Environment Programme (UNEP) and the World Conservation Monitoring Centre report nearly half of migratory species requiring protection are declining.
- Species threatened by extinction have risen to 24% from 22% two years earlier.
- UNEP's Elizabeth Maruma Mrema stated protecting migratory species depends on coordinated international action.
- Environmental multilateralism works and is essential for protecting migratory species that cross borders and oceans.
- QS World University Rankings: Europe 2026 was released on 28 January 2026.
- University of Oxford (UK) tops the ranking, overtaking ETH Zurich (Switzerland) and Imperial College London (UK).
- Seven of the top 10 universities are UK institutions.
- Over 950 institutions from 42 countries and territories are ranked using 12 performance indicators.
- City St George’s, University of London is the highest-ranked new entrant at 127th place.
- Denmark records the highest average score in seven of the twelve indicators among locations with five or more ranked institutions.
- Ireland is the most improved location, with 87.5% of its ranked universities moving up.
- Western Europe is the most represented sub-region with 227 ranked institutions.
- Istanbul is the most represented metropolitan area with 29 ranked universities.
- Baku Engineering University improved the most, rising 96 places to =395.
- University of Oxford leads the Employer Reputation indicator, followed by University of Cambridge and Imperial College London.
- University of Oxford also tops the Employment Outcomes indicator, followed by University of Cambridge and London School of Economics and Political Science (LSE).
- Russia has blocked WhatsApp for alleged legal breaches, according to Kremlin spokesperson Dmitry Peskov.
- Peskov attributed the ban to WhatsApp’s reluctance to comply with Russian law.
- Users are urged to switch to MAX, a state-backed platform offering messaging, e-government services and payments.
- MAX openly declares it will share user data with authorities and lacks end-to-end encryption, unlike WhatsApp.
- Since December, many Russians access WhatsApp only via VPN, Reuters reported.
- Russia had already limited WhatsApp and Telegram calls last year, accusing them of withholding information from fraud and terrorism probes.
- State regulator Roskomnadzor announced fresh restrictions on Telegram this week for similar legal non-compliance.
- Russia has also blocked Twitter, Facebook, Instagram and imposed curbs on Apple’s FaceTime and YouTube services.