Daily Current Affairs and GK Updates (13th May, 2026) |

National News

What Is the New Judicial Infrastructure Committee Announced by CJI Surya Kant?

Surya Kant announced the formation of a Judicial Infrastructure Advisory Committee to modernize court infrastructure and improve India’s justice delivery system.
The high-powered committee, headed by Justice Aravind Kumar, will prepare a national roadmap to address issues like outdated court buildings, digital gaps, overcrowding and delays in case management across High Courts and district courts.
Key focus areas include strengthening the e-Courts initiative, expanding digital filing, virtual hearings, case tracking systems and creating technology-enabled, citizen-friendly court complexes.
The reform aims to improve judicial efficiency, reduce case backlogs and provide better facilities for litigants and lawyers as India pushes toward a more modern and accessible judiciary system.

What Is the $1.5 Billion Maritime Plan India Just Launched?

India has launched the $1.5 billion Bharat Maritime Insurance Pool (BMI Pool) to strengthen the country’s shipping and trade ecosystem and reduce dependence on foreign insurers.
The initiative, backed by a $1.4 billion sovereign guarantee, aims to provide stable and continuous insurance coverage for vessels operating to and from India, including global maritime routes and high-risk regions.
The pool offers comprehensive coverage such as Hull & Machinery, cargo insurance, protection & indemnity (P&I), and war risk insurance, ensuring protection across all stages of international shipping.
Approved by the Union Cabinet in April 2026, the BMI Pool is designed to lower insurance costs, improve risk management, and safeguard India’s maritime trade during global disruptions and geopolitical uncertainties.

State News

Puducherry Gets New Leadership as Rangasamy Takes Charge as CM

N. Rangasamy was sworn in as Chief Minister of Puducherry for a record fifth term on 13 May 2026, following the AINRC-led NDA alliance’s victory in the Union Territory elections.
The oath of office was administered by K. Kailashnathan, marking the continuation of NDA governance in the Union Territory.
Along with the Chief Minister, Malladi Krishna Rao and A. Namassivayam were also sworn in as ministers, reflecting the alliance balance between the AINRC and BJP within the cabinet.
The election outcome, in which the NDA retained power, further strengthens Rangasamy’s position as one of Puducherry’s most influential political leaders and highlights the coalition’s continued mandate in the region.

International News

Kevin Warsh Set to Lead US Federal Reserve as Next Chair

Kevin Warsh has been confirmed by the U.S. Senate to a 14-year term on the Federal Reserve Board of Governors, positioning him as the likely next Chair of the Federal Reserve.
The Senate approved his nomination in a 51–45 vote, while a separate confirmation vote is still required for him to officially replace Jerome Powell as Fed Chair.
Warsh previously served at the Federal Reserve during the 2008 global financial crisis and is regarded as an influential voice on monetary policy, inflation control and financial market reforms.
His appointment comes at a crucial time as the U.S. economy faces inflation pressures, political scrutiny over interest rates, and global market uncertainty, making the Fed leadership transition closely watched worldwide.

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Banking News

India’s PSBs Achieve Record Profit for Fourth Consecutive Year

India’s public sector banks (PSBs) have reported their strongest-ever performance, posting a record ₹1.98 lakh crore net profit in FY 2025–26, marking the fourth consecutive year of profitability.
According to the Ministry of Finance, the combined operating profit rose to ₹3.21 lakh crore, supported by strong credit growth, improved asset quality and higher income levels across banks.
PSBs also showed robust expansion, with total business reaching ₹283.3 lakh crore, deposits at ₹156.3 lakh crore, and gross advances growing 15.7% year-on-year, reflecting strong demand for credit.
Asset quality improved significantly, with gross NPAs falling to 1.93% and net NPAs to 0.39%, while strong recoveries and provisioning strength highlight a major turnaround in India’s public banking sector and its role in supporting economic growth.

Reserve Bank of India Cancels Licence of Sarvodaya Cooperative Bank

The Reserve Bank of India has cancelled the banking licence of Sarvodaya Cooperative Bank with immediate effect, citing weak financial health, poor earnings potential and risks to depositors’ interests.
Following the order, the bank can no longer accept deposits, allow withdrawals, issue loans or conduct regular banking operations, effectively freezing customer accounts after May 12, 2026.
The RBI clarified that around 98.36% of depositors are protected under the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance framework, which covers deposits up to ₹5 lakh per depositor per bank, including savings accounts, fixed deposits and accrued interest.
However, depositors with balances above ₹5 lakh may face delays and uncertainty, as recovery beyond the insured limit will depend on the liquidation process, sale of bank assets and claims settlement overseen by the appointed liquidator.

Economy News

Why Moody’s Has Suddenly Cut India’s Growth Rate – Explained

Moody’s Ratings has lowered India’s GDP growth forecast for 2026 to 6%, citing weak consumption, slower investments, declining industrial activity and rising energy costs.
According to the Moody’s Global Macro Outlook May 2026 Update, growth projections for both 2026 and 2027 were revised downward, indicating moderation after India’s strong post-pandemic recovery.
A major concern highlighted is India’s heavy dependence on imported energy, with rising crude oil prices and global supply disruptions increasing risks related to inflation, government spending and industrial production.
Moody’s also warned that geopolitical tensions, global shipping risks and energy supply uncertainties could impact India’s investment climate, corporate profits and overall economic growth momentum.

Why India’s Inflation Is Creeping Up Again in April 2026

India’s CPI-based retail inflation rose slightly to 3.48% in April 2026, up from 3.4% in March, mainly driven by higher food prices, according to recent data trends.
Despite the increase, inflation remains below the Reserve Bank of India’s 4% target, though new risks are emerging from global crude oil price rises, geopolitical tensions in West Asia, and a weaker Indian rupee.
Food inflation climbed to 4.20%, with sharp volatility in vegetables tomato prices surged 35.28%, while potato and onion prices fell significantly, showing uneven price pressures across essential goods.
Economists warn that rising import costs and energy prices could keep inflationary pressure elevated in the coming months, even though current levels remain within the RBI’s tolerance band of 2% to 6%.

India Raises Import Duty on Gold and Silver to 15%

India has raised the import duty on gold and silver to 15%, a move aimed at strengthening foreign exchange reserves and reducing pressure on the Indian rupee amid global economic uncertainty.
The revised structure under the Ministry of Finance includes 10% Basic Customs Duty (BCD) and 5% Agriculture Infrastructure and Development Cess (AIDC), pushing the effective duty from 6% to 15% for gold and silver, and 15.4% for platinum.
The decision comes as India faces rising import pressures from crude oil costs, geopolitical tensions in West Asia, and global market volatility, which are widening the current account deficit.
Economists expect the higher duty to reduce gold demand by 10–15%, making jewellery and investment purchases more expensive while helping curb non-essential foreign exchange outflows.

Agreements News

What RBI’s New Partnership with I4C Means for Online Banking Security

Indian Cyber Crime Coordination Centre signed an MoU with the Reserve Bank of India to strengthen cyber fraud prevention and tackle the growing threat of mule accounts in India’s banking system.
The partnership aims to improve fraud-risk intelligence sharing, enhance coordination between agencies and use AI-driven systems to detect suspicious financial transactions in real time.
Mule accounts, often used in online scams, phishing attacks and money laundering, have become a major challenge in controlling cybercrime and digital payment fraud.
The initiative will integrate data from the I4C Suspect Registry and deploy advanced analytics to quickly identify and block fraudulent accounts, improving security in India’s digital payments ecosystem.

Appointments News

Who Is India’s New Ambassador to Oman? What It Means for Both Nations

Prashant Pise has been appointed as India’s next Ambassador to the Oman by the Ministry of External Affairs.
A 1995-batch Indian Foreign Service (IFS) officer, he currently serves as Additional Secretary (Emigration Policy and Welfare) and will replace Godavarthi Venkata Srinivas in Muscat.
Prashant Pise has extensive diplomatic experience, including postings in Cairo, Tripoli, and roles related to Russia, Central Asia, CIS affairs, and UN economic matters, along with leadership in international migration and labour diplomacy.
His appointment is strategically significant as Oman remains a key Indian partner in the Gulf region for energy security, maritime cooperation, trade, and welfare of the large Indian diaspora.

R. Mukundan Succeeds Rajiv Memani as CII President for 2026–27

R Mukundan has assumed office as President of the Confederation of Indian Industry for the 2026–27 term, succeeding Rajiv Memani.
A senior Tata Group executive with over three decades of leadership experience, Mukundan has worked across sectors including chemicals, automotive, hospitality, and corporate strategy, and currently leads Tata Chemicals.
The CII also announced Suchitra K Ella as President-Designate and Shashwat Goenka as Vice-President for 2026–27.
As one of India’s most influential industry bodies, CII plays a key role in economic reforms, policy advocacy, investment promotion, manufacturing competitiveness, and public-private dialogue.

Historic Appointment: Susan Elias Named First Female Principal in 145 Years

Susan Elias has been appointed as the first female Principal of St Stephen’s College, marking a historic milestone in the institution’s 145-year history.
She will assume office as the 14th principal from 1 June 2026, succeeding John Varghese.
A seasoned academic with over three decades of experience, Elias has worked in teaching, research and university administration, and previously served as Pro Vice Chancellor (Research) at Chandigarh University Uttar Pradesh.
Her vision includes preserving the college’s legacy while introducing modern, future-ready courses in areas such as artificial intelligence and quantum computing, aligning the institution with emerging global education trends.

Sports News

What Rahul Dravid’s New ETPL Franchise Deal Means for European Cricket

Rahul Dravid has become the owner of the Dublin Guardians franchise in the upcoming European T20 Premier League, Europe’s first ICC-sanctioned multi-country T20 competition.
The ETPL is being launched in partnership with Cricket Ireland, Cricket Scotland and the Royal Dutch Cricket Association to promote cricket growth across Europe.
Dravid’s involvement is considered significant due to his reputation as a former India captain, World Cup-winning coach and mentor in youth cricket development, giving the league strong global credibility.
The league also features star-studded franchise ownership involving Chris Gayle, Glenn Maxwell, Steve Waugh and Faf du Plessis, with major international players expected to participate in ETPL 2026.

Obituaries News

Former Mohun Bagan President Swapan Sadhan Bose Passes Away at 79

Swapan Sadhan Bose, popularly known as “Tutu Bose,” passed away at the age of 79 in Kolkata after suffering a cardiac arrest.
A highly respected football administrator, Tutu Bose remained associated with Mohun Bagan Super Giant for over three decades and served the club in major roles including secretary and president.
He played a crucial role in modernizing the club’s administration and became an influential figure in Kolkata’s football culture and Indian football management.
His mortal remains will be kept at the Mohun Bagan club tent for fans to pay tribute before the cremation, while family members and sports personalities remembered him as a pillar of support and leadership in Indian football.