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We are here for you to provide the important Recent and Latest Current Affairs May 26 2026, which have unique updates of Latest Current Affairs 2026 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

DPIIT Releases Guidelines for Implementation of BHAVYA Scheme
In May 2026, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry (MoC&I) released the detailed operational guidelines for the implementation of the BHAVYA (Bharat Audyogik Vikas Yojna) Scheme.
BHAVYA Scheme
Purpose: The objective of the Scheme is to develop investment-ready, world-class industrial infrastructure to enable investors to ground investment with ease, thereby adding to the manufacturing capacity in the country.

• It is aligned with the objectives of Make in India and PM Gati Shakti. 

Scheme Type: It is a Central Sector Scheme, i.e. it is 100% funded and implemented by the Central Government.
Financial Outlay: The total financial outlay for the scheme is Rs 33,660 crore (Cr).

• This includes an administrative fund of Rs 60 Cr.

Parks: The scheme proposes the development of 100 investment-ready industrial parks.

Union Minister Rajnath Singh Inaugurates NIBE Defence Manufacturing Complex in Shirdi, Maharashtra 
In May 2026, Union Minister Rajnath Singh, Ministry of Defence (MoD), inaugurated the NIBE Group’s private defence manufacturing complex in Shirdi, Maharashtra, and flagged off India’s first 300-kilometer (km) Universal Rocket Launching System “Suryastra”, aimed at boosting indigenous defence manufacturing and future warfare capabilities.

• He also approved four defence corridors in cities of Maharashtra: Pune, Nashik, Ahmednagar and Nagpur to strengthen India’s indigenous defence manufacturing ecosystem.

About the Projects:
NIBE Defence Manufacturing Complex: The project was developed by NIBE Group, with an investment of over Rs.5,000 crore and is expected to generate around 4,000 jobs.
Suryastra: It was flagged off as an indigenous guided rocket launcher system developed under the emergency procurement framework and successfully tested at the Integrated Test Range (ITR), Chandipur, Odisha.
Corridors: Maharashtra proposed and approved four defence corridors in Pune, Nashik, Ahmednagar (Ahilyanagar), and Nagpur to strengthen the defence manufacturing ecosystem, indigenous weapons production, defence exports, and Micro, Small and Medium Enterprises (MSMEs) with ancillary industries.

DoS Approved Establishment of Two New Space-tech Facilities in TN, Gujarat
In May 2026, the Department of Space (DoS) granted its approval for the establishment of Common Technical Facilities (CTFs) in Gujarat and Tamil Nadu (TN) to strengthen India’s space ecosystem by promoting domestic manufacturing capabilities and supporting the growth of the space sector industry base.

• These facilities will be equipped with advanced testing, validation, and integration infrastructure, enabling high-precision assessment and seamless integration of space systems and components.

About New Common Technical Facilities (CTFs):
CTF in Gujarat: Out of the two approved CTFs, one i.e. Space Manufacturing Park will be established at Khoraj near Ahmedabad in Gujarat. The facility will mainly focus on building spacecraft and complex payload systems.
CTF in TN: A Space Vehicles Cluster will be established at Thoothukudi, TN, strategically located near the upcoming Small Launch Vehicle (SLV) complex at Kulasekharapatnam. It will mainly focus on areas like: manufacturing, testing and integration of launch vehicle systems.
Key Role of IN-SPACe: As per the DoS, Indian National Space Promotion and Authorisation Centre (IN-SPACe), the commercial arm of Indian Space Research Organisation (ISRO),  will be responsible for the procurement, installation, and commissioning of the technical infrastructure.

Ladakh L-G Approved 5-year MoU Extension with ONGC for India’s first Geothermal Energy Project 
In May 2026, Vinod Saxena, Lieutenant Governor (LG) of Union Territory (UT) Ladakh, approved the extension of the Memorandum of Understanding (MoU) for another 5 years with Oil and Natural Gas Corporation (ONGC), Central Public Sector (CPSE), for the construction of India’s 1st geothermal power project.
Key Details of MoU:
Key Target: Under the revised MoU, ONGC will develop a 1MegaWatt electric (MWe) pilot geothermal power plant at an altitude of over 14,000 feet (ft.) at Puga Valley in eastern Ladakh, along with a Detailed Project Report (DPR) for large-scale commercial exploitation of geothermal energy in UT.
Phase-wise Implementation: As per the agreement, ONGC Energy Centre will drill the existing geothermal well up to 1000 metres (m) during the 2026 working season, while another geothermal well of 1000 m will be drilled in the next phase of the project.

• The testing, evaluation and commissioning of the pilot project will commence in current financial year i.e. Financial Year 2026-27 (FY27).

Project Status: ONGC drilled Ladakh’s deepest geothermal well i.e. up to a depth of 405 metres (m), in 2025, despite extreme weather conditions.

DoP and Flipkart India Sign Agreement to Strengthen e-commerce Logistics Ecosystem 
In May 2026, Department of Posts (DoP), which works under the Ministry of Communications, signed an agreement with Flipkart India Private Limited, one of the leading e-commerce (electronic commerce) companies in India, to bolster the country’s e-commerce logistics ecosystem and enhance parcel delivery efficiency across urban, semi-urban, rural, and remote regions of the country.

• The agreement was signed by Neeraj Kumar Jha, General Manager (GM), Parcel Directorate, DoP, and Harvinder Kapur, Director-Commercial, Flipkart India, in New Delhi, Delhi.

Key Details of Agreement:
Key Role: As per the newly signed agreement, India Post will facilitate last mile delivery services for Flipkart shipments across the country.
Key Services: The new agreement will provide services like: delivery of prepaid and Cash On Delivery (COD) parcels, One Time Password (OTP)-based delivery authentication and real-time shipment tracking.
Focus Areas: The agreement focuses on faster deliveries, improved operational coordination, and seamless technology integration to strengthen parcel delivery services.

Indian Army Launches ‘Q-FORCE’ Application for Logistics & Sustainment Management 
In May 2026, the Indian Army (IA) launched ‘Q-FORCE’, an integrated digital application(app) designed to streamline logistics and sustainment management through seamless integration of multiple logistics and inventory platforms across varied operational terrains in India.

• The application aims to enhance military logistics, supply chain efficiency, transport coordination, and operational support during deployments.

About Q-FORCE Application:
Integration: It is an integrated digital logistics management system developed to enhance real-time coordination, resource planning, and efficient decision-making within the IA through faster tracking and management of logistics assets.
Key Features: The platform enables real-time logistics monitoring, efficient supply-chain management, faster resource allocation, and improved operational readiness within the IA.
Benefits: The application enhances operational readiness, responsiveness, strategic mobility, and emergency deployment capabilities while minimising delays and duplication in logistics operations.
Other Launches: The IA also launched ‘Kautilya’, an Artificial intelligence (AI)-powered command intelligence platform that uses AI dashboards and Natural Language Processing (NLP)-based interfaces for structured data generation, analytics, and decision-making.

INTERNATIONAL AFFAIRS

Overview of Defence Minister Rajnath Singh’s Visit to Vietnam, S. Korea from May 18 to 21, 2026
Union Minister Rajnath Singh, Ministry of Defence (MoD), undertook a 4-day official visit to Vietnam and South Korea from May 18 to 21, 2026, aimed to strengthen defence industrial partnership, boost maritime collaboration and promote peace and stability in the Indo-Pacific region.
Highlights of the Visit:
Visit to Vietnam:  During his visit to Vietnam, Union Defence Minister Singh held a bilateral meeting with Phan Van Giang, Deputy PM (Dy-PM) and Defence Minister of Vietnam, in Hanoi,Vietnam, with both leaders reaffirming the significance of maintaining peace, stability in the Indo-Pacific region.

• Some of the key highlights of the visit were: inauguration of Language Lab (at the Air Force Officers College in Vietnam); establishment of Artificial Intelligence (AI) Lab ; and signing of a Memorandum of Understanding (MoU) between Military College of Telecommunications Engineering (MCTE) in Mhow, Madhya Pradesh (MP), India  and the Tele Communications University of Vietnam, in the field of Artificial Intelligence (AI) and quantum technology.

Visit to South Korea: Union Defence Minister Singh held bilateral talks with Ahn Gyu-back, Minister of National Defence of ROK  and Lee Yong-Cheol, Minister of Defence Acquisition Program Administration (DAPA), in Seoul, South Korea.

• He chaired the India-ROK Defence Industry Business Roundtable in  Seoul, South Korea.
• Key MoUs: A Memorandum of Understanding (MoU) was exchanged between India and sOUTH kOOREAfocused on enhancing cooperation in defence cyber security and defence information sharing.
• And, two key agreements between Larsen and Toubro (L&T) of India and Hanwa Co. Ltd. of ROK, to facilitate enhanced collaboration between the defence industries of two countries.

India, Ethiopia Sign Bilateral Accession Protocol for Ethiopia’s WTO Membership in Geneva
In May 2026, India and Ethiopia signed a bilateral accession protocol in Geneva, Switzerland, related to Ethiopia’s membership in the World Trade Organization (WTO), marking an important step in Ethiopia’s WTO accession process.
Highlights of the Protocol:
Signatories: The protocol was signed by Senthil Pandian C, Ambassador and Permanent Representative of the Republic of India to the WTO and Tsegab Kebebew Daka, Ambassador and Permanent Representative of the Federal Democratic Republic of Ethiopia to the United Nations(UN) Office and Other International Organisations, and was subsequently deposited with the WTO Secretariat.
WTO Accession: The protocol marks a major step in Ethiopia’s WTO accession process following its 7th Working Party meeting in April 2026, involving negotiations on trade reforms, tariff commitments, market access, and alignment with WTO rules.

India’s Support:  India supports Least Developed Countries( LDCs) and developing countries’ WTO accessions to promote inclusive growth and south-south cooperation.

• The agreement was fast tracked under the guidance of Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoC&I).

BANKING & FINANCE

RBI Imposes Monetary Penalties on CUB, Mintifi Finserve & Newa Investments
In May 2026, the Reserve Bank of India (RBI) imposed monetary penalties on City Union Bank Limited(CUB), Mintifi Finserve Private Limited, and Newa Investments Private Limited for non-compliance with various regulatory directions.
About RBI Penalties
CUB: RBI imposed a penalty of Rs 10.10 lakh on CUB, an Indian private sector bank, for levying loan-related charges on certain priority sector agriculture advances up to Rs 25,000 and for failing to report Self Help Group (SHG) member-level data to credit information companies.
Mintifi Finserve: A penalty of Rs 3.10 lakh was imposed on Mintifi Finserve, a Non-Banking Financial Company (NBFC), for failure to upload certain customers’ Know Your Customer (KYC) records to the Central KYC Records Registry (CKYCR) within the prescribed timeline.
Newa Investments: RBI imposed a penalty of Rs 2.70 lakh on Newa Investments, a NBFC, for appointing directors without prior RBI approval, leading to a management change involving over 30% of directors.

AIIB Rolls Out USD 10 Billion Relief Shield for Conflict-Hit Nations 
In May 2026, the Asian Infrastructure Investment Bank (AIIB) launched a new USD 10 billion financing facility named the ‘Energy, Food Security and Economic Resilience Facility (EFSERF)’ to help member countries tackle the economic impact arising from the ongoing Middle East conflict.
About Energy, Food Security and Economic Resilience Facility (EFSERF):
Objective:  The initiative aims to reduce the economic impact of conflicts by supporting reconstruction and recovery efforts, enhancing financial stability in affected countries, and strengthening resilience against future geopolitical and economic shocks.
Mechanism: The facility will provide USD 10 billion in financial support over 2 years to help member countries tackle the economic impact of the ongoing Middle East conflict, particularly in areas such as energy security, food security, and economic resilience.
Assistance Offered: The facility offers budgetary assistance, funding for critical imports, liquidity support, and refinancing aid to help governments and infrastructure companies manage economic disruptions.
AIIB: The Beijing(China)-headquartered bank AIIB established in 2015, and it formally commenced operations in January 2016.

AWARDS & RECOGNITIONS

Cannes Film Festival 2026: Cristian Mungiu’s Fjord Wins Palme d’Or; Andrey Zvyagintsev’s ‘Minotaur’ Secures Grand Prix 
The 79th annual Cannes International Film Festival 2026 was held from 12-23 May 2026 at the Palais des Festivals et des Congrès in Cannes, France, where Romanian director Cristian Mungiu won the Palme d’Or for his drama ‘Fjord’, while Russian director Andrey Zvyagintsev received the Grand Prix for his political thriller drama ‘Minotaur’.

• Cristian Mungiu became a two-time Palme d’Or winner, with strong thematic focus on war, displacement, and political cinema.

About Cannes International Film Festival 2026:
Jury Prize: The Jury Prize awarded to “The Dreamed Adventure” by Valeska Grisebach (Germany) while the Best Director award was shared between Javier Calvo & Javier Ambrossi (Spain) for “La Bola Negra” and Paweł Pawlikowski (Poland) for “Fatherland”.
Acting: The Best Actor award was shared by Emmanuel Macchia and Valentin Campagne (Belgium) for “Coward”, while the Best Actress award was shared by Virginie Efira (Belgium-France) and Tao Okamoto (Japan) for “All Of A Sudden”.
Screenplay: The Best Screenplay award was given to Emmanuel Marre (France) for “A Man of His Time”.
Debut: The Caméra d’Or (Best First Film) was awarded to “Ben’Imana” by Marie-Clémentine Dusabejambo (Rwanda).

APPOINTMENTS & RESIGNATIONS

RBI Approves Reappointment of Sandeep Bakhshi as ICICI Bank MD & CEO till 2028
In May 2026, the Reserve Bank of India (RBI) approved the reappointment of Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank for a further term of two years.
Key Highlights:
New Tenure Period: Sandeep Bakhshi’s new tenure as MD & CEO of ICICI Bank will begin on October 4, 2026, and continue till October 3, 2028.
Approval Requirement: The reappointment of Sandeep Bakhshi is subject to shareholders’ approval and other applicable statutory clearances.
Leadership: Sandeep Bakhshi has been leading ICICI Bank since 2018 and has overseen a major transformation phase for the bank, including strengthening its retail loan portfolio, improving asset quality, and expanding digital banking operations.
ICICI Bank: It is an Indian multinational banking and financial services company established in 1994, headquartered in Mumbai, Maharashtra, with its registered office located in Vadodara, Gujarat.

SPORTS

Indian All-Rounder Vijay Shankar Retires from Domestic Cricket and IPL to Explore Overseas Leagues 
In May 2026, Indian all-rounder from Tamil Nadu (TN), Vijay Shankar announced his retirement from domestic cricket and the Indian Premier League (IPL) after a 25-year cricket journey.

• He represented India in 12 One Day Internationals (ODIs) and 9 Twenty20 Internationals (T20Is) between 2018 and 2019.

About Vijay Shankar:
Profile: He represented India in both One Day Internationals (ODIs) and Twenty20 Internationals (T20Is) between 2018 and 2019. He was known for his batting versatility and medium-pace bowling abilities.
Achievement:He became the first Indian to take a wicket with the first ball of his World Cup debut in the 2019 International Cricket Council (ICC) Cricket World Cup and was popularly referred to as the ‘3D Cricketer’ during squad selection discussions.
Statistics: Played 78 Indian Premier League (IPL) matches, 77 First-Class matches, 112 List A matches, and 159 Twenty20 (T20) matches, scoring 4,253 First-Class runs, 2,790 List A runs, 2,583 T20 runs, and taking 154 wickets across formats.
Domestic: Played mainly for TN before moving to Tripura for the 2025–26 season.
IPL: Represented Chennai Super Kings (CSK), Sunrisers Hyderabad (SRH), Delhi Capitals (DC), and Gujarat Titans (GT) in the IPL from 2014 to 2025 before going unsold in the 2026 auction.

IMPORTANT DAYS

International Day to End Obstetric Fistula 2026 – May 23 
The United Nations (UN)’s International Day to End Obstetric Fistula is observed annually on May 23 to raise awareness about obstetric fistula, a preventable and treatable childbirth injury, and to promote global action and support for affected women and girls, especially in poorer regions.

• 2026 Theme: “Her Health Is a Right: Invest to End Fistula and Childbirth Injuries”.

Background: 
Resolution: The United Nations General Assembly (UNGA) established the International Day to End Obstetric Fistula through Resolution A/RES/67/147 adopted on 20 December 2012.

• The resolution identified poverty as the primary risk factor for obstetric fistula, along with malnutrition, limited healthcare access, early childbirth, child marriage, violence against girls, and gender inequality.

First Observance: The first International Day to End Obstetric Fistula was observed on May 23, 2013.

World Turtle Day 2026 – May 23 
World Turtle Day is observed globally every year on May 23 to create awareness about the conservation of turtles, tortoises, and their natural habitats, while encouraging collective action for their protection and survival.

• May 23, 2026 marked the 26th observance of World Turtle Day.

Background: 
Launch: World Turtle Day was first launched in 2000 by American Tortoise Rescue (ATR), a California, United States of America (USA) -based non-profit organisation dedicated to the conservation of turtles and tortoises.
Annual Observance: World Turtle Day has been observed every year on May 23 since 2000 to promote awareness about turtle and tortoise conservation.
ATR: It was founded in 1990 by Susan Tellem and Marshall Thompson, beginning its rescue efforts with two Russian tortoises named Peggy Sue.

International Day of the Markhor 2026 – May 24 
The United Nations (UN)’s International Day of the Markhor is observed annually on May 24 to raise awareness about the conservation and ecological importance of the markhor (Capra falconeri), a wild goat species native to the mountainous regions of Central and South Asia.

• May 24, 2026 marked the 3rd observance of the International Day of the Markhor worldwide.

Background: 
Resolution: On May 2, 2024, the United Nations General Assembly (UNGA) adopted Resolution A/RES/78/278 declaring May 24 as the International Day of the Markhor.
Proposal & Sponsorship: The resolution was proposed by Pakistan and co-sponsored by Afghanistan, China, Hungary, Kazakhstan, Israel, Tajikistan, Turkmenistan, and Uzbekistan.
First Observance: The first International Day of the Markhor was observed on May 24, 2024.

STATE NEWS

Delhi Govt and SBI Sign MoU for Digital Payment System for e-procurement Portal 
In May 2026, Delhi e-Governance Society (DeGS), under the Department of Information Technology (IT) of Delhi Government, signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI), India’s largest Public Sector Bank (PSB), to implement an integrated digital payment solution ‘e-Pay’ on the state’s e-procurement portal.
Key Details:
Objective: To bolster transparency, improve efficiency and promote ease of doing business in government procurement processes.
Digitisation of EMD: Under the newly signed MoU, the integration of Earnest Money Deposit (EMD) functionality will enable real-time payment verification and eliminate the need for physical demand drafts.
Key Services: As per the MoU, SBI  will provide  enhanced e-banking (electronic banking) services, seamless digital payment support and comprehensive Management Information System (MIS) assistance for procurement related operations.

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