Daily Current Affairs – 1 & 2 May 2026 | UPSC, SSC, Banking, Railway Exam Updates

Introduction

Current Affairs 1 & 2 May 2026 bring crucial updates for aspirants preparing for UPSC, SSC, Banking, Railways, and State PSC exams. In this edition of Latest Current Affairs 2026, key highlights include PM Narendra Modi’s Uttar Pradesh visit, THE Asia University Rankings 2026, RBI’s NBFC reforms, and DRDO’s NASM-SR missile test.

Understanding these developments will strengthen your grasp of governance, economy, international relations, and technology, which are frequently tested in Prelims, Mains, and interviews.

Detailed Current Affairs - 1 & 2 May 2026

National Affairs

PM Narendra Modi’s Visit to Uttar Pradesh and Launch of Development Projects

Why in News

In April 2026, Prime Minister Narendra Modi visited Uttar Pradesh on 28-29 April 2026, where he participated in a Mahila Sammelan in Varanasi and inaugurated multiple development projects. The visit focused on women empowerment, infrastructure expansion, healthcare, and tourism development.

During the visit, projects worth around ₹6,350 crore were inaugurated or had foundation stones laid, reflecting the government’s emphasis on regional connectivity and economic growth. A major highlight was the inauguration of the Ganga Expressway, a key infrastructure project connecting western to eastern UP.

This visit is significant as it aligns with India's broader goal of improving logistics, economic corridors, and inclusive development, especially in politically and economically important states like Uttar Pradesh.

Key Highlights

• ₹6,350 crore projects - Over 48 completed projects worth ₹1,050+ crore and 112 new projects worth ₹5,300+ crore were launched, boosting infrastructure and public services.
• Mahila Sammelan in Varanasi - Focused on women empowerment, promoting participation in governance and economic activities.
• Ganga Expressway - A 594 km long, 6-lane (expandable to 8 lanes) expressway connecting Meerut to Prayagraj, improving connectivity across 12 districts.
• Economic Significance - Expected to reduce travel time, boost trade, and enhance industrial growth across Uttar Pradesh.
• Tourism Boost - Development in Varanasi (Kashi) enhances religious tourism and economic opportunities.
• Integrated Development Approach - Covers sectors like railways, healthcare, and infrastructure, ensuring holistic regional growth.

Important Details Table

Knowledge Booster

• Expressways in India are developed under Bharatmala Pariyojana.
• Uttar Pradesh has one of the largest expressway networks in India.
• Varanasi is a key cultural and religious hub on the Ganga River.
• Infrastructure development is crucial for GDP growth and logistics efficiency.

Analysis

The expansion of expressway infrastructure reflects India's push toward high-speed connectivity and economic corridors. Projects like the Ganga Expressway can significantly reduce logistics costs, enhance regional trade, and promote balanced development. For exams, this topic links with GS-3 (Infrastructure) and Economic Development.

NRAI 75th Anniversary & Launch of MyNRAI Athlete App

Why in News

Union Minister Dr. Mansukh Mandaviya attended the 75th anniversary of the National Rifle Association of India (NRAI) in New Delhi and launched the MyNRAI Athlete App. The initiative marks India's progress in digitising sports governance.

Key Highlights

• MyNRAI Athlete App - First fully digitised platform for athlete management.
• 75-year milestone - Reflects India's legacy in shooting sports.
• Grassroots programme - Aims to train 7.5 lakh students before 2028 Olympics.
• Digital transformation - Enhances transparency and athlete performance tracking.
• National sports development - Focus on Olympic-level training.
• Youth engagement - Encourages early participation in sports.

Table

Knowledge Booster

• NRAI governs shooting sports in India.
• Shooting is a key medal contributor in Olympics.
• India has strong performance in ISSF competitions.

BRICS MENA Meeting 2026 in New Delhi

Why in News

In April 2026, the BRICS MENA (Middle East and North Africa) Meeting 2026 was held in New Delhi, chaired by Dr. Neena Malhotra, Secretary (South) in the Ministry of External Affairs (MEA).

The meeting brought together Deputy Foreign Ministers and Special Envoys from BRICS nations to discuss pressing geopolitical issues in West Asia and North Africa, including conflicts in Gaza, Palestine, Syria, Yemen, Libya, Iraq, and Sudan.

This meeting is significant as India holds the BRICS Chairship in 2026, reinforcing its leadership role in multilateral diplomacy and global governance, especially in addressing humanitarian crises and promoting regional stability.

Key Highlights

• Focus on Gaza, Palestine, Syria, Yemen crises.
• Emphasis on zero tolerance for terrorism.
• Support for UN agencies like UNRWA.
• Discussion on post-conflict reconstruction.
• Next meeting under China’s chairship (2027).
• Reinforces India’s role in global diplomacy.

Knowledge Booster

• BRICS includes Brazil, Russia, India, China, South Africa.
• Focuses on economic and geopolitical cooperation.

Namo Stall Scheme Launched in Ranchi

Why in News

In April 2026, Union Minister of State (MoS) for Defence Sanjay Seth launched the ‘Namo Stall Scheme’ in Ranchi, Jharkhand. The scheme has been introduced under the umbrella of the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme (PM SVANidhi) to provide better infrastructure and financial support to street vendors.

Street vendors form a significant part of India’s urban informal economy, but often lack access to formal credit, infrastructure, and social security. The Namo Stall Scheme aims to address these challenges by providing permanent vending spaces, improved visibility, and economic empowerment.

This initiative is important in the context of urban livelihood generation, financial inclusion, and inclusive economic growth, which are key themes in UPSC GS-3 and Banking awareness.

Key Highlights

• Provides free stalls worth ₹50,000.
• Promotes self-employment and livelihood.
• Supports urban informal sector.
• Linked to PM SVANidhi Scheme (2020).
• Offers collateral-free loans up to ₹50,000.
• Includes interest subsidy (7%).

International Affairs

THE Asia University Rankings 2026

Why in News

In April 2026, the Times Higher Education (THE) released the 14th edition of the Asia University Rankings 2026, evaluating top universities across Asia based on parameters such as teaching, research, citations, industry income, and international outlook.

India’s premier institution, the Indian Institute of Science Bengaluru (IISc Bengaluru), emerged as the top-ranked Indian university, securing the 43rd position in Asia with an overall score of 65.1, although it dropped from 38th rank in 2025.

The rankings highlight Asia’s growing prominence in global higher education, while also underlining the need for India to strengthen research output, global collaborations, and institutional quality to compete with top-performing countries like China and Singapore.

Key Highlights

• Tsinghua University ranked 1st.
• China dominates top 10.
• India has 128 universities listed.
• IISc score: 65.1.
• Shows India’s growing academic presence.
• Highlights need for research investment.

SCO Defence Ministers’ Meeting 2026

Why in News

In April 2026, India’s Defence Minister Rajnath Singh participated in the 23rd Defence Ministers’ Meeting of the Shanghai Cooperation Organisation (SCO) held in Bishkek, Kyrgyzstan.

The meeting brought together defence ministers from SCO member countries, focusing on evolving regional and global security challenges, especially terrorism, extremism, and geopolitical instability in Eurasia. India’s participation highlights its growing role in multilateral security cooperation platforms and its commitment to maintaining peace and stability in the region.

This event is particularly important in the context of increasing tensions in the Indo-Pacific and Central Asian regions, where security cooperation and dialogue are essential for preventing conflicts and ensuring collective stability.

Key Highlights

• Focus on counter-terrorism.
• Participation from 10+ countries.
• India reiterated zero tolerance for terrorism.
• Bilateral talks with China, Kazakhstan, Belarus.
• Strengthens regional security cooperation.

Economy & Banking

RBI NBFC Regulation Changes

Why in News

In April 2026, the Reserve Bank of India (RBI) issued the NBFC (Registration, Exemptions and Framework for Scale-Based Regulation) Amendment Directions, 2026, which will come into effect from July 1, 2026. These guidelines aim to simplify the regulatory structure for Non-Banking Financial Companies (NBFCs) that do not accept public funds and have no direct customer interface.

The move comes in response to the need for proportionate regulation, where smaller NBFCs with limited systemic risk are not burdened with heavy compliance requirements. The RBI has introduced a new classification system and provided a structured exit mechanism for eligible entities.

This reform is significant as NBFCs play a crucial role in credit delivery, financial inclusion, and MSME financing, especially in underserved and rural areas of India.

Key Highlights

• Introduced Unregistered Type I NBFCs.
• Asset threshold: ₹1,000 crore.
• No registration needed for non-public fund NBFCs.
• One-time deregistration window till 31 Dec 2026.
• Disaster relief via loan restructuring.
• Enhances regulatory flexibility.

Analysis

This reform reduces compliance burden on smaller NBFCs while ensuring regulatory clarity. It supports financial inclusion and credit expansion.

SEBI PaRRVA Framework

Why in News

In April 2026, the Securities and Exchange Board of India (SEBI) operationalised the PaRRVA (Past Risk and Return Verification Agency) Framework, which will become fully functional from May 4, 2026. This initiative aims to bring greater transparency and accountability to the Indian financial markets by independently verifying the performance claims made by market intermediaries and finfluencers.

The rise of unregulated financial influencers (finfluencers) and misleading return claims in recent years has raised concerns about investor protection and market integrity. SEBI introduced this framework to ensure that investment performance data shared with investors is accurate, standardised, and verified by an independent authority.

This move is significant in strengthening India’s financial ecosystem by promoting trust, transparency, and informed decision-making among investors, particularly retail participants.

Key Highlights

• Improves transparency in financial markets.
• CARE Ratings recognised agency.
• NSE acts as data centre.
• Effective from May 4, 2026.
• Targets finfluencers & intermediaries.

Science & Technology

DRDO NASM-SR Missile Test

Why in News

In April 2026, the Defence Research and Development Organisation (DRDO), in collaboration with the Indian Navy, successfully conducted the maiden salvo launch of the Naval Anti-Ship Missile - Short Range (NASM-SR) off the coast of Odisha. The test was carried out from a naval helicopter at the Integrated Test Range (ITR), Chandipur.

This marks a major milestone in India’s efforts to enhance its naval strike capability, particularly in air-launched anti-ship warfare systems. The successful demonstration of a salvo launch (multiple missiles fired in quick succession) reflects advanced targeting precision and operational readiness.

The development of NASM-SR aligns with India’s push for indigenisation in defence technologies under the Atmanirbhar Bharat initiative, reducing reliance on imported missile systems and strengthening maritime security in the Indian Ocean Region (IOR).

Key Highlights

• First-ever salvo launch from helicopter.
• Conducted at Chandipur, Odisha.
• Targets anti-ship warfare capability.
• Developed by RCI, DRDO.
• Strengthens naval defence.

Silicon Photonics at IIT Madras

Why in News

In April 2026, the Ministry of Electronics and Information Technology (MeitY) launched two indigenously developed Silicon Photonics technologies at Indian Institute of Technology Madras, Tamil Nadu. This initiative was unveiled at the Centre of Excellence for Programmable Photonic Integrated Circuits and Systems (CoE-CPPICS).

The launch is part of India’s broader strategy to strengthen its semiconductor ecosystem, reduce dependency on foreign chip design tools and fabrication facilities, and promote self-reliance under the Atmanirbhar Bharat initiative. Silicon photonics is a cutting-edge technology that integrates optical components with semiconductor chips, enabling faster data transmission and energy-efficient computing systems.

This development is particularly significant as India aims to become a global hub for electronics manufacturing, telecom infrastructure, and advanced computing technologies, especially in areas like 5G, AI, data centres, and defence electronics.

Key Highlights

• Includes PDK & PPIC technologies.
• Reduces import dependency.
• Boosts semiconductor ecosystem.
• Collaboration with SilTerra & izmo Microsystems.

Appointments & Resignations

Justice Anupinder Grewal Appointed NCLT President

Key Highlights

• First non-CJ appointment to NCLT.
• Tenure: 5 years or age 67.
• Strong background in constitutional law.

Important Days

Ayushman Bharat Diwas 2026

Key Highlights

• Observed on April 30.
• Focus on Universal Health Coverage (UHC).
• Scheme launched in 2018.

State Affairs

Maharashtra AI Policy 2026

Key Highlights

• Investment target: ₹10,000 crore.
• Job creation: 1.5 lakh by 2031.
• Includes AI CoEs, GPU infrastructure.

Bengaluru AI-based Namma 112

Key Highlights

• Supports 10+ languages.
• Uses VANKI AI system.
• Enhances emergency response efficiency.

Today’s Current Affairs One-Liners - 1 & 2 May 2026

National Affairs

● National Affairs - Prime Minister Narendra Modi inaugurated and laid the foundation for projects worth approximately ₹6,350 crore during his April 28-29, 2026 visit to Uttar Pradesh, including the 594 km Ganga Expressway connecting Meerut to Prayagraj, aimed at boosting regional connectivity, trade logistics, and economic growth across 12 districts.

● National Affairs - During his Varanasi visit, PM Narendra Modi participated in a Mahila Sammelan and performed darshan at Kashi Vishwanath Temple, emphasising women empowerment, cultural heritage promotion, and tourism-led development in one of India’s most important spiritual cities.

● National Affairs - Union Minister Dr. Mansukh Mandaviya attended the 75th anniversary celebrations of the National Rifle Association of India (NRAI) in New Delhi, where he launched the MyNRAI Athlete App, India’s first fully digitised sports federation platform aimed at improving athlete tracking, training, and performance management.

● National Affairs - The NRAI grassroots initiative aims to introduce 7.5 lakh school and college students to shooting sports before the 2028 Olympics, promoting early talent identification and strengthening India’s future Olympic medal prospects.

● National Affairs - Union MoS Sanjay Seth launched the Namo Stall Scheme in Ranchi, Jharkhand, under the PM SVANidhi Scheme, providing free vendor stalls worth ₹50,000 each to enhance livelihood opportunities and financial inclusion for street vendors.

International Affairs

● International Affairs - The Times Higher Education (THE) Asia University Rankings 2026 ranked Tsinghua University (China) first for the 8th consecutive year, while Indian Institute of Science (IISc), Bengaluru secured 43rd rank, remaining the only Indian institution in the top 50 with a score of 65.1.

● International Affairs - India led globally with 128 universities featured in the THE Asia Rankings 2026, surpassing Japan (115) and Turkey (109), reflecting India’s expanding higher education ecosystem despite limited top-tier representation.

● International Affairs - Union Defence Minister Rajnath Singh participated in the 23rd Shanghai Cooperation Organisation (SCO) Defence Ministers’ Meeting in Bishkek, Kyrgyzstan, focusing on regional security cooperation, counter-terrorism strategies, and stability in Eurasia.

● International Affairs - At the SCO Defence Meeting, India reiterated its zero-tolerance policy towards terrorism and extremism, while also holding bilateral talks with defence ministers of China, Kazakhstan, Kyrgyzstan, and Belarus to enhance defence cooperation and strategic engagement.

Economy & Banking

● Economy & Banking - The Reserve Bank of India (RBI) issued new NBFC regulatory guidelines effective from July 1, 2026, introducing the category of ‘Unregistered Type I NBFCs’ for entities with assets below ₹1,000 crore that do not accept public funds or have customer interface, reducing regulatory burden.

● Economy & Banking - The RBI provided a one-time deregistration window until December 31, 2026 for eligible NBFCs, marking the first structured exit route from the regulatory framework and improving ease of doing business in the financial sector.

● Economy & Banking - The RBI also allowed suo motu loan resolution for borrowers affected by natural calamities, based on recommendations from the State Level Bankers’ Committee (SLBC), strengthening disaster-response financial mechanisms.

● Economy & Banking - The Securities and Exchange Board of India (SEBI) operationalised the PaRRVA (Past Risk and Return Verification Agency) Framework, appointing CARE Ratings Ltd. as the verification agency and NSE as the data centre, to validate performance claims made by intermediaries and finfluencers.

● Economy & Banking - Tata AIA Life Insurance launched the ‘Shubh Health Criti’ ULIP plan, offering coverage for over 60 critical illnesses, a 30-year premium guarantee, and integrated investment-health planning features, targeting long-term healthcare financing needs.

Science & Technology

● Science & Technology - The Defence Research and Development Organisation (DRDO) and Indian Navy successfully conducted the maiden salvo launch of the NASM-SR (Naval Anti-Ship Missile - Short Range) from a helicopter off the Odisha coast, marking a significant advancement in India’s air-launched anti-ship warfare capability.

● Science & Technology - The NASM-SR missile test at the Integrated Test Range (ITR), Chandipur, involved two missiles launched in quick succession, demonstrating enhanced targeting accuracy using radar, electro-optical systems, and telemetry tracking technologies.

● Science & Technology - The Ministry of Electronics and Information Technology (MeitY) launched indigenous Silicon Photonics solutions at IIT Madras, including a Process Design Kit (PDK) and Programmable Photonic Integrated Circuit (PPIC) Test Engine, to boost India’s semiconductor ecosystem and reduce foreign dependency.

Economy & Business

● Economy & Business - Paras Defence and Space Technologies Ltd. signed an MoU with Complus Systems Pvt. Ltd. and JV Micronics to develop advanced anechoic chambers, which are specialised facilities used for electromagnetic testing of radar, antennas, and defence electronics systems.

Awards & Recognition

● Awards & Recognition - Sahajanand Medical Technologies (SMT) became the first Indian cardiovascular device manufacturer to receive ISO 50001:2018 Energy Management System certification, highlighting its commitment to sustainable manufacturing and energy efficiency.

Appointments & Resignations

● Appointments - Justice (Retd.) Anupinder Singh Grewal was appointed as the President of the National Company Law Tribunal (NCLT) for a five-year term or until the age of 67, becoming the first non-Chief Justice-level judge to hold the position.

Important Days

● Important Day - Ayushman Bharat Diwas is observed annually on April 30 to promote awareness about the Ayushman Bharat scheme, launched in 2018, which aims to achieve Universal Health Coverage (UHC) through Health and Wellness Centres (HWCs) and PM-JAY.

State Affairs

● State Affairs - The Maharashtra Government approved AI Policy 2026, aiming to attract ₹10,000 crore investment and generate 1.5 lakh jobs by 2031, with plans for AI Centres of Excellence, GPU infrastructure, and AI innovation cities.

● State Affairs - The policy also includes a ₹500 crore venture capital fund, support for 5,000 MSMEs, and training for 2 lakh youth, strengthening Maharashtra’s position as a leading AI innovation hub in India.

● State Affairs - The Bengaluru City Police introduced India’s first AI-powered multilingual emergency response system ‘Namma 112’, using the VANKI (Voice AI for Nationwide Key Interventions) system, enabling support in 10+ Indian and global languages.

● State Affairs - The Namma 112 system converts voice calls into real-time text alerts and uses predictive analytics to deploy police personnel in high-risk areas, significantly improving emergency response efficiency and public safety.