Daily Current Affairs – 3 June 2026 | UPSC, SSC, Banking, Railway Exam Updates

Introduction

Current Affairs 3 June 2026 brings several important developments for aspirants preparing for UPSC, SSC, Banking, Insurance, Railways, Defence, and State PSC examinations. Today's coverage includes the implementation of the India-Oman CEPA, launch of the MAHA Water Mission, the RBI Annual Report 2025-26, indigenous defence innovation through Divyastra Mk-1, and the discovery of a new lizard species Mesalina bishnoi. These Latest Current Affairs 2026 updates are highly relevant for General Awareness, Prelims, Mains, and interview preparation.

Detailed Current Affairs - 3 June 2026

National Affairs

India-Oman CEPA Comes into Force

Why in News

The India-Oman Comprehensive Economic Partnership Agreement (CEPA) officially came into force on 1 June 2026 in the presence of Union Commerce Minister Piyush Goyal and Oman's Ambassador Issa Saleh Al Shibani. The agreement marks a major milestone in India's economic engagement with the Gulf region.

Following implementation, the first consignments of agricultural products and gems and jewellery exports were flagged off from Mumbai, Kolkata, and Chennai under preferential tariff benefits.

The agreement is expected to significantly enhance bilateral trade, improve market access for Indian exporters, and deepen strategic economic ties between India and Oman.

Key Highlights

• 99.38% tariff lines in Oman have been opened under CEPA, covering 98.08% of Indian exports.
• Earlier, only 15.33% of India's exports entered Oman duty-free under the MFN regime.
• Oman has committed market access across 127 services subsectors.
• Indian professionals in engineering, medicine, accounting, IT, education, and construction gain greater opportunities.
• Business visitors can stay in Oman for 90 days.
• Independent professionals can remain for 180 days.
• Intra-Corporate Transferees can stay up to 4 years.
• India has liberalized tariffs on 77.79% tariff lines, covering 94.81% imports from Oman.

Quick Facts

Knowledge Booster

• Oman is strategically located near the Strait of Hormuz.
• CEPA is a deeper agreement than a traditional Free Trade Agreement (FTA).
• India already has CEPAs with countries like UAE and Japan.
• Gulf countries are major energy suppliers to India.

Analysis

The CEPA strengthens India's economic footprint in West Asia and supports export diversification. Enhanced market access for services and professional mobility aligns with India's ambition to become a global services hub.

MAHA Water Mission Launched

Why in News

The Ministry of Jal Shakti (MoJS) and Anusandhan National Research Foundation (ANRF) launched the MAHA Water Mission with an outlay of ₹200 crore over five years. The initiative seeks to encourage innovation and technological solutions for water security challenges.

The mission was launched during the national workshop on water R&D in New Delhi. It promotes collaboration among academia, industry, startups, and government institutions.

Key Highlights

• Total financial outlay of ₹200 crore.
• Support of up to ₹20 crore per consortium.
• Focus on water assessment and sustainable management.
• Encourages startup participation.
• Supports drinking water innovations.
• Promotes climate resilience.
• Focuses on water quality and ecological health.
• Strengthens water-use efficiency and circular economy initiatives.

Quick Facts

Knowledge Booster

• Jal Jeevan Mission aims for rural tap water access.
• ANRF replaced and expanded India's research funding ecosystem.
• Water security is a major Sustainable Development Goal challenge.
• India faces increasing groundwater stress.

Khet Bachao Abhiyan Launched in Madhya Pradesh

Key Highlights

• Launched by Shivraj Singh Chouhan.
• Runs from 1-30 June 2026.
• Focuses on reducing excessive urea usage.
• Promotes soil health improvement.
• Encourages organic and bio-fertilizers.
• Supports Integrated Nutrient Management (INM).
• Conducted through field demonstrations.
• Aims to reduce import dependence on fertilizers.

BHASHINI-DPIIT MoU Signed

Key Highlights

• Supports all 22 Eighth Schedule languages.
• Uses AI-powered translation and speech technologies.
• Enhances multilingual access for startups and investors.
• Includes initiatives like BHASHINI Udyat, Mitra, AppMitra, and Pravakta.
• Supports India's digital public infrastructure ecosystem.
• Encourages language data contributions.
• Promotes multilingual AI adoption.
• Strengthens digital inclusion.

Economy & Banking

RBI Annual Report 2025-26 Released

Why in News

The Reserve Bank of India (RBI) released its Annual Report 2025-26, highlighting significant growth in its balance sheet and changes in the banking sector. The report provides insights into India's financial stability and monetary operations.

Key Highlights

• RBI balance sheet increased by 20.6%.
• Total size reached ₹91.97 lakh crore.
• Domestic investments rose 44.9%.
• Gold holdings increased 63.8%.
• Foreign investments rose 7.9%.
• ₹1.09 lakh crore transferred to contingency fund.
• Fraud amount rose to ₹48,021 crore.
• Number of fraud cases fell to 10,114.

Quick Facts

Knowledge Booster

• RBI was established in 1935.
• Headquarters: Mumbai.
• RBI operates under the RBI Act, 1934.
• Monetary Policy Committee was introduced in 2016.

Analysis

The increase in RBI assets reflects stronger reserve management and monetary operations. However, rising fraud amounts highlight the need for stronger banking governance and technological safeguards.

Economy & Business

HUL Opens Third Global Fragrance Hub

Key Highlights

• Established at IIT Bombay.
• Third global facility after UK and USA.
• Part of EUR 100 million investment program.
• Estimated cost ₹95 crore.
• Uses AI-enabled fragrance development.
• Targets 20% faster product development.
• Supports over 30 brands.
• Expands India's R&D ecosystem.

Awards & Rankings

Forbes World's Richest People 2026

Key Highlights

• Elon Musk ranked 1st with USD 835 billion.
• Larry Page ranked 2nd.
• Sergey Brin ranked 3rd.
• Jeff Bezos ranked 4th.
• Larry Ellison ranked 5th.
• Michael Dell ranked 6th.
• Mark Zuckerberg ranked 7th.
• Jensen Huang, Bernard Arnault, and Steve Ballmer completed the top ten.

Sagar Aankalan Awards 2024-25

Key Highlights

• Deendayal Port Authority won best-performing port award.
• Award presented by Sarbananda Sonowal.
• Paradip Port Authority topped dry bulk cargo category.
• SPTL Jamnagar led liquid bulk cargo handling.
• Visakhapatnam Port Authority secured second position in liquid bulk segment.

Banking & Insurance

Mahindra-Manulife Insurance Limited Approved

Key Highlights

• Approved by Ministry of Corporate Affairs.
• 50:50 JV between Mahindra Group and Manulife Financial Corporation.
• Focus on AI-native insurance solutions.
• MD & CEO-designate: Suresh Agarwal.
• Supports Insurance for All vision.
• Focus on rural and semi-urban markets.

Science & Technology

Indian Army Successfully Tests Divyastra Mk-1

Why in News

The Indian Army completed successful trials of Divyastra Mk-1, an indigenous AI-powered loitering munition system developed by Hoverit. The tests were conducted in Jodhpur, Rajasthan, demonstrating advanced surveillance and precision-strike capabilities.

Key Highlights

• Indigenous tactical UAV.
• AI-powered target recognition.
• Swarm capabilities.
• Precision strike functions.
• ISR enhancement.
• Autonomous navigation.
• Border surveillance support.
• Decoy mission capabilities.

Analysis

The successful testing of Divyastra Mk-1 supports India's defence indigenisation efforts under Aatmanirbhar Bharat and strengthens tactical battlefield intelligence capabilities.

Environment & Ecology

New Lizard Species Mesalina bishnoi Discovered

Key Highlights

• Discovered by Zoological Survey of India.
• First confirmed record of genus Mesalina in India.
• Found near Gajner, Bikaner, Rajasthan.
• Named after Bishnoi community.
• Confirmed using morphological and DNA analysis.
• Belongs to family Lacertidae.
• Highlights biodiversity of the Thar Desert.

Sports

India Wins 10 Medals at U17 Asian Wrestling Championships

Key Highlights

• Event held in Da Nang, Vietnam.
• India won 10 medals.
• 2 Gold, 3 Silver, 5 Bronze.
• Gold medals won by Diksha and Garima.
• 100% podium finish across all categories.
• Organized by United World Wrestling (UWW).

Obituary

Marcia Lucas Passes Away

• Oscar-winning editor Marcia Lucas passed away at age 80 in California.
• Won Academy Award for editing Star Wars: Episode IV - A New Hope.
• Collaborated with George Lucas and Martin Scorsese.

Important Days

World Milk Day - 1 June 2026

• Theme: "Celebrating Women Farmers".
• Observed annually since 2001 by the FAO.

International Sex Workers' Day - 2 June 2026

• Theme focus: Access to Justice.
• Originated from the 1975 Lyon Church protest in France.

Today's Current Affairs One-Liners - 3 June 2026

National Affairs

● National Affairs - The India-Oman CEPA came into force on 1 June 2026, providing duty-free access for 99.38% tariff lines and significantly boosting bilateral trade.

● National Affairs - The MAHA Water Mission was launched by MoJS and ANRF with a ₹200 crore outlay to strengthen India's water security through innovation.

● Agriculture - Khet Bachao Abhiyan was launched in Madhya Pradesh to reduce excessive urea use and promote sustainable farming.

● Governance - BHASHINI and DPIIT signed an MoU to enable multilingual investment services across all 22 scheduled languages.

Economy & Banking

● Banking - The RBI Annual Report 2025-26 reported a 20.6% increase in the central bank's balance sheet to ₹91.97 lakh crore.

● Banking - Banking fraud amounts increased to ₹48,021 crore during FY26 despite a decline in total fraud cases.

Economy & Business

● Industry - HUL inaugurated its third global Unilever Fragrance Hub at IIT Bombay to accelerate AI-enabled product innovation.

Awards & Rankings

● Ranking - Elon Musk remained the world's richest person with an estimated net worth of USD 835 billion according to Forbes.

● Ports - Deendayal Port Authority won the Sagar Aankalan award for best performance in container cargo handling.

Banking & Insurance

● Insurance - Mahindra Manulife Insurance Limited received MCA approval as a 50:50 life insurance joint venture.

Science & Technology

● Defence Technology - The Indian Army successfully tested Divyastra Mk-1, an indigenous AI-powered loitering munition system in Rajasthan.

Environment

● Biodiversity - Scientists discovered Mesalina bishnoi, the first confirmed Indian record of the genus Mesalina, in Rajasthan.

Sports

● Wrestling - India's women's team secured 10 medals, including 2 golds, at the U17 Asian Wrestling Championships 2026.

Obituary

● Obituary - Oscar-winning film editor Marcia Lucas, known for her work on Star Wars, passed away at the age of 80.

Important Days

● Important Day - World Milk Day 2026 was observed on 1 June with the theme Celebrating Women Farmers.

● Important Day - International Sex Workers' Day 2026 highlighted the theme Access to Justice and commemorated the historic Lyon protest.