📅 Daily Current Affairs: 7 March 2026, Focus Domains: Banking, SSC, Railways, and State PSCs

📅 Daily Current Affairs: 7 March 2026

Focus Domains: Banking, SSC, Railways, and State PSCs.

🚀 Top Highlights (The "Must-Knows")

• Infrastructure: India’s first riverine lighthouses foundation stone laid in Guwahati, Assam.
• National: Government unveils "Pragati" (Female) and "Vikas" (Male) as mascots for the 16th Digital Census.
• Banking: RBI announces ₹1 Lakh Crore bond purchase to boost market liquidity.
• Global Health: Chile becomes the first country in the Americas to be declared Leprosy-free by WHO.
• Economy: Elon Musk tops the Hurun Global Rich List 2026 with a net worth of $792 billion.

🏛️ National & State Updates

1. Riverine Lighthouses Project (Assam):
• Minister: Sarbananda Sonowal (Ports, Shipping & Waterways).
• Locations: Four sites along the Brahmaputra (NW-2): Bogibeel, Pandu, Silghat, and Biswanath Ghat.
• Tech: 20m high, solar-powered, with a 14-nautical-mile range.
2. Digital Census 2026-27:
• India's first fully digital census.
• Phase 1 starts in Hilly Areas (Oct 2026); Phase 2 in other areas (March 2027).
3. Karnataka Social Media Policy:
• Karnataka is the first state to propose a ban on social media for children under 16 to combat digital addiction.

💰 Banking & Economy (Exam-Specific)

🌍 International Affairs

• Finland-India MoU: Renewed Environmental Cooperation Agreement signed in New Delhi for circular economy and forest monitoring.
• MWC 2026: Mobile World Congress held in Barcelona with the theme "The IQ Era" (focusing on AI + Connectivity).
• Strait of Hormuz: Geopolitical tensions in March 2026 have pushed Brent crude prices toward the $83–$100 range.

🏆 Sports & Appointments

• T20 World Cup 2026: India becomes the first team to reach the finals four times (qualifying after beating England at Wankhede).
• New Governors Appointed:
• Maharashtra: Ramesh Bais
• Bihar: Lt Gen (Retd) Syed Ata Hasnain
• West Bengal: R.N. Ravi
• Himachal Pradesh: Kavinder Gupta
• Records: Arav Dengla officially became India’s 93rd Chess Grandmaster.

✍️ Practice MCQs (Exam Pattern)

Q1. Where is India's first riverine lighthouse project being developed?

A) Ganga River

B) Brahmaputra River

C) Godavari River

D) Hooghly River

Answer: B) Brahmaputra River

Q2. Which AI tool has been deployed by SEBI to track unregistered financial influencers?

A) Drishti

B) Pragati

C) Sudarshan

D) Sarathi

Answer: C) Sudarshan

Q3. Who has been appointed as the new Governor of Bihar in March 2026?

A) R.N. Ravi

B) Syed Ata Hasnain

C) Kavinder Gupta

D) C.P. Radhakrishnan

Answer: B) Syed Ata Hasnain

Q4. What is the amount of the bond purchase recently announced by the RBI to support banking liquidity?

A) ₹50,000 Crore

B) ₹75,000 Crore

C) ₹1 Lakh Crore

D) ₹2 Lakh Crore

Answer: C) ₹1 Lakh Crore

🏦 Banking Static Awareness: March 2026 Edition

1. Reserve Bank of India (RBI) - The Backbone

2. Banking Terms & Concepts (Frequently Asked)

• Repo Rate: The rate at which RBI lends money to commercial banks (Short-term).
• Reverse Repo Rate: The rate at which RBI borrows money from commercial banks.
• CRR (Cash Reserve Ratio): The share of net demand and time liabilities that banks must maintain as cash with the RBI.
• SLR (Statutory Liquidity Ratio): The share of deposits banks must keep with themselves in gold, cash, or govt securities.
• NPA (Non-Performing Asset): A loan or advance for which the principal or interest payment remained overdue for a period of 90 days.

3. Headquarters & Taglines of Major Banks

4. Important Financial Institutions (Static GK)

• NABARD (1982): National Bank for Agriculture and Rural Development. H.Q: Mumbai.
• SIDBI (1990): Small Industries Development Bank of India. H.Q: Lucknow.
• EXIM Bank (1982): Export-Import Bank of India. H.Q: Mumbai.
• SEBI (1992): Securities and Exchange Board of India. H.Q: Mumbai.

🏛️ 1. The Great Gubernatorial Reshuffle (Governors)

President Droupadi Murmu approved a major "musical chairs" style reshuffle on March 6, 2026. This is a top priority for SSC and State PSC exams.

🏦 2. Banking & Financial Leadership

For banking aspirants, these appointments are "must-knows" for the GA section.

• YES Bank (MD & CEO Designate): Vinay Muralidhar Tonsé (effective March 12, 2026).
• Interesting Fact: He was previously a top leader at SBI, managing a business level of nearly ₹76 Lakh Crore! He succeeds Prashant Kumar.
• SEBI (Whole-time Member): Sandip Pradhan has been appointed to India's capital market regulator.
• Controller General of Defence Accounts (CGDA): Vishwajit Sahay (oversees financial management of India's defence services).
• Railway Board (Member Finance): Aparna Garg.
• HDFC Bank (Deputy MD): RBI approved the reappointment of Kaizad Bharucha.

🌍 3. International & National Bodies

• Chief Information Commissioner (CIC) of India: Raj Kumar Goel. (He now heads the apex body for RTI implementation).
• UN Tourism (Head): Sheikha Nasser Al Nouwais.
• UN Stabilization Mission (DRC): James Swan (appointed by UN Sec-Gen António Guterres).
• Press Club of India (President): Sangita Barua (First woman president, marking a historic milestone).

💡 Interesting Memory Trick: "The Delhi-Ladakh Swap"

To remember the LG shift: Vinai Kumar Saxena left the "heat" of Delhi for the "heights" of Ladakh, while the diplomat Taranjit Singh Sandhu arrived in Delhi to handle the capital's international and domestic "diplomacy."

🏛️ 1. Reserve Bank of India (RBI) & Monetary Policy

The RBI is the most frequent topic in banking exams. Here are the "Evergreen" facts and the Current Rates as of March 2026.

Current Monetary Policy Rates (March 2026)

• Repo Rate: 5.25%
• Reverse Repo Rate: 3.35%
• MSF (Marginal Standing Facility): 5.50%
• Bank Rate: 5.50%
• CRR (Cash Reserve Ratio): 4.50%
• SLR (Statutory Liquidity Ratio): 18.00%

🏦 2. Public Sector Banks (PSBs) & Headquarters

After the major mergers of recent years, India currently has 12 Public Sector Banks.

💳 3. Digital Banking & Payment Systems

In 2026, digital banking questions are highly prioritized due to the "Digital India" push.

• UPI (Unified Payments Interface): Developed by NPCI. The transaction limit for normal users is generally ₹1 Lakh per day (can be higher for specific categories like education/healthcare).
• NEFT (National Electronic Funds Transfer): 24/7 availability; settles in half-hourly batches; No minimum or maximum limit set by RBI.
• RTGS (Real Time Gross Settlement): Used for high-value transactions. Minimum limit: ₹2 Lakh; No maximum limit.
• IMPS (Immediate Payment Service): Instant 24/7 transfer. Limit is usually up to ₹5 Lakh.
• CTS (Cheque Truncation System): Process of stopping the flow of the physical cheque; only an electronic image is sent to the drawee bank.

📜 4. Key Government Banking Schemes (2026 Updates)

These schemes are frequently asked in "Government Schemes" or "Financial Inclusion" sections.

1. PM Jan Dhan Yojana (PMJDY):
• Overdraft Limit: Up to ₹10,000.
• Accident Insurance: ₹2 Lakh (for accounts opened after Aug 2018).
2. PM Jeevan Jyoti Bima Yojana (PMJJBY):
• Eligibility: 18–50 years.
• Premium: ₹436 per annum.
• Benefit: ₹2 Lakh life cover.
3. PM Suraksha Bima Yojana (PMSBY):
• Eligibility: 18–70 years.
• Premium: ₹20 per annum.
• Benefit: ₹2 Lakh for accidental death/full disability.