🇮🇳National

Exercise Udara Shakti 2026 Commences: The Indian Air Force (IAF) and the Royal Malaysian Air Force (RMAF) initiated the bilateral air exercise Udara Shakti 2026 at Subang Air Base, Malaysia.
Launch of Yard 3037 'Shruti': The Indian Navy launched Shruti, the second Next-Generation Offshore Patrol Vessel (NGOPV) constructed by Garden Reach Shipbuilders & Engineers (GRSE) in Kolkata.
New Freshwater Crab Species Discovered: Researchers scientifically documented a new freshwater crab species, Ghatiana karnataka, discovered within the Mookambika Wildlife Sanctuary, Karnataka.
DigiLocker Reaches 72 Crore Users: DigiLocker officially crossed 72.43 crore registered users, while the UMANG service platform surpassed 11.66 crore users.

🌍International

India–SACU Trade Agreement Negotiations: India and the Southern African Customs Union (SACU)—comprising South Africa, Namibia, Botswana, Lesotho, and Eswatini—signed Terms of Reference to negotiate a Preferential Trade Agreement (PTA).
Iran Rejects US Claims on Hormuz Strait: The Persian Gulf Strait Authority of Iran formally rejected statements regarding external control over the Strait of Hormuz, maintaining that maritime transit guidelines remain regulated under local jurisdiction.

RBI Proposes New Floating-Rate Loan Norms: The Reserve Bank of India proposed a transparent loan pricing framework for floating-rate retail loans to safeguard borrowers, scheduled for implementation from 1 April 2027.
Jio Credit & Bank of America Partnership: Jio Financial Services signed a strategic agreement allowing Bank of America (BofA) to acquire up to a 49.9% stake in Jio Credit through an investment of up to ₹18,268 crore.
UPI Accounts for 86% of Digital Payments: Marking a decade of operations, the Unified Payments Interface (UPI) now accounts for approximately 86% of all retail digital payment volumes in India.

Partition Horrors Remembrance Day (14 August): Observed annually across India as Vibhajan Vibhishika Smriti Diwas to honour the memory and sacrifices of millions affected by the nation's partition in 1947.

Ahilyabai Holkar: Commemorated on her death anniversary (14 August), the 18th-century Maratha queen of Malwa is revered for her administrative efficiency, social welfare projects, and historical restoration of temples across India.

Bangladesh's Historic Test Performance vs Australia: Australia was bowled out for 198 runs—their lowest Test total against Bangladesh—on Day 1 in Darwin, headlined by fast bowler Hasan Mahmud's 6 for 55.
AIFF Prioritises International Friendlies: The All India Football Federation (AIFF) declined the invitation for the inaugural FIFA ASEAN Cup to focus on upcoming international friendly fixtures against Brazil in Kolkata.

UITP Awards 2026: Delhi Metro Rail Corporation (DMRC) received the Achievement Award in the Operational Excellence category at the International Association of Public Transport (UITP) Awards.

Ban on Analogue Paneer in Madhya Pradesh: The Madhya Pradesh Government prohibited the sale and promotion of non-dairy analogue paneer to curb synthetic substitutes and safeguard natural milk producers.

RESCIND
Meaning: (Verb) To revoke, cancel, or officially repeal a law, order, or agreement.
Usage in Exams: The regulatory authority decided to rescind the temporary restrictions after the financial institution fulfilled compliance norms.