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Public Sector Banks Make Record Rs1.98 Lakh Crore Profit – Fourth Year in a Row

May 13, 2026

OVERVIEW

India’s public sector banks (PSBs) have done very well. In the financial year 2025–26, they made a combined net profit of ?1.98 lakh crore. This is the fourth consecutive year of profit. The Union Finance Ministry announced this historic performance. The banks’ operating profit reached ?3.21 lakh crore. Net profit grew by 11.1% compared to last year. The main reasons are better asset quality, strong credit growth, and higher income. Bad loans are now at very low levels. This shows a complete turnaround for government-owned banks.

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R. Mukundan Takes Over as CII President for 2026–27 Succeeds Rajiv Memani

May 13, 2026

OVERVIEW

R. Mukundan has become the new President of the Confederation of Indian Industry (CII) for the term 2026–27. He is the CEO and Managing Director of Tata Chemicals. He has more than 30 years of experience in the Tata Group. He replaces Rajiv Memani, who completed his term. Mukundan was already the President-Designate for 2025–26, so this change was planned. The industry body also named Suchitra K. Ella (Bharat Biotech MD) as President-Designate for 2026–27, and Shashwat Goenka as Vice-President. CII is one of India’s most influential business organisations.

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President Murmu Honours 15 Nurses with National Florence Nightingale Awards 2026

May 13, 2026

OVERVIEW

On 12 May 2026, President Droupadi Murmu gave the National Florence Nightingale Awards to 15 nursing professionals. The ceremony took place at Rashtrapati Bhavan in New Delhi. This date is also celebrated as International Nurses Day. Each award winner received a Certificate of Merit, a medal, and a cash prize of ₹1 lakh. The awards are given by the Union Health Ministry. They honour nurses, midwives, nursing officers, and nursing teachers for their selfless service.

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Why Moody’s Cut India Growth Forecast for 2026

May 13, 2026

Overview

Moody’s Ratings has reduced India’s GDP growth forecast for 2026 to 6%. The agency cited weak consumer demand, slow investment growth, rising energy prices, and global tensions as the main reasons behind the downgrade. India’s economy is still expected to grow strongly, but the pace may slow compared to earlier years.

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Russia Tests Sarmat Missile Super-Heavy ICBM Hits Target on 12 May 2026

May 13, 2026

OVERVIEW

On 12 May 2026, Russia tested its Sarmat super-heavy intercontinental ballistic missile. The launch took place from the Plesetsk Cosmodrome in the Arkhangelsk region. The missile hit its target at the Kura test range on the Kamchatka Peninsula. The test is part of Russia’s plan to modernise its nuclear forces. The Sarmat is meant to replace the old Soviet-era R-36M2 Voyevoda missile. NATO calls it SS-29 Satan II. Russia wants to deploy the first Sarmat regiment by the end of 2026. However, the programme has faced delays and some failed tests in the past.

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