18th July 2026

Explanation – The Specified Non-Financial Asset (SNFA) is a new category introduced by the RBI under the Commercial Banks – Resolution of Stressed Assets Directions, 2025 (Third Amendment Directions, 2026). SNFAs refer to immovable properties acquired by banks in full or partial settlement of loans that have turned into Non-Performing Assets (NPAs). These assets are not part of banks' normal business operations but are acquired as a recovery mechanism when borrowers fail to repay loans.

Examples of SNFAs include residential buildings, commercial properties, industrial land, warehouses, and other immovable assets transferred to banks in settlement of outstanding loans.

Explanation – The Union Cabinet has approved the Mobile Phone Manufacturing Scheme (MPMS) with an outlay of ₹62,500 crore. The scheme aims to move India beyond assembly-line manufacturing toward deeper value addition, indigenous technology, and globally competitive Indian smartphone brands.

The MPMS will run for five years, from FY 2026–27 to FY 2030–31, as a follow-on to the Production Linked Incentive (PLI) Scheme for Large Scale Electronics Manufacturing, which concluded on March 31, 2026.

Incentive structure:

• Manufacturers get incentives ranging from 2.25% to 5% on eligible sales.
• An additional incentive of up to 1.5% applies for sourcing key components and sub-assemblies domestically.
• Indian brands investing in product design and R&D get an extra 3% incentive.

The scheme focuses on local sourcing to boost domestic value addition, along with design, R&D, and export incentives for Indian brands.

Targets Set Under the Scheme:

• Cumulative mobile phone production is expected to reach approximately ₹39 lakh crore over five years, with a significant rise in exports.
• The scheme is projected to generate around 60,000 direct jobs.
• It aims to strengthen India's position in global electronics supply chains.

Explanation – The Falkland Islands sovereignty dispute is between Argentina and the United Kingdom. Argentina has maintained that the Falklands were illegally taken from it in 1833 and invaded the British colony in 1982. That incident resulted in what later came to be known as the Falklands War that lasted a little over three months, ending in victory for the United Kingdom.

Explanation – Arun-3 Hydroelectric Project is a 900 MW run-of-the-river hydropower project being developed on the Arun River in the Sankhuwasabha District of Eastern Nepal. Arun is a tributary of the Koshi River in Nepal (not Gandaki).

It envisages a concrete gravity dam and a Head Race Tunnel (HRT) of 11.74 km with an underground power house containing four generating units of 225 MW each on the left bank. Once completed, it will be the biggest hydroelectric facility in Nepal.

It is being developed on a build-own-operate and transfer (BOOT) basis by Satluj Jal Vidyut Nigam (SJVN) Arun 3 Power Development Company (SAPDC), a joint venture of the Government of India and the Government of Himachal Pradesh. SAPDC will operate the facility for a period of 25 years, excluding the construction period of five years, before transferring ownership to the Nepal government.

Nepal will receive 21.9% of the electricity generated at the power plant as free power during these initial 25 years of commercial operations. The project will provide surplus power to India, strengthening economic linkages with Nepal. The power from the project shall be exported from Dhalkebar in Nepal to Muzaffarpur in India.

Explanation – Operation Southern Readiness 26-2 is a multinational maritime training exercise. It is hosted by the Indian Navy at the Southern Naval Command, Kochi. The four-day multinational training engagement will be conducted in partnership with the Combined Maritime Forces (CMF) under the aegis of the Indian Navy-led Combined Task Force 154 (CTF 154), CMF's dedicated Training Task Force.

It brings together personnel from CMF partner nations for professional maritime security training, practical exercises, and the exchange of best practices. The CMF is a multinational maritime partnership comprising more than 40 nations, with the Indian Navy playing an active role in advancing collaborative maritime security efforts. The initiative is aimed at strengthening regional capacity building and enhancing collective maritime security through closer cooperation among participating countries.

The training programme will combine classroom instruction, simulator-based training, and practical exposure. Sessions will cover areas including Maritime Law, Maritime Domain Awareness and Information Sharing, Counter-Narcotics, Force Protection, Asymmetric Threats, and maritime Uncrewed Systems. Participants will also be trained in Damage Control and Firefighting, maritime communications, Survival at Sea, Boarding procedures, and hands-on training onboard Indian naval ships.