Daily Current Affairs: July 3, 2026

Banking, Finance & Economy

RBI rolls out a new Integrated Ombudsman Scheme

The Reserve Bank of India (RBI) has replaced its 2021 Ombudsman Scheme with a simpler, faster version — one complaint window for the whole country. If you've ever struggled with where to complain about a bank, NBFC, or payment app, this scheme is meant to fix exactly that confusion. Here's what's changed:

EPFO keeps EPF interest rate at 8.25% for FY 2025-26

Your EPF balance grows every year based on the interest rate the government sets, and that number has just been confirmed for this financial year. It stays the same as last year, so there's no extra gain or loss for account holders this time. Here are the key points:

1. The Employees' Provident Fund Organisation (EPFO) has notified an 8.25% interest rate on EPF deposits for FY 2025-26.
2. The rate is unchanged from last year.
3. Approved by the Ministry of Labour and Employment.
4. Regional/zonal EPFO offices told to credit the interest into member accounts.

MECON Limited upgraded to Miniratna Category-I

Miniratna status is a special tag the government gives to well-performing public sector companies, allowing them to make big decisions faster without waiting for approval every time. MECON, a Ranchi-based engineering firm, has just earned the top tier of this tag. Here's why it qualified:

HDFC Bank launches AI fraud-detection platform "NEEV"

Banking fraud is getting harder to catch with old rule-based systems, so banks are turning to AI to spot suspicious activity as it happens. HDFC Bank has joined this shift with its own home-built solution rather than relying on a third-party vendor. Key points:

1. HDFC Bank has built its own in-house AI platform called NEEV.
2. Purpose: real-time fraud monitoring and detection.

Appointments & Governance

Appointment-based questions are a regular feature in almost every competitive exam, so it helps to know not just who got the post but also what they replaced and why it matters. Here are three appointments making news this week:

Good to know: CBDT handles direct taxes; its counterpart, CBIC (Central Board of Indirect Taxes and Customs), handles indirect taxes. Both sit under the Department of Revenue, Ministry of Finance.

About Lt Gen Sandeep Jain:

1. NDA (National Defence Academy) alumnus, commissioned into Mahar Regiment (June 1988)
2. Nearly 4 decades of service, including a stint with the UN Mission in South Sudan (UNMISS)
3. Awards: Ati Vishisht Seva Medal (AVSM), Sena Medal (SM)

Defence

IIT Delhi & DRDO unveil indigenous tactical aerostat

India has been importing most of its aerial surveillance balloons until now, which makes this development significant. A homegrown startup teamed up with IIT Delhi and DRDO to build a cheaper, indigenous alternative that can watch over borders and disaster zones alike. Here's what it can do:

India to attend Khamenei's funeral

Following the death of Iran's Supreme Leader, several countries are sending senior representatives to pay their respects, and India is among them. The government has chosen two representatives to attend on the country's behalf. Here's who's going:

1. Who's representing India: Bihar Governor Syed Ata Hasnain and MoS External Affairs Pabitra Margherita.
2. Occasion: Funeral of Iran's Ayatollah Ali Khamenei.

Indian Navy ships dock in Singapore

India's naval outreach to Southeast Asia continues to grow, and this port visit is part of that ongoing effort. Three Indian Navy ships have reached Singapore as part of routine cooperation exercises with regional partners. Details below:

1. INS Udaygiri, INS Shakti, and INS Kavaratti arrived at Changi Naval Base, Singapore.
2. Led by Rear Admiral Alok Ananda, Flag Officer Commanding Eastern Fleet.
3. Timed with 2026 as the ASEAN-India Year of Maritime Cooperation.

Aviation & Space

India's first Private PinS helicopter approach procedure

A "PinS" (Point-in-Space) approach lets a helicopter land safely using satellite navigation — no runway infrastructure needed. This is India's very first approval of its kind for a privately developed heliport, opening the door for more such sites across the country. Here's how it works:

Skyroot Aerospace unveils Vikram1 — India's first private orbital rocket

India's private space sector just hit a major milestone with its first rocket capable of reaching orbit, not just the edge of space. Skyroot Aerospace, one of India's leading private space startups, is behind this launch vehicle. Key facts:

State & Central Schemes

8 more Himachal Pradesh products get GI tags (state total: 17)

New GI (Geographical Indication)-tagged products: Spiti's seabuckthorn, Kinnauri apple, Kinnauri Topi, Salooni Safed Makka, Chamba Metal Art, Sirmauri Loiya, Sepuavdi, and Kinnauri Jewellery. A GI tag protects a product's regional identity, ensuring only genuine producers from that area can use the name. This recognition also helps boost local trade and tourism for these products.

1. Granted under the Ministry of Commerce and Industry.
2. GI Registry is located in Chennai.
3. A GI tag is valid for 10 years, then renewed.

Odisha launches 'Gyanodaya, Shiksharu Samruddhi' scheme

Education costs often stop deserving students from continuing their studies, and Odisha's new scheme aims to remove that barrier entirely. It's designed to support students right from their early school years through to postgraduate studies. Here are the details:

1. Approved by Odisha CM Mohan Charan Majhi.
2. Complete admission-fee waiver for eligible students.
3. Long-term goal: free education from KG to PG.

Maruti Suzuki opens its biggest plant at Kharkhoda, Haryana

This new facility marks one of the largest single investments in India's auto manufacturing sector and was inaugurated at a high-profile event with international presence. Once fully scaled up, it will significantly boost Maruti Suzuki's overall production output. Key numbers:

Sports

Sports current affairs regularly show up in exams, especially records, tournaments, and retirements involving well-known names. This week saw a mix of a new chess milestone, a historic athletics record, and a legendary tennis career coming to a close. Here's the quick roundup:

Important Day

World Sports Journalists Day — 2 July. Honours sports journalists, photographers, broadcasters, and digital creators. Started by AIPS (International Sports Press Association), founded 3 July 1924 during the Olympic Games in France.

Note: This post is based on official announcements and verified news reports as of 3 July 2026. Figures are subject to periodic revision — please cross-check with the official source before citing in an exam or publication.