2 April 2026 · Daily Current Affairs

Banking and RBI

UPI hits a record Rs 29.53 lakh crore in March 2026

2 April 2026 | NPCI data, as reported by Outlook Money

Outlook Money reported on 2 April 2026, citing NPCI data, that UPI transactions touched a record Rs 29.53 lakh crore in March 2026 in value terms, against Rs 24.77 lakh crore a year earlier, a 19 per cent annual rise. The value was Rs 26.84 lakh crore in February, a 10 per cent monthly rise.

Volume also set a record at 22.64 billion transactions, against 18.3 billion in March 2025 (up 24 per cent) and 20.39 billion in February. The report said festivals and financial year-end payments drove the growth.

The report added that UPI accounts for 85 per cent of all digital transactions in India and is live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius. France was described as UPI's first step in Europe.

Exam takeaway: NPCI runs UPI; it was set up by the RBI and the Indian Banks' Association.

Quick revision: UPI March 2026: Rs 29.53 lakh crore, 22.64 billion transactions.

Economy and Finance

RBI keeps Floating Rate Savings Bond structure, upgrades operations

April 2026 | Reserve Bank of India circular, as reported by Business Standard

Business Standard reported on 2 April 2026 that the RBI, in its April 2026 circular on Floating Rate Savings Bonds, left the product structure unchanged while upgrading the operational framework. The changes focus on digital access, investor safeguards and stricter compliance norms.

The report said the RBI introduced structured nomination with amount-wise allocation, aimed at improving clarity and transparency for investors.

Exam takeaway: Savings bonds are government-backed instruments sold through banks; the RBI notifies their operating rules.

Quick revision: RBI Apr 2026 circular: bond structure unchanged; amount-wise nomination added.

Government Schemes

Government: India's rare earth resources and the magnet scheme

2 April 2026 | Press Information Bureau (Department of Atomic Energy, Parliament answer)

In a Parliament reply published on 2 April 2026, PIB said the Atomic Minerals Directorate for Exploration and Research (AMD) has established about 7.23 million tonne of in-situ rare earth oxide equivalent (TREO Eq.) in 13.15 million tonne of monazite found in beach sands and alluvium in states including Andhra Pradesh, Odisha, Tamil Nadu and Kerala, plus 1.29 million tonne in hard rock terrains in Gujarat and Rajasthan.

The reply said India does not depend on other countries for rare earth minerals but does for rare earth magnets and related products, because the resource grade is lean (0.056 to 0.058 per cent), is tied with radioactivity, and the midstream industry is limited.

The Union Cabinet approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets on 26 November 2025, notified on 15 December 2025. Outlay is Rs 7,280 crore, with Rs 6,450 crore sales-linked incentives over five years and Rs 730 crore capital subsidy, for 6,000 MTPA of manufacturing capacity.

Exam takeaway: Rare earth magnets are used in electric vehicles, renewable energy, electronics, aerospace and defence.

Quick revision: Rare earth magnet scheme: Rs 7,280 crore, 6,000 MTPA.

Appointments, Awards and Important Days

KK Singh takes additional charge as SAIL CMD

2 April 2026 | The Hindu BusinessLine

Steel Authority of India Ltd (SAIL) told stock exchanges on Thursday, 2 April 2026, that Krishna Kumar Singh, Director (Personnel), has taken additional charge as Chairman and Managing Director. He succeeded Amarendu Prakash, whose resignation, submitted on 2 January 2026, was approved with effect from 1 April 2026.

Singh holds the additional charge for three months or until a regular appointee joins, whichever is earlier. SAIL also announced its highest-ever performance in FY 2025-26.

Exam takeaway: SAIL is a public sector steel maker under the Ministry of Steel.

Quick revision: SAIL: KK Singh additional charge as CMD from 2 Apr 2026.