Banking and RBI
RBI removes prior approval for non-bank outward remittance tie-ups with Authorised Dealer banks
13 May 2026 | Reserve Bank of India circular
Carried forward from 13 May 2026. The RBI issued an operating framework for facilitating outward remittance services by non-bank entities through Authorised Dealer (Category I) banks. It decided to dispense with the process of granting RBI approval for such tie-ups, and paragraph 10 of the Master Direction - Miscellaneous dated 1 January 2016 stands deleted with immediate effect.
Authorised Dealers must instead follow the instructions in the annex when facilitating cross-border outward remittance for non-trade current account transactions using a third-party entity in online mode (website, platform, software application or mobile application). The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999. The Economic Times reported that AD banks are now solely responsible for FEMA compliance and KYC.
Key facts- Change: RBI approval for non-bank tie-ups no longer needed
- Applies to: AD Category-I banks and non-trade current account outward remittances
- Deleted: para 10 of Master Direction - Miscellaneous, 1 January 2016
- Law: Sections 10(4) and 11(1), FEMA, 1999
Exam takeaway: Authorised Dealer Category-I banks are banks authorised by the RBI to deal in foreign exchange for current account transactions.
Quick revision: RBI circular (13 May 2026): no prior approval for non-bank outward remittance tie-ups; AD banks responsible.
Reserve Bank of India circular original sourceNational and International Affairs
V. D. Satheesan named by the Congress as Kerala's next Chief Minister
14 May 2026 | The Hindu
The Hindu reported that the All India Congress Committee announced on Thursday, 14 May 2026 that senior Congress leader V. D. Satheesan will be Kerala's next Chief Minister, ten days after the Congress-led United Democratic Front swept the Assembly election results declared on 4 May. He is to be sworn in on Monday, 18 May 2026.
The report says the UDF meeting on 15 May is expected to name the Ministers who will take oath with him. The New Indian Express describes him as the 13th Chief Minister of Kerala, with the swearing-in at the Central Stadium in the capital.
Key facts- Announced: 14 May 2026 by the AICC
- Pick: V. D. Satheesan (Paravoor MLA)
- Swearing-in: 18 May 2026
- Results of Assembly election: 4 May 2026; UDF victory
Exam takeaway: A Chief Minister is chosen by the legislature party and sworn in by the Governor.
Quick revision: Kerala: Congress names V D Satheesan CM; oath expected 18 May 2026 (Hindu, 14 May).
The Hindu original sourceAppointments, Awards and Important Days
President confers National Florence Nightingale Awards 2026 on 15 nurses
12 May 2026 | Press Information Bureau
Carried forward from 12 May 2026. PIB said President Droupadi Murmu conferred the National Florence Nightingale Awards 2026 on 15 nursing professionals at Rashtrapati Bhavan on 12 May 2026, International Nurses Day.
The nurses were honoured for exemplary service, dedication to strengthening public health delivery and commitment to community welfare.
Key facts- Awards: National Florence Nightingale Awards 2026
- Presented by: President Droupadi Murmu
- Awardees: 15 nurses
- Date and venue: 12 May 2026, Rashtrapati Bhavan (International Nurses Day)
Exam takeaway: International Nurses Day is observed on 12 May, the birth anniversary of Florence Nightingale.
Quick revision: President confers National Florence Nightingale Awards on 15 nurses, 12 May 2026 (PIB).
Press Information Bureau original source