Banking and RBI
RBI imposes Rs 1.80 lakh penalty on AKG Infin Private Limited
21 May 2026 | Reserve Bank of India
The RBI announced on 21 May 2026 that, by an order dated 18 May 2026, it imposed a monetary penalty of Rs 1.80 lakh on AKG Infin Private Limited for non-compliance with directions on 'Acquisition of Shareholding or Control'. The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
The RBI said the company's correspondence on post-facto approval for acquisition of more than 26% of its paid-up equity capital by new investors revealed non-compliance. After a show-cause notice, the company's reply and a personal hearing, the charge was found sustained.
Key facts- Penalty: Rs 1.80 lakh on AKG Infin Private Limited
- Order date: 18 May 2026; announced 21 May
- Reason: non-compliance on Acquisition of Shareholding or Control
- Provision: Section 58G(1)(b) with 58B(5)(aa), RBI Act, 1934
Exam takeaway: RBI penalties on regulated entities are imposed after a show-cause notice and hearing.
Quick revision: RBI penalty Rs 1.80 lakh on AKG Infin (order 18 May; announced 21 May) (RBI).
Reserve Bank of India original sourceEconomy and Finance
Goyal at AmCham summit: American industry commitments over 60 billion dollars in six months
21 May 2026 | Press Information Bureau
PIB said Commerce and Industry Minister Piyush Goyal told the American Chamber of Commerce's Annual Leadership Summit in New Delhi on 21 May 2026 that commitments from American industry in the last six months are estimated at upwards of 60 billion dollars, including major data centre investments by companies such as Amazon and Google.
He said the Export Promotion Mission will help MSMEs get the certifications needed to join global supply chains, and that India will continue to be the world's fastest-growing economy for at least the next 25 years.
Key facts- Event: AmCham Annual Leadership Summit, New Delhi, 21 May 2026
- US industry commitments: over USD 60 billion in six months (estimate)
- Export Promotion Mission: help MSMEs with certifications
- Speaker: Piyush Goyal, Minister of Commerce and Industry
Exam takeaway: Statements by ministers are claims by the speaker; figures here are as quoted in the PIB release.
Quick revision: Goyal at AmCham 21 May 2026: US commitments over USD 60 bn in six months (PIB).
Press Information Bureau original sourceGovernment Schemes
Education Ministry clarifies School Management Committee Guidelines 2026 do not cover certain schools
21 May 2026 | Press Information Bureau
PIB said the Ministry of Education launched the School Management Committee (SMC) Guidelines 2026 on 6 May 2026 to strengthen community participation and decentralised school governance. After representations on their applicability under Section 21 of the RTE Act, 2009, the Ministry clarified by a communication dated 20 May 2026 to all States and UTs that schools mentioned in Section 2(n)(iv) of the RTE Act would not be covered by the Guidelines, subject to the conditions in the release.
The release names the aim as community ownership of schools by bringing all stakeholders together on one platform.
Key facts- Launched: SMC Guidelines 2026 on 6 May 2026
- Clarification dated: 20 May 2026
- Schools in Section 2(n)(iv) of RTE Act, 2009 not covered, subject to conditions
- Aim: decentralised, participatory school governance
Exam takeaway: School Management Committees are provided for under Section 21 of the RTE Act, 2009.
Quick revision: SMC Guidelines 2026 launched 6 May; clarification 20 May on Section 2(n)(iv) schools (PIB).
Press Information Bureau original sourceAppointments, Awards and Important Days
International Tea Day, 21 May: 'Sustaining Tea, Supporting Communities'
21 May 2026 | FAO on the UN observances page
The FAO page for International Tea Day, 21 May, carries the 2026 line 'Sustaining Tea, Supporting Communities' and says tea supports over 13 million people, including smallholder farmers and their households.
It says the day celebrates the cultural heritage, health benefits and economic importance of tea while working to make production sustainable 'from field to cup'. The 2026 observance was set at FAO headquarters on 21 May.
Key facts- Day: International Tea Day, 21 May
- 2026 line: Sustaining Tea, Supporting Communities
- Tea supports: over 13 million people
- Page of: FAO
Exam takeaway: International Tea Day is observed on 21 May.
Quick revision: International Tea Day 21 May: tea supports over 13 million people (FAO).
FAO on the UN observances page original source