Current affairs · 5 August 2026
The day's most exam-relevant current affairs for UPSC, SSC, banking, railways and state exams — free, factual, revision-ready. 12 updates.
IRS Officer Satya Pal Kumar Appointed as FIU Director
IRS officer Satya Pal Kumar was appointed as the Director of the Financial Intelligence Unit (FIU) on July 25, 2026, as part of a major bureaucratic reshuffle. The FIU functions under the Department of Revenue, Ministry of Finance, and is India's central agency for receiving, analyzing, and disseminating information relating to suspect financial transactions.
Why it matters: FIU is an important regulatory body for Banking exams; appointments in financial sector institutions are frequently tested
K Rajaraman's Tenure as IFSCA Chairperson Extended
The Government of India extended the tenure of K Rajaraman as Chairperson of the International Financial Services Centres Authority (IFSCA). IFSCA is the unified regulator for financial services in International Financial Services Centres (IFSCs) in India, with its headquarters at GIFT City, Gujarat.
Why it matters: IFSCA is an important regulatory body for Banking and UPSC aspirants; questions on financial regulators are common
Naresh Pal Gangwar Appointed as Higher Education Secretary
Senior IAS officer Naresh Pal Gangwar was appointed as Secretary of the Department of Higher Education under the Ministry of Education on July 24, 2026. The appointment was made by the Appointments Committee of the Cabinet. T.K. Anil Kumar (IAS, KN:1995) was appointed as Secretary in the Department of School Education & Literacy.
Why it matters: Secretary-level appointments in education ministries are important for UPSC and teaching exams
Varsha Ashok Aglawe Becomes First Woman Director General of Geological Survey of India
Varsha Ashok Aglawe took charge as the 54th Director General of the Geological Survey of India (GSI) on August 1, 2026, becoming the first woman to head India's premier geoscientific organization. The appointment marks a historic milestone in the 173-year history of GSI, which functions under the Ministry of Mines.
Why it matters: First woman appointments in central government organizations are commonly asked in prelims and general awareness sections
India Projects Over 7% GDP Growth in Q1 FY2026-27 Amid Inflation Concerns
SBI Research report suggests India's economy may experience GDP growth of more than 7% in the first quarter of fiscal year 2026-27, while retail inflation (CPI) is expected to hover above 5% for the next two quarters. Capital inflow of $35 billion took place in July 2026, leading to a $12.5 billion increase in India's foreign exchange reserves as of July 24, 2026.
Why it matters: GDP growth rates, inflation trends, and forex reserves are core topics for Banking and UPSC Economics papers
RBI MPC Keeps Repo Rate Unchanged at 5.25% in August 2026 Policy
The Reserve Bank of India's Monetary Policy Committee announced its decision on August 5, 2026, keeping the repo rate unchanged at 5.25% under Governor Sanjay Malhotra. The decision was made after the three-day MPC meeting held from August 3-5, 2026. The RBI projects GDP growth for FY27 at 6.6% and CPI inflation at 5.1%. Retail inflation in June 2026 stood at 4.38%, within the RBI's tolerance band of 2-6%.
Why it matters: RBI monetary policy decisions are crucial for Banking exams (repo rate, CPI, GDP projections) and UPSC (economic policy, inflation management)
8th Pay Commission Data Collection Deadline Extended to July 31, 2026
The 8th Pay Commission, chaired by Justice Ranjana Prakash Desai, has extended the deadline for ministries and departments to submit employee and workforce data through its online portal till July 31, 2026. The commission is collecting comprehensive workforce data including contractual and outsourced manpower details to support its salary revision exercise. The commission was formally constituted on November 3, 2025.
Why it matters: 8th Pay Commission is critical for all aspirants targeting central government jobs; impacts salary structures across services
8th Pay Commission Minimum Basic Pay Expected to Start from ₹56,000
The minimum basic pay under the 8th Central Pay Commission is expected to start from ₹56,000 or higher, compared to ₹18,000 under the 7th CPC. Employee organizations have proposed a fitment factor of 2.28 to 3.83, though the commission has not finalized the fitment factor yet. The implementation is expected to be effective from January 1, 2026, with actual disbursement likely in 2027 along with arrears.
Why it matters: Minimum pay and fitment factor are critical data points for all government job aspirants preparing for competitive exams
DA Hiked to 60% for Central Government Employees from January 2026
The Union Cabinet approved a 2% increase in Dearness Allowance (DA) and Dearness Relief (DR), effective from January 1, 2026, raising the rate from 58% to 60% of Basic Pay/Pension. This hike benefits over 50 lakh central government employees and nearly 68 lakh pensioners, with an estimated annual financial impact of ₹6,791 crore on the exchequer. Arrears are applicable from January 1, 2026.
Why it matters: DA revision is a key component of government employee salary; frequently asked in SSC and Banking exams
Cabinet Approves 'Samudra Manthan' - National Offshore Exploration Scheme with ₹84,084 Crore Outlay
The Union Cabinet approved the 'Samudra Manthan' scheme, officially named the National Offshore Exploration Scheme, with a total outlay of ₹84,084 crore. The scheme aims to boost offshore oil and gas exploration activities and enhance India's energy security by encouraging exploration in deep-water and ultra-deep-water blocks in India's maritime zones.
Why it matters: Major government schemes with substantial budgetary allocations are important for UPSC Prelims and Mains (Economy, Energy Security)
Bharatiya Antariksh Hackathon (BAH) 2026 Grand Finale on August 6-7
ISRO is conducting the Bharatiya Antariksh Hackathon (BAH) 2026 Grand Finale at NRSC Hyderabad on August 6 and 7, 2026. The shortlisted teams will compete in this final round of the hackathon launched to inspire innovation in India's space exploration sector and engage young minds in solving space-related challenges.
Why it matters: ISRO initiatives and space technology programs are regularly featured in current affairs sections of competitive exams
ISRO Wins NAeG 2026 Gold Award for AI-Powered Cybersecurity Platform
ISRO's Space Applications Centre (SAC) won the Gold Award at the National Awards for e-Governance (NAeG) 2026 in the Cyber Security Innovation category. The award was presented during the 29th National Conference on e-Governance held in Jaipur on July 1-2, 2026. The indigenous AI-powered platform blocks cyber threats in real-time, protecting critical space infrastructure and mission-critical networks across India.
Why it matters: National awards in e-governance and ISRO achievements are important for both prelims and mains, especially in Science & Technology
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