Current Affairs 24 May 2026

NCDEX Introduces India’s 1st Rainfall Weather Derivative, RAINMUMBAI.

National Commodity & Derivatives Exchange launched India’s first weather derivative contract, RAINMUMBAI, on May 21, 2026.
Designed to trade Mumbai’s rainfall deviations.
Developed with IIT Bombay using IMD rainfall data.
Based on the Cumulative Deviation Rainfall (CDR) model.
Available for monsoon months: June–September.
Cash-settled contracts based on rainfall deviation data.
Helps hedge risks from monsoon uncertainty for sectors like agriculture, power, logistics, construction, and tourism.

Kerala created India’s first dedicated Artificial Intelligence Ministry at the cabinet level on May 20, 2026.
PK Kunhalikutty was assigned the new AI portfolio.
The AI portfolio comes under the Industries and Commerce Department.
VD Satheesan became the 13th Chief Minister and retained key departments including Finance and Law.
Ramesh Chennithala was given charge of the Home Department.
Congress-led United Democratic Front came to power, ending 10 years of Left Democratic Front rule.

Haryana Labour Minister Anil Vij launched the ShramMitra app in Chandigarh.
Developed by the Haryana Building and Other Construction Workers Welfare Board.
Functions as an Electronic Employment Exchange for workers and employers.
Aims to replace the traditional labour chowk system with digital daily job opportunities.
Available in Hindi, English, and Punjabi.
Around 75,000 registered workers’ data from 135 labour chowks uploaded.
Covers trades like masons, carpenters, electricians, plumbers, painters, welders, and self-employment categories.

Reserve Bank of India announced a $5 billion USD/INR buy-sell swap auction on May 26, 2026.
The swap has a 3-year tenor.
Banks sell US dollars to RBI and repurchase them after 3 years at a pre-agreed rate.
Minimum bid size: $10 million; bids in multiples of $1 million.
Auction follows a multiple price mechanism based on quoted premiums.
Aim: inject long-term liquidity into the banking system and stabilize the Indian rupee.

A Bengaluru-based Indian Air Force test pilot became the first Indian to be inducted as a Fellow of the Society of Experimental Test Pilots on May 21, 2026.
He served as commander of the No. 15 Squadron of the Indian Air Force.
Led the squadron during the final operational phase of the MiG-21 aircraft.
Flew all variants of the MiG-21 supersonic interceptor, including the MiG-21 Bis FR.
SETP Fellowship is the highest grade, awarded for excellence in flight testing and aviation safety.