Daily Current Affairs and GK | 12 and 13 April 2026

Topic: Indian Polity

1. Allahabad High Court Justice Yashwant Varma resigns amid impeachment proceedings.

• Allahabad High Court judge Justice Yashwant Varma submitted his resignation to President Droupadi Murmu.
• Justice Verma is facing impeachment proceedings after piles of burnt currency notes were found at his residence.
• Justice Varma was transferred back from the Delhi High Court to the Allahabad High Court after burnt wads of currency notes were found at his official residence in New Delhi on 14th March 2025.
• He was directed not to be assigned any judicial work upon his return to the Allahabad High Court.
• Justice Varma denied ownership of the money, claiming it was a conspiracy. A three-member inquiry committee was established to investigate the incident.
• A High Court judge can be removed only by an order of the President, based on a motion passed by both Houses of Parliament with a special majority (two-thirds of members present and voting and a majority of total membership) on grounds of proved misbehaviour or incapacity.
• This procedure is governed by Article 217(1)(b) and Article 218 of the Constitution, read with the Judges Inquiry Act, 1968.

Topic: Indian Economy

2. Asian Development Bank raises India’s growth forecast for current financial year from 6.5% to 6.9%

• According to ADB’s Asian Development Outlook, growth in India is expected to remain robust in current fiscal, underpinned by strong domestic demand, easing financing conditions, and lower US tariffs on Indian goods.
• The report highlighted that most economies in Asia and Pacific will witness growth outlook worsen this year and in 2027.
• Economic growth in the region is expected to slow to 5.1 per cent in both 2026 and 2027, from 5.4 per cent last year, weighed down by the conflict in West Asia and continuing trade uncertainty.
• The Asian Development Bank (ADB) is a Manila-based multilateral development bank established in 1966 to reduce poverty in Asia and the Pacific through inclusive, sustainable growth.
• Currently, ADB has 69 members.

Topic: Sports

3. India wins 16 medals at 2026 Asian Boxing Championships.

• India concluded its campaign at the 2026 Asian Boxing Championships in Ulaanbaatar, Mongolia, with 16 medals including five gold, three silver, and eight bronze.
• In the men’s 50-kilogram category, Vishvanath Suresh clinched the gold medal by defeating Japan’s Daichi Iwai by a dominant 5-0 margin in the final.
• He secured the country’s first Asian title in men’s boxing in five years.
• Sachin Siwach won a silver medal after losing to Orazbek Assylkulov of Kazakhstan in the men’s 60-kilogram category final.
• Indian women boxers won a total of 10 medals, including four gold, two silver, and four bronze.
• India finished second after Kazakhstan on the table with five gold, but claimed the most medals overall.

Topic: Banking/Finance

4. RBI proposes ₹1 Lakh crore asset threshold for NBFC Upper Layer classification.

• Under the proposed overhaul, NBFCs in the upper layer, which are tightly regulated and supervised by RBI, will comprise those with assets of ₹1 lakh crore and above as per the latest audited balance sheet for the financial year.
• Further, government-owned NBFCs will be brought under the Framework for scale-based Regulation of NBFCs, removing the arbitrage they enjoyed vis-à-vis private sector NBFCs, per the draft RBI guidelines.
• So, State-owned NBFCs such as PFC, REC, and IRFC could be classified as NBFC-UL.
• Currently, the Upper Layer is populated with NBFCs, identified by way of a parametric scoring methodology, comprising quantitative and qualitative parameters as well as supervisory judgment. This includes those with an asset size of less than ₹1 lakh crore.
• There were 15 NBFCs in the Upper Layer under RBI’s scale-based regulation for the year 2024-25. It included LIC Housing Finance, Bajaj Finance, Shriram Finance, Tata Sons, Cholamandalam Investment and Finance, Tata Capital, Mahindra & Mahindra Financial Services, Aditya Birla Finance and Muthoot Finance, among others.
• However, it is not clear from the draft directions if consolidated assets of an NBFC, which has subsidiaries, will be considered under the proposed asset size criteria for classifying it as an Upper Layer NBFC.
• The inclusion of government-owned entities, too, based on their size, indicates a more harmonised way of identifying NBFC-UL. Based on the existing position, the number of NBFC-UL would go up.
• As per the Draft Directions, the criteria for identification of NBFC-UL shall be reviewed periodically.
• Further, the asset size threshold for identification of NBFC-UL shall be reviewed every five years.
• A Non-Banking Financial Company (NBFC) in India is a company registered under the Companies Act (1956 or 2013) that provides banking-like services—such as loans, advances, and investment—but does not hold a full banking license, notes the Reserve Bank of India.
• NBFCs are regulated by the RBI and classified into four layers based on risk and size: Base, Middle, Upper, and Top.
• NBFCs cannot accept demand deposits (savings/current accounts) or offer checkbooks.