The Reserve Bank of India (RBI) announced the appointment of Rohit Jain as the new Deputy Governor of the Reserve Bank of India for a period of three years w.e.f. 3 May 2026. Jain replaces T. Rabi Sankar, who has completed his term at the RBI.
Officials confirmed the sighting of rare caracals in the Shahgarh region of Rajasthan's Thar Desert, near the India-Pakistan border. Two caracals, a male and female, were spotted with the help of camera traps and radio-collaring.
Commerce Secretary Rajesh Agarwal officially visited Switzerland from 6 to 7 May 2026 to advance the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), according to a press release by the Ministry of Commerce and Industry.
Meanwhile, INS Sagardhwani, an oceanographic research vessel, arrived at Cam Ranh, Vietnam, on 5 May 2026, marking a significant step in India's scientific cooperation with Vietnam.
And Oman's ports Sohar and Salalah are enabling exports of food items from India to the Gulf countries amid the disruptions and tensions in the Strait of Hormuz.
Current Affairs Terms in News This Week (3 to 9 May 2026)
1. RBI Deputy Governor
Why in news? The Reserve Bank of India (RBI) announced the appointment of Rohit Jain as the new Deputy Governor of the Reserve Bank of India for a period of three years w.e.f. 3 May 2026. Jain replaces T. Rabi Sankar, who has completed his term at the RBI.
What is it?
The Deputy Governor of the Reserve Bank of India is the second most senior executive of the RBI after Governor. Currently, Rohit Jain is the new deputy governor of the RBI.
Key Points
- The Deputy Governor of RBI is appointed by the Government of India under the provisions of the Reserve Bank of India Act, 1934.
- The appointment is made by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister and the Home Minister.
- Since RBI's establishment in 1934, the RBI has had 63 deputy governors.
2. Caracal
Why in news? Officials confirmed the sighting of rare caracals in the Shahgarh region of Rajasthan's Thar Desert, near the India-Pakistan border. Two caracals, a male and female, were spotted with the help of camera traps and radio-collaring.
What is it?
Rare caracal, locally known as padang, is a critically endangered wild cat. Caracal is classified as a critically endangered species under the species recovery program.
Key Points
- As per the Wildlife Institute of India (WII), only about 50 caracals remain in India.
- The caracal is listed under Schedule I of the Wildlife (Protection) Act, providing it the highest legal protection in India.
- The caracal species population has declined more than 95 per cent due to habitat loss, retaliatory killings, and fragmentation.
3. EFTA
Why in news? Commerce Secretary Rajesh Agarwal officially visited Switzerland from 6 to 7 May 2026 to advance the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), according to a press release by the Ministry of Commerce and Industry.
What is it?
The European Free Trade Association (EFTA) is an intergovernmental organisation of Iceland, Liechtenstein, Norway, and Switzerland. The organisation operates in parallel with the European Union (EU). Set up in 1960 by the Stockholm Convention, the EFTA is headquartered in Geneva, Switzerland.
Key Points
- EFTA was set up for the promotion of free trade and economic integration between its four Member States and of their trading partners across the globe.
- India is the fifth-largest trading partner of the EFTA. India-EFTA Agreement, a major Trade and Economic Partnership Agreement (TEPA), was signed on 10 March 2024 between India and EFTA member nations with an aim to boost trade, attract $100 billion in investments, and create 1 million jobs.
4. INS Sagardhwani
Why in news? INS Sagardhwani, an oceanographic research vessel, arrived at Cam Ranh, Vietnam, on 5 May 2026, marking a significant step in India's scientific cooperation with Vietnam.
What is it?
INS Sagadhwani, a specialised oceanographic research vessel under DRDO's Naval Physical and Oceanographic Laboratory (NPOL), was commissioned in July 1994. The vessel has played a key role in marine scientific research, advancements in marine acoustics, and naval oceanography.
Key Points
- INS Sagardhwani was flagged on 17 January 2026 from the Southern Naval Command in Kochi for the fifth edition of the Sagar Maitri (SM-5) initiative. The visit aligns with India/'s SAGAR vision (Security and Growth for All in the Region).
- The vessel will conduct scientific interactions with the Institute of Oceanography Nha Trang, with a focus on oceanographic studies, marine research, and training exchanges.
5. Oman
Why in news? Oman's ports Sohar and Salalah are enabling exports of food items from India to the Gulf countries amid the disruptions and tensions in the Strait of Hormuz. Both Sohar and Salalah ports in Oman offer India a secure, efficient maritime route connecting India to the Middle East, Europe, and Africa.
What is it?
Oman is an absolute monarchy. The sultans of Oman are members of the Al Bu Said dynasty. The current sultan of Oman is Haitham bin Tariq, since 11 January 2020. Oman's bordering countries include the United Arab Emirates (UAE), Saudi Arabia, and Yemen, and maritime borders with Iran and Pakistan. The capital of Oman is Muscat.
Key Points
- Sohar Port in Oman is a deep sea port, strategically situated outside the Strait of Hormuz. It handles over one million tonnes of cargo weekly. It enables 2 to 5 day direct shipping from key Indian ports like Mundra, JPT and other Freezon incentives like 25-year tax exemption.
- Salalah Port in Oman is also a deep-sea strategic port for India, located outside the Strait of Hormuz. Both ports in Oman, Salalah and Sohar, are emerging to be a crucial stratefic alternatives for India to bypass the Strait of Hormuz.
