Current Affairs May 2026 – Monthly Compilation

One item dominates May for anyone preparing for a banking examination: the Reserve Bank of India approved a record surplus transfer of ₹2,86,588.46 crore to the Central Government for FY 2025-26 — the largest it has made, and accompanied by balance-sheet figures that are unusually likely to be asked.

Economy

The transfer was approved at the 623rd meeting of the RBI Central Board of Directors in Mumbai. At ₹2,86,588.46 crore it is 6.99% higher than the previous year's. The RBI attributed the surplus largely to earnings from foreign exchange operations and investments, in a year of elevated global interest rates and currency volatility.

Why it matters beyond the number: a larger transfer gives the government non-tax revenue it has not had to borrow, easing the fiscal deficit without any change in tax policy. That chain — surplus transfer, non-tax revenue, fiscal room — is what a descriptive paper is looking for.

Awards and Honours

President Droupadi Murmu presented the National Florence Nightingale Awards 2026 at Rashtrapati Bhavan on International Nurses Day, which falls on 12 May. The award recognises nursing professionals, and the pairing of award, presenter and date is the examinable unit.

Persons in News

• Droupadi Murmu, President of India — presented the National Florence Nightingale Awards 2026.
• Narendra Modi, Prime Minister — met Italian President Sergio Mattarella in Rome as India and Italy moved towards a Special Strategic Partnership.
• Sergio Mattarella, President of Italy — host of those talks, which covered trade, connectivity and strategic cooperation.

Places in News

• Mumbai — venue of the 623rd meeting of the RBI Central Board, which approved the record surplus transfer.
• Rome, Italy — where the India–Italy Special Strategic Partnership talks were held.
• Mizoram — launched a convergence-led Ginger Mission.

Science and Technology

The International Fund for Agricultural Development (IFAD) launched its long-term country strategy for India, COSOP 2026-2031, which frames its agricultural investment priorities for the period.

Abbreviations

Quick revision

1. RBI surplus transfer FY26: ₹2,86,588.46 crore — a record, 6.99% up on the year before.
2. Approved at the 623rd meeting of the Central Board in Mumbai.
3. RBI balance sheet ₹91,97,121.08 crore at 31 March 2026, up 20.61%.
4. It is a surplus transfer under the RBI Act, 1934 — not a commercial dividend.
5. International Nurses Day is 12 May; the Florence Nightingale Awards are presented by the President.