Recent Current Affairs related to RBI

PhonePe has launched ‘UPI 123Pay’, a service enabling feature phone users to conduct UPI transactions without internet connectivity. The service uses a Short Message Service (SMS)-based system to ensure secure transactions even in low network coverage areas.

This initiative aims to promote financial inclusion by providing digital payment capabilities to the non-smartphone user demographic in India.

Kissht, a RBI registered Non-Banking Financial Company (NBFC), has launched a brand campaign titled “Loans Without Any Hiccups” featuring former cricketer Sachin Tendulkar.

The Unified Payments Interface (UPI), launched by the National Payments Corporation of India (NPCI), has completed 10 years of operations.

In FY26, the share of UPI in the digital payments of India is recorded at 84%, the annual transaction volume of UPI reached 24,162 crore transactions, with the total transaction value estimated at ₹314 lakh crore.

Citigroup Inc. has partnered with Axis Bank to provide financing support to Non-Resident Indians (NRIs) investing in Foreign Currency Non-Resident (FCNR) deposits.

Axis Bank offers FCNR deposit interest rates of up to 6.40%.

The RBI has approved the LIC (Life Insurance Corporation of India) to acquire up to 9.99% of the paid-up share capital or voting rights in HDFC Bank.

It is to be noted that LIC currently holds a 4.11% stake in the bank.

Paul Merchants Finance Pvt Ltd (PMFPL), a diversified Non-Banking Financial Company (NBFC) and a part of the Paul Merchants Group, has launched a “Loan Against Silver” product, becoming the first NBFC in India to establish exclusive branches dedicated to silver loans.

The NBFC has initiated its silver loan operations from the Union Territory of Chandigarh.

Under this credit facility, eligible customers can secure loans ranging from ₹2,000 to ₹15 lakh.

Razorpay, an omnichannel payments platform, has partnered with RBL Bank to launch a Multi-Currency Exchange Earners’ Foreign Currency (EEFC) account.

The account enables exporters and international businesses to retain their earnings in foreign currencies and manage global payments efficiently without immediate conversion into Indian Rupees (INR).

The Directorate General of Foreign Trade (DGFT), functioning under the Ministry of Commerce and Industry (MoCI), has relaxed regulations for rupee-based export transactions to provide Indian exporters with greater flexibility.

Rupee-denominated payments for exports to any country, except Nepal and Bhutan, will qualify for benefits under the Foreign Trade Policy (FTP) and count toward the fulfillment of export obligations. The DGFT also specified that exports financed through the Export-Import Bank of India (EXIM Bank) or Government of India (GoI) lines of credit may be invoiced in INR.

According to a report by ICRA Ltd, the real Gross Domestic Product (GDP) growth of India for Q1 FY27 is estimated at 7%, marking a four-quarter low compared to the 7.8% growth in Q4 FY26.

The agency maintained the real GDP growth forecast for the full FY27 at 6.7%, while the nominal GDP growth is expected to reach 13%.

Fino Payments Bank has approved the extension of the tenure of Ketan Merchant as the interim CEO for 3 months, effective from August 27, 2026.

The Central Government has appointed Annie George Mathew (former bureaucrat), Janmejaya Sinha (economist), and Syed Akbaruddin (former diplomat) as part-time, non-official directors on the Central Board of the RBI for a 4-year term.

The appointments will be effective from August 24, 2026. It is to be noted that currently, the Central Board of the RBI has 14 members.

President Droupadi Murmu has granted assent to the ‘Taxation and Other Laws (Amendment) Act, 2026’ and a legislation amending the ‘Payment and Settlement Systems (PSS) Act, 2007’.

The ‘Taxation and Other Laws (Amendment) Act, 2026’ replaces the ‘Income-tax (IT) (Amendment) Ordinance, 2026’. The Act provides exemptions from income tax on interest and capital gains (arising from the sale, exchange, or transfer) to Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) for their investments in government securities.

Paramotor Digital Technology Ltd has entered into a co-branded partnership with NSDL Payments Bank Ltd to launch co-branded prepaid cards across India.

The collaboration integrates the technological capabilities of Paramotor with the banking infrastructure and issuance services of the latter to provide secure and compliant prepaid payment solutions to consumers.

According to data by the Ministry of Commerce and Industry (MoCI), the total exports of India (merchandise and services) grew by 13.31% year-on-year (y-o-y) to $80.14 billion in July 2026. The total imports of the nation increased by 15.83% to $95.16 billion during the same period.

The total trade deficit for July 2026 was recorded at $15.03 billion, which is an increase from the $11.43 billion deficit registered in July 2025.

The RBI has imposed a monetary penalty of ₹59.2 lakh on IndusInd Bank Ltd for non-compliance with regulatory directions regarding ‘Interest Rate on Deposits’ and ‘Securitisation of Standard Assets’.

Somanath Panicker, the former Chairman of the ISRO, has been appointed as a part-time, non-official director on the Central Board of the RBI) for 4 years, starting August 20, 2026. Anand Mahindra has also been re-appointed to the board for another 4 years.

It is to be noted that other non-official directors on the board include Venu Srinivasan (Chairman Emeritus of TVS Motor Company), Pankaj Ramanbhai Patel (Chairman of Zydus Lifesciences), and Dr Ravindra H Dholakia.

Union Minister Amit Shah has inaugurated the new premises of the National Urban Cooperative Finance and Development Corporation (NUCFDC) at Sharada Sadan in Fort, Mumbai, during the 'Sahkar Nav-Kranti' programme.

During the event, he released the book 'Operational Risk Management: A Practical Guide to Urban Co-operative Banks', authored by former RBI Deputy General Manager (DGM) GP Mistry.

Additionally, NUCFDC has launched 'Bank in a Box', an integrated technology platform designed to provide Urban Co-operative Banks (UCBs) with access to multiple banking and technology services. An MoU was also exchanged between NUCFDC and the National Forensic Sciences University (NFSU).

According to the “Ecowrap” report released by the Economic Research Department (ERD) of the State Bank of India (SBI), the Gross Domestic Product (GDP) growth of India is projected to rebound to 8% in the first quarter (Q1: April to June) of the FY27.

According to a report by India Ratings and Research (Ind-Ra), the real Gross Domestic Product (GDP) growth forecast of India for FY27 is upgraded to 6.8%, from the 6.7% estimated in May 2026.

The Wholesale Price Index (WPI) inflation is projected at 8.5% in FY27 from 0.4% in FY26. The Consumer Price Index (CPI) inflation is estimated to average 4.9% in FY27, with retail inflation expected to peak at 5.9% in Q3FY27 before moderating to 5% in Q4FY27.

Shabnam Sinha has been appointed as the Chairperson of Airtel Payments Bank (APB) for 3 years starting from October 1, 2026.

She succeeds Sunil Bharti Mittal (founder and Chairman of Bharti Enterprises) who will exit the board of APB on September 30, 2026.