Reserve Bank of India
India's central bank, responsible for monetary policy, currency issuance and banking regulation.
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Study materialGovernment of India Acts: 1919 and 1935 Constitutional ReformsThe Government of India Acts of 1919 and 1935 were the major British constitutional frameworks for India, introducing dyarchy, provincial autonomy, and a federal structure that provided the blueprint for India's and Pakistan's post-independence constitutions. Current affairsBRICS Carbon Markets Partnership: New Delhi Declaration 2026 and Global Climate GovernanceThe 18th BRICS Summit held at Bharat Mandapam, New Delhi (12–13 September 2026) under India's chairmanship adopted the New Delhi Declaration, committing to a BRICS Carbon Markets Partnership MoU for cooperation on domestic carbon markets, capacity building, and climate finance. The Declaration simultaneously opposed the EU's CBAM as a "unilateral, punitive, discriminatory and protectionist measure." The summit is significant for India's climate diplomacy, its Carbon Credit Trading Scheme (CCTS), and the global debate on Article 6 of the Paris Agreement. Current affairsSEBI Introduces Framework for REITs and InvITs to Issue Depository Receipts at GIFT City IFSCSEBI issued Circular No. HO/17/11/19(7)2026-DDHS-RAC/I/24930/2026 on 2 November 2026, introducing a framework that allows Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to issue foreign currency-denominated Depository Receipts (DRs) listed on exchanges at GIFT City's International Financial Services Centre (IFSC). This enables Indian infrastructure and real estate assets to access global capital pools directly. Current affairsCyclone Arnab: Landfall on Andhra Pradesh Coast, Massive Evacuations, and Inter-Ministerial Damage AssessmentCyclone Arnab, a Very Severe Cyclonic Storm, made landfall near Narsapur on the Andhra Pradesh coast on October 28, 2026, with winds of 125–135 kmph; it caused extensive damage across Andhra Pradesh and Odisha, evacuating over 89,000 people. On November 2, an eight-member Inter-Ministerial Central Team led by Joint Secretary Ravi Shankar began a three-day assessment of damage in Odisha's southern districts. Current affairsHigh-Level Committee on Banking for Viksit Bharat: Government Constitutes Reform Panel Under Former CVC Suresh N. PatelThe Union Government constituted the "High-Level Committee on Banking for Viksit Bharat" on October 30, 2026, chaired by former Central Vigilance Commissioner Suresh N. Patel, to recommend structural, regulatory, and legislative reforms to make Indian banks globally competitive, financially inclusive, and resilient by 2047. The committee has a six-month tenure and includes the RBI Deputy Governor and two former senior banking officials as members. Current affairsDraft National Steel Policy Vision 2047: India Targets 604 MT Capacity, Decarbonisation, and Specialty Steel LeadershipThe Ministry of Steel released the Draft National Steel Policy Vision 2047 in October 2026, targeting 604 MT of crude steel capacity, per capita consumption of 302 kg, and carbon emission intensity reduced from 2.54 to 1.54 tCO₂/tonne by 2047. The policy replaces the National Steel Policy 2017 and focuses on raw material security, decarbonisation, specialty steel for defence and aerospace, and trade protection against cheap imports. Current affairsISRO Launches NVS-03 Aboard GSLV-F18: NavIC Restored to Minimum Operational Configuration of Four SatellitesISRO successfully launched NVS-03, the third satellite in the second-generation NavIC (Navigation with Indian Constellation) series, aboard GSLV-F18 from Satish Dhawan Space Centre, Sriharikota, on October 30, 2026. The 2,250 kg satellite carried India's third indigenous atomic clock into orbit, restoring NavIC to its minimum operational configuration of four satellites. Current affairsGST Amendments Under Finance Act 2026 Effective November 1: Post-Supply Discounts, Export Refunds, and Inverted Duty Relief SimplifiedThe Central Board of Indirect Taxes and Customs (CBIC) notified November 1, 2026, as the effective date for Sections 153 to 155 of the Finance Act, 2026, bringing three significant GST amendments into force: simplification of post-supply discounts (Section 15 CGST), credit note and ITC reversal rules (Section 34 CGST), and removal of the ₹1,000 minimum export refund threshold plus extension of provisional 90% refunds to inverted duty structure cases (Section 54 CGST). Current affairsWorld Bank Poverty and Equity Brief October 2026: India Lifted 496 Million from Poverty — One of the Fastest Declines GloballyThe World Bank's October 2026 Poverty and Equity Brief reports that India lifted an estimated 496 million people out of poverty between 2011 and 2023, with the share living in extreme poverty falling from 27.1% to 2.6% — described as one of the fastest poverty declines in the world. The Multidimensional Poverty Index (MPI) fell from 53.8% (2005–06) to 16.4% (2019–21), though wage stagnation and geographic concentration of poverty in eastern India remain key challenges. Current affairsNational Geospatial Policy 2022: India's Transition to an Open, AI-Driven Geospatial Economy — UPSC AnalysisThe Department of Science and Technology (DST) highlighted India's geospatial sector as a key economic growth driver in October 2026, calling for an "enable, invest and adopt" approach with wider deployment of geospatial AI. India's National Geospatial Policy, 2022 — building on the Liberalised Geospatial Guidelines of 2021 — aims to position India as a global geospatial leader by 2035, moving from a restrictive security-centric mapping regime to an open, innovation-first architecture. Current affairsIndia–Mexico Preferential Trade Agreement (PTA): Terms of Reference Signed — Scope, Significance and UPSC AnalysisIndia and Mexico formally launched negotiations for a Preferential Trade Agreement (PTA) on October 28, 2026, by signing Terms of Reference (ToR) in New Delhi. The ToR follows an understanding between PM Modi and President Claudia Sheinbaum at the G7 Summit in June 2025, and covers market access for goods, rules of origin, customs facilitation, and cooperation in sectors including automobiles, chemicals, electronics, pharmaceuticals, and critical minerals. Current affairsSEBI–Bank of England MoU on Cross-Border Clearing Cooperation: Significance for Indian Capital Markets and CCILThe Securities and Exchange Board of India (SEBI) and the Bank of England (BoE) signed a Memorandum of Understanding (MoU) on October 28, 2026 in Mumbai to establish a formal framework for cross-border clearing cooperation and information sharing on central counterparties (CCPs). The MoU enables the Bank of England to rely on SEBI's regulatory oversight of Indian clearing corporations while safeguarding UK financial stability. Current affairsIndia Votes for UNGA Resolution Calling End to US Embargo on Cuba: International Law and Non-Alignment ExplainedIndia voted in favour of a United Nations General Assembly (UNGA) resolution on 29 October 2026 calling for an end to the United States' 64-year-old economic, commercial, and financial embargo against Cuba. The resolution was adopted with 130 votes in favour, 17 against, and 25 abstentions — the lowest "in favour" tally since 1995. India's statement at the UN reiterated its consistent rejection of laws with extraterritorial effects that affect the sovereignty of other states.
In previous-year questions
- The Supreme Court of India issued fresh nationwide directions on August 5, 2026 to combat "digital arrest" scams. It directed the RBI to prepare and circulate a Standard Operating Procedure (SOP) for mule accounts within how many weeks?UPSC · Current Affairs
- India's Unified Payments Interface (UPI) processed a record 23.66 billion transactions in July 2026. Under which statute does the Reserve Bank of India (RBI) regulate UPI and other payment systems?UPSC · Current Affairs
- The National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI), was set up by which two institutions?OTHER · Current Affairs
- According to data submitted before the Supreme Court (August 2026), complaints of digital arrest scams on India's National Cyber Crime Reporting Portal showed which trend between 2024 and the first half of 2026?UPSC · Current Affairs
- Under the MSME Development (Amendment) Bill, 2026, Central Public Sector Enterprises (CPSEs) are mandated to settle all MSME procurement invoices through which platform?UPSC · Current Affairs
- Consider the following statements about the MSME sector in India: 1. MSMEs contribute approximately 30% to India's GDP and 45% to total merchandise exports. 2. The Udyam Registration Portal, codified in the 2026 Amendment as the national digital platform, is mandatory and fee-bearing for all MSME categories. 3. TReDS (Trade Receivables Discounting System) platforms are licensed and regulated by the Reserve Bank of India. Which of the statements given above are correct?UPSC · Current Affairs
- The Taxation and Other Laws (Amendment) Bill, 2026 "delinks" the zero-MDR (Merchant Discount Rate) framework for UPI/RuPay transactions from the Income-tax Act and moves it to which legislation?UPSC · Current Affairs
- The Supreme Court used its powers under Article 142 of the Constitution to issue systemic directions to the RBI and state bodies on cyber fraud (August 2026). What power does Article 142 confer on the Supreme Court?UPSC · Current Affairs
- The Bank for International Settlements (BIS) is sometimes described as the "bank of central banks." Under the Taxation and Other Laws (Amendment) Bill, 2026, the BIS has been granted exemption from which types of income on Indian government securities?UPSC · Current Affairs
- The Reserve Bank of India's Monetary Policy Committee (MPC) at its 62nd meeting (August 3–5, 2026) kept the policy repo rate at 5.25% with a 'Neutral' stance. Which of the following best describes the Standing Deposit Facility (SDF) rate announced alongside?OTHER · Current Affairs
- In its August 2026 monetary policy review, the RBI's Monetary Policy Committee raised the FY2026-27 real GDP growth forecast to 6.7% (from 6.6%) and revised the CPI inflation forecast downward to 5.0% (from 5.1%). The unanimous MPC decision to hold rates was chaired by which RBI Governor?OTHER · Current Affairs
- Which section of the RBI Act, 1934 empowers the Central Government to set the inflation target in consultation with the RBI — a process that established the current 4% (±2%) CPI target for the Monetary Policy Committee?OTHER · Current Affairs