Reserve Bank of India
India's central bank, responsible for monetary policy, currency issuance and banking regulation.
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Current affairsTaxation and Other Laws (Amendment) Bill, 2026: Electronics Manufacturing, Digital Payments and Fund Management ReformsThe Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026 on 6 August 2026, replacing the Income-tax (Amendment) Ordinance, 2026. The Bill extends electronics manufacturing tax exemptions to 2041, delists data centre conditions, delinks fee-free digital payments from the Income-tax Act, and rationalises fund management and diamond trading tax provisions to attract foreign investment and support domestic manufacturing. Current affairsBankers' Books Evidence Bill, 2026: India Repeals 135-Year-Old Colonial Banking LawThe Lok Sabha passed the Bankers' Books Evidence Bill, 2026 on 5 August 2026, repealing the 135-year-old Bankers' Books Evidence Act, 1891. The new law expands the definition of "bankers' books" to cover digital, cloud-based, and electronic records, and makes certified copies of such records admissible as prima facie evidence in courts, arbitrations, and regulatory investigations. Current affairsMSME Development (Amendment) Bill, 2026: Parliament Modernises MSMED Act After 20 YearsParliament has passed the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 — the first comprehensive amendment to the MSMED Act, 2006 in its twenty-year history. It mandates digital registration via the Udyam Portal, requires Central PSEs to route payments through TReDS, fast-tracks dispute resolution within 90 days, and decriminalises minor procedural defaults. Current affairsSupreme Court Issues Nationwide Directions on Digital Arrest Scams; Directs RBI to Frame Mule Account SOPThe Supreme Court of India, on August 5, 2026, issued a fresh set of nationwide directions to strengthen the response to digital arrest scams and cyber-enabled financial fraud. The bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana directed the Reserve Bank of India (RBI) to frame and circulate a Standard Operating Procedure (SOP) for dealing with mule accounts and money laundering-linked bank accounts within four weeks. Current affairs12th National Handloom Day 2026: President Honours 22 Weavers at Rashtrapati BhavanIndia observed the 12th National Handloom Day on August 7, 2026, at the Rashtrapati Bhavan Cultural Centre (RBCC) in New Delhi. President Droupadi Murmu was the Chief Guest and honoured 22 weavers at the national function. The day commemorates the Swadeshi Movement launched on August 7, 1905 at Calcutta Town Hall and recognises the contribution of over 35.22 lakh handloom weavers and allied workers, more than 72% of whom are women. Current affairsGOBARdhan National Circular Bioenergy Scheme: Cabinet Approves ₹23,731 Crore for Compressed BiogasThe Union Cabinet on August 6, 2026 approved the National Circular Bioenergy Scheme — GOBARdhan — with a ₹23,731 crore outlay over FY 2026–27 to FY 2035–36. The scheme consolidates India's fragmented biogas policy into a single framework to achieve tenfold growth in compressed biogas (CBG) production, providing guaranteed pricing, capital assistance, and assured offtake for ten years. Current affairsUPI Hits Record 23.66 Billion Transactions in July 2026 — ₹29.88 Lakh Crore in ValueIndia's Unified Payments Interface (UPI) processed a record 23.66 billion transactions worth ₹29.88 lakh crore in July 2026, according to data released by the National Payments Corporation of India (NPCI). This surpassed the previous monthly volume record of 23.20 billion set in May 2026. Transaction volume grew 22% year-on-year and 4.1% month-on-month, without any major festival or quarter-end activity to drive the surge. Current affairsIndia Records Highest-Ever Monthly EV Sales in July 2026 — 3.28 Lakh Units, Up 66% YoYIndia registered its highest-ever monthly electric vehicle (EV) retail sales of 3,27,901 units in July 2026, up 66% year-on-year, according to data released by the Federation of Automobile Dealers Associations (FADA). Electric vehicles now account for approximately one in every eight vehicles sold in India. Electric two-wheelers crossed the two-lakh mark for the first time, while electric passenger vehicles grew 83% year-on-year. Current affairsRBI Keeps Repo Rate at 5.25%: August 2026 Monetary Policy ExplainedRBI Keeps Repo Rate at 5.25%: August 2026 Monetary Policy Explained
Featured Snippet: In its August 2026 meeting (3–5 August), the Reserve Bank of India's Monetary Policy Committee (MPC) unanimously kept the repo rate unchanged at 5.25% and retained a "neutral" stance.... Current affairsOpen Justice and Live-Streaming: Supreme Court on Reporting of Court Proceedings (2026)Open Justice and Live-Streaming: Supreme Court on Reporting of Court Proceedings (2026)
Featured Snippet: On 5 August 2026, the Supreme Court clarified that news outlets can report court proceedings without sharing audio-video clips of live-streamed hearings. The clarification fo...
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In previous-year questions
- 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
- 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 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
- 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
- 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
- Under India's flexible inflation targeting framework, the CPI inflation target and its tolerance band are:UPSC · 2026 · Economy
- The Monetary Policy Committee (MPC) of India is constituted under which of the following Acts?UPSC · 2026 · Economy