Reserve Bank of India
India's central bank, responsible for monetary policy, currency issuance and banking regulation.
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On UPSC.wiki
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 affairs9th India International Water Week 2026: VP Radhakrishnan Inaugurates at New Delhi, Theme 'Climate Resilient Water Management'Vice-President C.P. Radhakrishnan on 22 September 2026 inaugurated the 9th India International Water Week (IIWW) at Bharat Mandapam, Pragati Maidan, New Delhi, themed 'Climate Resilient Water Management'. This is the first edition under the 'International' rebranding — elevating India's flagship water policy platform to global stature, with partner countries Netherlands and Germany and over 5,000 delegates from 100+ nations expected over the five-day event (September 22–26). Current affairsRBI-SEBI Real World Asset (RWA) Tokenisation Pilot: India's First Tokenised Corporate Bond and the Blockchain Finance FrontierRBI Governor Sanjay Malhotra and SEBI Chairperson Tuhin Kanta Pandey jointly launched India's first tokenised corporate bond pilot at Global Fintech Fest 2026. REC Limited raised ₹500 crore via blockchain, settled in RBI's wholesale CBDC (e₹-W). By September 10, three issuers raised ₹1,025 crore under SEBI's Demat 2.0 framework — marking India's entry into blockchain-based capital markets. Current affairsSC in Sandeep Ghandat vs RBI (2026 INSC 955): RBI's Power to Supersede Multi-State Co-operative Bank Boards Not Capped at Six MonthsOn September 3, 2026, the Supreme Court of India held in Sandeep S. Ghandat vs Reserve Bank of India (2026 INSC 955) that the RBI's statutory power under Section 36AAA(1) of the Banking Regulation Act, 1949 to supersede the Board of Directors of a multi-State co-operative bank is not limited to the six-month cap prescribed under Article 243ZL(1) of the Constitution. The court set a five-year aggregate ceiling and ruled that state government consultation is not required for multi-State co-operative banks. Current affairsUS Lindsey Graham Russia Sanctions Act 2026: India's Energy Security and the 100% Tariff Threat on Russian Oil ImportsThe US President signed the "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026" on September 18, 2026, authorising tariffs of up to 100% on countries among the five largest purchasers of Russian crude oil and gas. India, which imports approximately 2.08 million barrels per day from Russia (≈45% of its total crude imports), faces potential designation — raising fundamental questions about India's energy security architecture and strategic autonomy doctrine. Current affairsSEMICON India 2026 and India Semiconductor Mission 2.0 (Semicon 2.0): ₹1.27 Lakh Crore Chip Ecosystem PushThe 5th edition of SEMICON India 2026, themed "Silicon to Systems: Building the Ecosystem," concluded on September 19, 2026 at Yashobhoomi (IICC), Dwarka, New Delhi. Prime Minister Modi inaugurated it on September 17 and formally launched India Semiconductor Mission 2.0 (Semicon 2.0) with a total outlay of ₹1.27 lakh crore, extending India's semiconductor self-reliance ambitions from fabs and packaging to equipment, materials, design, research, and talent. Current affairsIndia Electric Mobility Index (IEMI) 2025: Delhi Tops Rankings, National EV Share Reaches 8.25%NITI Aayog and WRI India released the second edition of the India Electric Mobility Index (IEMI) 2025, ranking Delhi first with a score of 84/100. India's national EV market penetration reached 8.25% in 2025–26, with 2.5 million new registrations — a 25% year-on-year rise — placing the country on a trajectory toward its EV30@30 target. Current affairs18th BRICS Summit 2026: New Delhi Declaration — India's Chairmanship, UN Reform, and Global South AgendaIndia hosted the 18th BRICS Summit at Bharat Mandapam, New Delhi, on September 12–13, 2026, under its 2026 BRICS Chairmanship. The 11-member bloc adopted the New Delhi Declaration — a 140-point document covering United Nations reform, multilateral trade, artificial intelligence governance, climate finance, and the Palestinian conflict. Current affairsNational Quantum Mission (NQM): IIT Bombay Facilities Inaugurated — India's ₹6,003 Crore Quantum LeapFabrication and central research facilities under the National Quantum Mission (NQM) were inaugurated at IIT Bombay in September 2026, marking a key milestone in India's ₹6,003.65 crore quantum technology programme (2023–2031). NQM aims to develop quantum computers with 50–1,000 physical qubits by 2031, making India one of only six countries with a dedicated national quantum mission. Current affairsUPI MDR Policy Clarification 2026: P2P Transactions Remain Free; 0.4% MDR on Select Merchant Payments Above ₹2,000The Ministry of Finance and the Reserve Bank of India (RBI) clarified on September 15, 2026, that all person-to-person (P2P) UPI transactions will remain completely free. A Merchant Discount Rate (MDR) of 0.4% — capped at ₹300 — will now apply on select person-to-merchant (P2M) UPI payments above ₹2,000. The National Payments Corporation of India (NPCI) is implementing the change to make the zero-MDR model financially sustainable for payment ecosystem participants. Current affairsGlobal Fintech Fest 2026: RBI on Tokenisation, Agentic AI, and India's Financial Inclusion Index at 70The Global Fintech Fest 2026, held in Mumbai, brought together policymakers, regulators, and industry leaders under the theme "Potential to Impact: Agentic AI | Tokenisation | Quantum: Trusted, Connected, Global Systems for Inclusive Finance." RBI highlighted tokenisation of financial assets and responsible Agentic AI as the next frontiers of India's fintech evolution. India's Financial Inclusion Index (FI-Index) rose to 70.0 as of March 2026, up from 67.0 in March 2025. Current affairsWorld Circular Economy Forum 2026: India Hosts Landmark 10th Edition in GandhinagarIndia is hosting the 10th World Circular Economy Forum (WCEF 2026) at Mahatma Mandir Convention Centre, Gandhinagar, Gujarat (September 15–18, 2026) — the first edition in South Asia. Organised by Finland's Sitra in partnership with India's Central Pollution Control Board (CPCB) and Ministry of Environment, Forest and Climate Change (MoEFCC), the forum brings together 2,000+ stakeholders from 65+ countries under the theme "Circular Economy: Transition for People and Prosperity." Current affairsRBI Open Market Operations (OMO) September 2026: ₹1 Lakh Crore Bond Sales to Drain Durable LiquidityThe Reserve Bank of India (RBI) announced open market operations (OMO) bond sales worth ₹1 lakh crore (₹1 trillion) in three tranches scheduled for September 17, 21, and 28, 2026, to absorb excess durable liquidity from the banking system, which had surged to over ₹10.43 trillion — pushing overnight rates below the RBI's policy repo rate floor.
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