Recent Current Affairs related to RBI

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.

According to the 101st Survey of Professional Forecasters (SPF) released by the RBI, the real Gross Domestic Product (GDP) growth of India is projected at 6.6% for FY27 (up from 6.5% estimated in the 100th SPF) and 7.0% for FY28.

The panellists placed the overall real GDP growth forecasts in the range of 6.0-7.2% for FY27 and 6.5-7.8% for FY28. The quarterly real GDP growth is projected at 6.8% (year-on-year) during Q1 FY27, and is expected to remain within the range of 6.4-7.0% over the subsequent four quarters.

Muthoot FinCorp Ltd, a Non-Banking Financial Company (NBFC), has secured a perpetual Authorised Dealer Category-II (AD-II) foreign exchange (Forex) licence from the RBI. The licence enables the NBFC to offer a wider range of regulated forex services.

The RBI has extended the implementation timeline of its revised framework governing loan recovery and engagement of recovery agents from October 1, 2026 to January 1, 2027.

Under the revised directions, existing recovery agents who were not previously covered are granted a 1-year transition window to obtain certification from the Indian Institute of Banking and Finance (IIBF) or an affiliated institute.

Indel Remit, the foreign exchange division of Indel Money Ltd, has secured a perpetual Authorised Dealer-II (AD-II) licence from the RBI to offer trade remittance services.

Under RBI directions, the company is restricted from processing gifts, donations, and transactions exceeding ₹25 lakh.

The RBI has identified 17 Non-Banking Financial Companies (NBFCs) for inclusion in the Upper Layer (NBFC-UL) for FY27, based on their financial position as of March 31, 2026.

Tata Sons continues to be categorized under the upper-layer list. The new entities added to the list include Rural Electrification Corporation (REC) Ltd, Power Finance Corporation (PFC) Ltd, Indian Railway Finance Corporation (IRFC) Ltd, and Housing and Urban Development Corporation (HUDCO) Ltd.

The 62nd and 3rd Bi-monthly Monetary Policy Committee (MPC) meeting of FY27 was held under the chairmanship of Sanjay Malhotra, Governor of the RBI.

The MPC voted unanimously to keep the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25%, while maintaining a “Neutral” stance. The Standing Deposit Facility (SDF) rate remains at 5%, and both the Marginal Standing Facility (MSF) rate and the Bank Rate are maintained at 5.5%.

The RBI has revised the Gross Domestic Product (GDP) growth forecast of India for FY27 upward to 6.7% from its previous projection of 6.6%. The Consumer Price Index (CPI) inflation for FY27 is projected at 5%.

RBI has granted Authorised Dealer Category II (AD II) licences to Niyo Forex (via Kanji Forex Pvt Ltd) and GlobalPay (WSFx Global Pay Ltd).

While Niyo Forex received a perpetual licence, GlobalPay secured an expanded perpetual licence under the updated Foreign Exchange Management Act (FEMA) 2026. It is to be noted that these licences facilitate inward and outward trade remittances up to a limit of ₹25 lakh.

The RBI has appointed Monisha Chakraborty as an Executive Director (ED), effective from August 3, 2026. In her new role, she will oversee the Foreign Exchange Department (FED) and the Financial Markets Regulation Department (FMRD).