RBI Latest Updates 2026: Important RBI Notifications July–September 2026 for Grade B, UPSC & Banking Exams

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RBI Latest Updates 2026: The Reserve Bank of India (RBI) has issued several important notifications and regulatory updates between July and September 2026, covering commercial banks, Urban Cooperative Banks (UCBs), Non-Banking Financial Companies (NBFCs), Payments Banks, Small Finance Banks (SFBs), District Central Cooperative Banks (DCCBs), State Cooperative Banks (StCBs), and other stakeholders. This comprehensive RBI current affairs and notifications summary covers the key changes, revised guidelines, important dates, regulatory provisions, numbers, institutions and other updates relevant for RBI Grade B, UPSC, banking exams and finance professionals. The analysis is based on RBI notifications published during the period and focuses specifically on what is new, revised, applicable and important for exam preparation and the banking sector.

1. Ultra-High-Yield Facts

★★★ 1. FinTech SRO

  • RBI recognised Unified Fintech Forum (UFF) as an SRO-FT (Self-Regulatory Organisation in the FinTech Sector) on September 10, 2026.
  • UFF CIN: U91990KA2016NPL096977.
  • FACE (FinTech Association for Consumer Empowerment) was the first SRO-FT, recognised on August 28, 2024.

★★★ 2. Mission SAKSHAM

  • Joint capability-building initiative for Urban Co-operative Banks (UCBs).
  • Launched by RBI on April 28, 2026.
  • Target: approximately 1.4 lakh participants.
  • Five target groups:
    1. Board Members
    2. Senior Management
    3. Heads of Assurance Functions
    4. IT Technical Employees
    5. Other Employees
  • Delivery: physical programmes + online learning through NUCFDC platform.
  • In Telangana, all 48 UCBs were represented in at least one programme.

★★★ 3. FCNR(B) / ECB / OFCB Forex Swap Facility

  • Special USD-INR Forex Swap Facility operationalised from June 8, 2026.
  • FCNR(B) fresh deposit tenor: minimum 3 years, maximum 5 years.
  • FCNR(B) deposits to be mobilised till August 31, 2026.
  • FCNR(B) swaps with RBI available till September 11, 2026.
  • ECB/OFCB scheme: continues till December 31, 2026.
  • Inflows as at August 31, 2026:
    • FCNR(B): USD 1,27,226 million
    • OFCBs: USD 5,260 million
    • ECBs: USD 3,891 million
    • Total: USD 1,36,377 million.

★★★ 4. PSL Second Amendment Directions, 2026

  • Issued August 7, 2026.
  • Advances against eligible incremental FCNR(B)/NRE deposits excluded from ANBC for PSL-target calculation.
  • FCNR(B): 3–5 years tenor.
  • FCNR(B) mobilisation: June 8–September 30, 2026.
  • NRE deposits: 3 years or more.
  • NRE mobilisation: June 19–September 30, 2026.
  • Exclusion cannot exceed fresh deposits eligible for CRR/SLR exemption.
  • Effective immediately.

★★★ 5. Recovery of Loans and Recovery Agents

  • Final amendment directions issued August 6, 2026.
  • Effective January 1, 2027.
  • Separate amendments cover:
    • Commercial Banks
    • SFBs
    • LABs
    • RRBs
    • UCBs
    • Rural Co-operative Banks
    • AIFIs
    • NBFCs
    • HFCs
  • Focus: fair treatment, conduct of lender employees/recovery agents, due diligence, training, code of conduct and technology-based recovery mechanisms in financed mobile devices.

★★★ 6. NBFC Upper Layer — 2026-27

  • NBFC-UL identification based on financials as at March 31, 2026.
  • SBR layers: Base Layer → Middle Layer → Upper Layer → Top Layer.
  • Once classified as NBFC-UL, enhanced regulatory requirements apply for at least 5 years, even if criteria are subsequently not met.

★★★ 7. 2026-27 NBFC-UL — 17 entities

  1. REC Ltd.
  2. Power Finance Corporation Ltd.
  3. Indian Railway Finance Corporation Ltd.
  4. Bajaj Finance Ltd.
  5. Shriram Finance Ltd.
  6. LIC Housing Finance Ltd.
  7. Cholamandalam Investment and Finance Company Ltd.
  8. Tata Capital Ltd.
  9. Tata Sons Pvt. Ltd.
  10. Muthoot Finance Ltd.
  11. Aditya Birla Capital Ltd.
  12. Housing and Urban Development Corporation Ltd.
  13. Mahindra & Mahindra Financial Services Ltd.
  14. L&T Finance Ltd.
  15. Bajaj Housing Finance Ltd.
  16. HDB Financial Services Ltd.
  17. Piramal Finance Ltd.

★★★ 8. Continuing NBFC-UL

  • PNB Housing Finance Ltd.
  • Sammaan Capital Ltd.
  • Continue as NBFC-UL under the five-year continuation principle after their earlier identification in 2024-25.

★★★ 9. UCB on-tap licensing

  • RBI decided to resume on-tap licensing of UCBs.
  • Follows a two-decade pause in fresh UCB licences.
  • Discussion Paper published January 13, 2026.
  • Draft guidelines to be issued for stakeholder consultation.

★★★ 10. August 2026 MPC

  • 62nd MPC meeting: August 3–5, 2026.
  • Chair: Shri Sanjay Malhotra, Governor, RBI.
  • Repo rate: 5.25%
  • SDF: 5.00%
  • MSF: 5.50%
  • Bank Rate: 5.50%
  • Stance: Neutral.
  • Decision: unanimous.

★★★ 11. MPC growth projection

  • FY2026-27 real GDP growth: 6.7%.
  • Q1: 7.0%
  • Q2: 6.4%
  • Q3: 6.5%
  • Q4: 6.8%
  • Q1 2027-28: 7.3%
  • Risks: evenly balanced.

★★★ 12. MPC inflation projection

  • FY2026-27 CPI inflation: 5.0%.
  • Q2: 4.7%
  • Q3: 5.9%
  • Q4: 5.5%
  • Q1 2027-28: 5.3%
  • Core inflation FY2026-27: 4.3%.

★★★ 13. Next MPC

  • Next MPC meeting: October 5–7, 2026.
  • August MPC minutes published: August 19, 2026.

★★★ 14. Basel III implementation

  • RBI Governor stated RBI remains on target to implement all applicable Basel III guidelines from April 1, 2027, on a calibrated glide path.

★★★ 15. Basel Pillar 3 amendments

  • July 30, 2026: RBI issued 10 Amendment Directions concerning Basel Pillar 3 disclosures.
  • Commercial Banks and SFBs covered across capital adequacy, ALM, governance and financial statements.
  • Payments Banks covered for governance and financial statements.
  • Separate commercial-bank templates are to cover:
    • Market risk
    • Operational risk
    • Counterparty credit risk
    • CVA
    • Leverage ratio
  • Effective date is not clearly specified in the relevant document extract.

★★★ 16. Department of Supervision — consolidation

  • DoS consolidated 628 circulars into 64 Master Directions.
  • Covered 11 types of regulated entities.
  • Up to 9 functional areas.
  • Draft consultation received 767 comments.
  • Final 64 Master Directions constitute the sole library of DoS instructions.
  • 628 circulars repealed/withdrawn.

★★★ 17. Interest Rate on Deposits

  • Final amendments issued July 30, 2026.
  • Effective October 1, 2026.
  • Greater flexibility for pricing rupee bulk deposits.
  • Uniform disclosure requirements.
  • Six entity categories:
    • Commercial Banks
    • SFBs
    • RRBs
    • Payments Banks
    • LABs
    • UCBs.

★★★ 18. PPBL winding-up

  • RBI cancelled Paytm Payments Bank Ltd. (PPBL) banking licence under Section 22(4), Banking Regulation Act, 1949.
  • Effective close of business April 24, 2026.
  • RBI approached Delhi High Court for winding-up under Sections 38 and 39.
  • Shri Girikumar M Nair, former CGM, SBI, appointed Liquidator/Official Liquidator.
  • Delhi HC orders dated July 8 and July 22, 2026.
  • Official Liquidator exercises all Board powers from July 8, 2026.

★★★ 19. Financial Inclusion Index

  • FI-Index for March 2026: 70.0.
  • Previous year: 67.0.
  • Improvement driven largely by the Usage dimension.

★★★ 20. Forex reserves

  • As at July 31, 2026: USD 692.9 billion.
  • Import cover: more than 10 months.
  • External debt cover: 90.8%.

★★★ 21. Q1 FY2026-27 Balance of Payments

  • CAD: USD 4.2 billion / 0.5% of GDP.
  • Merchandise trade deficit: USD 86.1 billion.
  • Net services receipts: USD 51.6 billion.
  • Personal transfers: USD 42.9 billion.
  • Net FDI: +USD 6.1 billion.
  • Net FPI: –USD 9.6 billion.
  • NRI deposits: +USD 2.8 billion.
  • ECB inflows: +USD 3.3 billion.
  • Forex reserves fell USD 8.1 billion on BoP basis.

★★★ 22. Q1 reserve variation

  • Current account: –USD 4.2 billion.
  • Capital account: –USD 3.9 billion.
  • Valuation change: –USD 14.4 billion.
  • Total reserve change including valuation: –USD 22.5 billion.
  • Reserve change excluding valuation / BoP basis: –USD 8.1 billion.
  • Valuation loss mainly reflected lower gold prices and USD appreciation.

★★★ 23. BSR-1

  • Quarterly credit data of Scheduled Commercial Banks excluding RRBs.
  • Reference date: last day of the quarter.
  • Credit growth at end-June 2026: 16.5% y-o-y.
  • Term loans: 64.1% of total bank credit.
  • Working capital loan growth: 18.0%.
  • WALR on outstanding loans: 9.26%, down 45 bps y-o-y.

★★★ 24. BSR-2

  • Quarterly branch-wise deposit data of SCBs excluding RRBs.
  • Deposit growth at end-June 2026: 11.5%.
  • Private-sector deposits: 13.8% growth.
  • Public-sector deposits: 10.3% growth.
  • Household sector: 58.8% of total deposits.
  • Household sector accounted for 98.9% of incremental deposits in the quarter.
  • Term deposits: 12.9% growth.
  • Current deposits: 5.3% growth.
  • Savings deposits: 10.6% growth.

★★★ 25. BSR population classification

Based on 2011 Census population of the revenue centre where the SCB branch operates:

  • Rural: <10,000
  • Semi-urban: 10,000 to <1 lakh
  • Urban: 1 lakh to <10 lakh
  • Metropolitan: ≥10 lakh.

★★★ 26. MF Foreign Liabilities & Assets Survey

  • Covered 53 Indian mutual funds/AMCs.
  • End-March 2026 foreign liabilities: USD 31.5 billion.
  • Overseas assets: USD 10.2 billion.
  • Net foreign liabilities: USD 21.3 billion.
  • Overseas equity securities grew 37.5%.
  • Top destinations for MF units held by non-residents: UAE, USA, UK and Singapore, together around 50%.

★★★ 27. UPI scale

  • FY2025-26: more than 24,000 crore transactions.
  • Transaction value: close to ₹314 lakh crore.

★★★ 28. AI governance priorities

Immediate priorities highlighted:

  • Complete inventory of every AI system, including vendor-embedded AI.
  • Board-approved AI governance policies.
  • Explainability for materially customer-impacting AI decisions.
  • Red-teaming/stress testing before deployment and periodically thereafter.
  • Meaningful human oversight for cases involving material harm.

★★★ 29. Seven AI risks

  1. Black-box / opacity
  2. Bias / exclusion
  3. Concentration / herding
  4. Third-party / vendor dependence
  5. Data privacy / security
  6. Cyber / adversarial vulnerability
  7. Erosion of human judgement / accountability.

★★★ 30. Currency management

  • Banknotes produced annually: 28–30 billion.
  • Banknotes disposed annually: approximately 21 billion.
  • Currency in circulation: approximately 176 billion notes.
  • Six denominations in production.
  • RBI Regional Offices: 19.
  • ATMs/cash dispensers: >250,000.
  • Clean Note Policy: since 1999.

★★★ 31. Forex market depth

  • Average daily domestic forex turnover: approximately USD 80 billion.
  • FY22 comparable figure: approximately USD 41 billion.
  • Notional outstanding rupee derivatives: approximately ₹130 lakh crore.
  • Global onshore + offshore INR turnover in 2025: USD 185 billion/day.
  • 2022 comparable: USD 119 billion/day.
  • NDF turnover: approximately USD 7 billion/day.
  • CCIL forex derivative trade-repository registrations in 2025: 87,000, versus approximately 43,000 in 2019.

★★★ 32. Forex regulatory overhaul

  • Authorised Persons Regulations, 2026: issued May 6, 2026.
  • Franchisee arrangements replaced with Forex Correspondent Scheme under a principal-agent model.
  • Principal responsible for:
    • Due diligence
    • Systems and controls
    • Reporting
    • Charges
    • Customer service
    • Grievance redressal.
  • Guarantees Regulations, 2026: broader eligibility linked to permissibility of underlying transaction + unified reporting.
  • Export and Import of Goods and Services Regulations, 2026: effective October 1, 2026.

★★★ 33. FEDAI as SRO

  • RBI recognised FEDAI as an SRO for Authorised Dealers under the Omnibus Framework in January 2026.
  • FEDAI given one year to align governance, systems and transparency and broaden membership.

★★★ 34. Internal Ombudsman

  • Internal Ombudsman must function with independence, neutrality and fairness.
  • Partially/wholly rejected complaints are reviewed by the Internal Ombudsman before the final decision is communicated to the customer.
  • Revised RBI Integrated Ombudsman Scheme effective July 1, 2026.
  • Recurring complaints require root-cause analysis.
  • Complaint trends should be used by the Board/Customer Service Committee as early warning/business intelligence.

★★★ 35. Executive Directors

  • Monisha Chakraborty: ED effective August 3, 2026.
    • Earlier: CGM-in-Charge, DoS.
    • ED responsibilities: Foreign Exchange Department + Financial Markets Regulation Department.
  • Suman Ray: ED effective September 1, 2026.
    • Earlier: Regional Director, Maharashtra.
    • ED responsibilities: DICGC + Premises Department.

★★★ 36. 624th Central Board meeting

  • 624th meeting of Central Board held August 21, 2026, Chennai.
  • Chaired by Governor Sanjay Malhotra.
  • Reviewed economic situation, global/domestic challenges, RBI operations, committees and Ombudsman Scheme.

★★★ 37. Cooperative Societies Conference

  • Third Conference of Registrars of Cooperative Societies held September 1, 2026 at RBI, New Delhi.
  • Themes included:
    • UCB governance
    • RBI–cooperative authorities coordination
    • Professionalisation
    • Timely liquidation resolution
    • Fraud and mule accounts.

★★★ 38. Corporate sector — Q1 FY27

Study covered 3,247 listed non-government non-financial companies.

  • Aggregate sales growth: 19.4%.
  • Manufacturing: 21.4%.
  • IT: 14.8%.
  • Non-IT services: 19.7%.
  • Manufacturing operating-profit growth: 21.3%.
  • IT operating-profit growth: 19.9%.
  • Non-IT services: 12.7%.
  • Manufacturing ICR: 10.2.
  • Non-IT services ICR: 2.6.

★★★ 39. Monetary transmission

Cumulative 125 bps repo-rate cut during February 2025–June 2026 resulted in:

  • WALR on fresh rupee loans: –80 bps.
  • WALR on outstanding rupee loans: –91 bps.
  • WADTDR on fresh deposits: –63 bps.
  • WADTDR on outstanding deposits: –51 bps.

★★★ 40. System liquidity

  • Since June MPC, average daily system liquidity surplus: ₹1.0 lakh crore.
  • Average WACR: 5.31%.
  • Operating objective: keep WACR aligned to repo rate.

2. Department-wise Revision Pointers

Department of Regulation (DoR)

★★★ NBFC Upper Layer

  • 2026-27 NBFC-UL identification: based on financials as at March 31, 2026.
  • Five-year rule: NBFC-UL classification continues for at least 5 years even if the entity subsequently falls below the identification criteria.
  • 17 entities newly/continuingly appearing in 2026-27 list should be memorised as a block.
  • PNB Housing Finance + Sammaan Capital: continue as NBFC-UL based on earlier 2024-25 identification.

★★★ Recovery of Loans / Recovery Agents

  • Final amendments: August 6, 2026.
  • Effective: January 1, 2027.
  • Applies across banks, co-operative banks, AIFIs, NBFCs and HFCs as specified.
  • Covers recovery-agent conduct, due diligence, training, code of conduct and technology-based recovery.

★★★ Interest Rate on Deposits

  • Amendment Directions issued: July 30, 2026.
  • Effective: October 1, 2026.
  • Focus: greater flexibility in rupee bulk deposit pricing and uniform disclosure.
  • Six covered entity categories: CBs, SFBs, RRBs, PBs, LABs, UCBs.

★★★ PSL

  • PSL Second Amendment Directions: August 7, 2026.
  • Eligible incremental FCNR(B)/NRE-linked advances excluded from ANBC for PSL target calculation.
  • FCNR(B): 3–5 years.
  • NRE: 3 years or more.
  • Mobilisation windows end September 30, 2026.
  • Effective immediately.

★★ UCB licensing

  • RBI decided to resume on-tap UCB licensing.
  • Fresh UCB licensing had been paused for approximately two decades.
  • Discussion Paper: January 13, 2026.
  • Draft guidelines were to follow for consultation.

★★ Rural Co-operative Banks

  • Existing concentration-risk prudential norms linked to 2008 Credit Monitoring Arrangement (CMA) instructions.
  • RBI reviewing the framework because of changes/expansion in the banking and co-operative sector.
  • Draft amendment directions issued for consultation.

★★ Interest Rate on Advances — proposal

  • RBI proposed principle-based rationalisation/harmonisation across all Regulated Entities.
  • Areas:
    • MCLR
    • EBLR
    • Day-count convention
    • Benchmark reset dates
  • Objectives: uniformity, transparency, monetary transmission and consumer protection.
  • Status: proposal/draft — not to be treated as a final implemented rule.

Department of Supervision (DoS)

★★★ Consolidation of supervisory instructions

  • 628 circulars → 64 Master Directions.
  • 11 types of regulated entities.
  • Up to 9 functional areas.
  • 767 comments received during draft consultation.
  • Final 64 MDs are the sole library of DoS instructions.
  • 628 circulars repealed/withdrawn.

★★★ Entities covered by consolidated DoS framework

  1. Commercial Banks
  2. SFBs
  3. Payments Banks
  4. LABs
  5. RRBs
  6. UCBs
  7. Rural Co-operative Banks
  8. AIFIs
  9. NBFCs
  10. ARCs
  11. CICs

★★★ Basel Pillar 3

  • 10 Amendment Directions issued July 30, 2026.
  • Capital adequacy, ALM, governance and financial statements covered.
  • Separate risk-disclosure templates envisaged for commercial banks.
  • Effective date: not clearly specified in the document extract.

Department of Payment and Settlement Systems (DPSS) / Payments

★★★ UPI

  • FY2025-26: >24,000 crore transactions.
  • Value: approximately ₹314 lakh crore.

★★ ULI

  • Unified Lending Interface (ULI) highlighted for improving credit access, particularly for MSMEs and underserved segments.
  • Do not confuse ULI with UPI.

Foreign Exchange Department (FED)

★★★ Authorised Persons Regulations

  • Issued May 6, 2026.
  • Franchisee arrangements → Forex Correspondent Scheme.
  • Model: principal-agent.
  • Principal retains responsibility for due diligence, controls, reporting, charges, customer service and grievance redressal.

★★★ Guarantees Regulations

  • Broader eligibility linked to permissibility of underlying transaction.
  • Unified reporting framework.

★★★ Export and Import of Goods and Services Regulations

  • Effective October 1, 2026.

★★★ FCNR(B) / ECB / OFCB

  • FCNR(B): 3–5 years.
  • Mobilisation through August 31, 2026 under the special facility.
  • RBI swap availability through September 11, 2026.
  • ECB/OFCB scheme through December 31, 2026.

★★ FEDAI

  • RBI recognised Foreign Exchange Dealers’ Association of India (FEDAI) as SRO for Authorised Dealers in January 2026.
  • One year to align governance/systems/transparency and broaden membership.

★★ Forex market depth

  • Domestic forex turnover: ~USD 80 bn/day.
  • Global INR turnover: USD 185 bn/day in 2025.
  • NDF: ~USD 7 bn/day.
  • CCIL trade-repository registrations: 87,000 in 2025 vs ~43,000 in 2019.

Monetary Policy / Monetary Policy Department

★★★ August 2026 MPC

ItemFact
MPC meetingAug 3–5, 2026
Repo5.25%
SDF5.00%
MSF5.50%
Bank Rate5.50%
StanceNeutral
DecisionUnanimous
ChairSanjay Malhotra, Governor

★★★ Growth

  • FY27: 6.7%
  • Q1: 7.0%
  • Q2: 6.4%
  • Q3: 6.5%
  • Q4: 6.8%
  • Q1 FY28: 7.3%.

★★★ Inflation

  • FY27 CPI: 5.0%
  • Q2: 4.7%
  • Q3: 5.9%
  • Q4: 5.5%
  • Q1 FY28: 5.3%
  • Core inflation FY27: 4.3%.

★★ June 2026 inflation

  • CPI: 4.4%.
  • Core CPI: 3.9%.
  • Inflation had remained below target for 16 consecutive months before June.
  • Core excluding precious metals: approximately 2.3–2.5% during May–June.

★★ Monetary transmission

  • Cumulative repo cut: 125 bps.
  • Fresh loan WALR: –80 bps.
  • Outstanding loan WALR: –91 bps.
  • Fresh deposit WADTDR: –63 bps.
  • Outstanding deposit WADTDR: –51 bps.

Financial Inclusion / Development

★★★ Financial Inclusion Index

  • March 2026: 70.0.
  • Previous year: 67.0.
  • Main improvement: Usage dimension.

★★★ Mission SAKSHAM

  • UCB capability-building.
  • Launch: April 28, 2026.
  • Target: ~1.4 lakh participants.
  • 5 target groups.
  • Online component via NUCFDC.
  • Telangana: 48/48 UCBs represented.

Consumer Education & Protection / Ombudsman

★★★ Integrated Ombudsman Scheme

  • Revised scheme effective July 1, 2026.
  • Recurring complaints → root-cause analysis.
  • Complaint trends → early-warning/business-intelligence input for Board/Customer Service Committee.

★★★ Internal Ombudsman

  • Required attributes: independence, neutrality, fairness.
  • Rejected/partially rejected complaints reviewed before final customer communication.

FinTech / Technology / AI

★★★ SRO-FT

  • UFF recognised September 10, 2026.
  • FACE was first SRO-FT — August 28, 2024.

★★★ AI governance

  • Board-approved AI governance.
  • Complete inventory of AI systems, including vendor-embedded AI.
  • Explainability for materially customer-impacting decisions.
  • Pre-deployment and periodic red-team/stress testing.
  • Human oversight where material harm is possible.

★★★ AI risk taxonomy

7 risks: black-box, bias, concentration, vendor dependence, data privacy/security, cyber/adversarial vulnerability, human-judgement/accountability erosion.

★★ FREE-AI Committee

  • Full name: Committee for the Framework for Responsible and Ethical Enablement of AI.
  • Report submitted in 2025.
  • Relevant to responsible AI and draft Model Risk Management guidelines.

Statistics / Data

★★★ BSR-1

  • SCB credit data excluding RRBs.
  • Quarterly.
  • Reference date: last day of quarter.
  • End-June 2026 credit growth: 16.5%.
  • Term loans: 64.1% of credit.
  • Working capital growth: 18.0%.
  • Outstanding WALR: 9.26%.

★★★ BSR-2

  • SCB branch-wise deposits excluding RRBs.
  • Quarterly.
  • End-June 2026 deposit growth: 11.5%.
  • Household deposits: 58.8% of total.
  • Household share of incremental deposits: 98.9%.

★★★ MF Foreign Liabilities & Assets

  • 53 mutual funds/AMCs.
  • Foreign liabilities: USD 31.5 bn.
  • Overseas assets: USD 10.2 bn.
  • Net foreign liabilities: USD 21.3 bn.
  • Overseas equity securities: +37.5%.

★★ Corporate sector

  • Sample: 3,247 listed non-government non-financial companies.
  • Aggregate sales growth: 19.4%.

Currency Management

★★★ Key numbers

  • Annual production: 28–30 billion banknotes.
  • Annual disposal: ~21 billion.
  • Circulation: ~176 billion notes.
  • Production denominations: 6.
  • RBI Regional Offices: 19.
  • ATMs/cash dispensers: >250,000.
  • Clean Note Policy since 1999.

★★ Currency infrastructure

  • 4 government mints.
  • 5 regular coin denominations.
  • Cash held in Currency Chests is RBI property.
  • Real-time reporting through Central Cash Accounting System.
  • Currency Chests linked under the Linkage Scheme.

3. Numbers & Dates — Rapid Revision Sheet

A. Rates / Monetary Policy

FactNumber / Date
August 2026 Repo5.25%
SDF5.00%
MSF5.50%
Bank Rate5.50%
MPC stanceNeutral
MPC meetingAug 3–5, 2026
Next MPCOct 5–7, 2026
MPC minutesAug 19, 2026
FY27 GDP forecast6.7%
FY27 CPI forecast5.0%
FY27 core inflation4.3%
June 2026 CPI4.4%
June 2026 core CPI3.9%
Cumulative repo cut125 bps

B. Forex

FactNumber / Date
Special forex swap facility beganJune 8, 2026
FCNR(B) tenor3–5 years
FCNR(B) mobilisation under swap schemeTill Aug 31, 2026
RBI FCNR(B) swap availabilityTill Sep 11, 2026
ECB/OFCB schemeTill Dec 31, 2026
Export/Import Regulations effectiveOct 1, 2026
Forex reserves, July 31USD 692.9 bn
Import cover>10 months
External debt cover90.8%
Domestic forex turnover~USD 80 bn/day
Global INR turnover, 2025USD 185 bn/day
NDF turnover~USD 7 bn/day

C. PSL / Deposits / Recovery

FactNumber / Date
PSL Second AmendmentAug 7, 2026
FCNR(B) tenor for PSL exclusion3–5 years
NRE tenor≥3 years
PSL mobilisation end-dateSep 30, 2026
Deposit-rate amendments issuedJuly 30, 2026
Deposit-rate amendments effectiveOct 1, 2026
Recovery-agent amendments issuedAug 6, 2026
Recovery-agent amendments effectiveJan 1, 2027

D. NBFC / Supervision

FactNumber
NBFC-UL entities in 2026-27 list17
Minimum continuation after UL classification5 years
DoS circulars consolidated628
Final Master Directions64
Regulated-entity types11
Functional areasup to 9
Consultation comments767
Basel Pillar 3 amendment directions10

E. Financial Inclusion / Payments

FactNumber
FI-Index March 202670.0
Previous FI-Index67.0
Mission SAKSHAM launchApr 28, 2026
Mission SAKSHAM target~1.4 lakh
Telangana UCBs represented48
UPI FY26 volume>24,000 crore transactions
UPI FY26 value~₹314 lakh crore

F. Statistics

FactNumber
BSR-1 credit growth16.5%
Term loans share64.1%
Working-capital growth18.0%
Outstanding WALR9.26%
BSR-2 deposit growth11.5%
Household deposit share58.8%
Household share of incremental deposits98.9%
MF survey entities53
MF foreign liabilitiesUSD 31.5 bn
MF overseas assetsUSD 10.2 bn
MF net foreign liabilitiesUSD 21.3 bn
Overseas equity growth37.5%
Corporate sample3,247 companies

G. Balance of Payments

ItemQ1 FY27
CADUSD 4.2 bn / 0.5% GDP
Merchandise trade deficitUSD 86.1 bn
Net services receiptsUSD 51.6 bn
Personal transfersUSD 42.9 bn
Net FDI+USD 6.1 bn
Net FPI–USD 9.6 bn
NRI deposits+USD 2.8 bn
ECB inflows+USD 3.3 bn
Reserve change, BoP basis–USD 8.1 bn
Valuation change–USD 14.4 bn
Total reserve change incl. valuation–USD 22.5 bn

H. BSR Population Classification

CentrePopulation
Rural<10,000
Semi-urban10,000 to <1 lakh
Urban1 lakh to <10 lakh
Metropolitan≥10 lakh

Basis: 2011 Census population of the revenue centre.

4. Committees / Working Groups / Frameworks / Initiatives

★★★ Mission SAKSHAM

  • Purpose: Capability building for UCBs.
  • Launch: April 28, 2026.
  • Target: ~1.4 lakh participants.
  • Groups: Board, Senior Management, Assurance Heads, IT Technical Employees, Other Employees.
  • Platform: NUCFDC for online learning.
  • Telangana: all 48 UCBs represented.

★★★ Committee for the Framework for Responsible and Ethical Enablement of AI — FREE-AI

  • Purpose: Responsible and ethical AI framework.
  • Report: 2025.
  • Relevant to RBI’s responsible-AI approach and Model Risk Management work.

★★★ SRO-FT framework

  • FACE: first recognised SRO-FT.
  • Recognition: August 28, 2024.
  • UFF: recognised SRO-FT on September 10, 2026.
  • UFF CIN: U91990KA2016NPL096977.

★★★ Forex Correspondent Scheme

  • Replaced franchisee arrangements under the new Authorised Persons Regulations.
  • Model: principal-agent.
  • Principal bears responsibility for due diligence, controls, reporting, charges, service and grievance redressal.

★★★ DoS Master Directions Consolidation

  • 628 circulars → 64 Master Directions.
  • 11 entity categories.
  • Up to 9 functional areas.
  • 767 consultation comments.
  • Final MDs = sole library of DoS instructions.

★★ Third Conference of Registrars of Cooperative Societies

  • Third conference.
  • Date: September 1, 2026.
  • Venue: RBI, New Delhi.
  • Themes: UCB governance, coordination, professionalisation, liquidation, fraud/mule accounts.

★★ Market-depth framework

Three dimensions highlighted for assessing market depth:

  1. Liquidity and price discovery
  2. Risk distribution
  3. Diversity and resilience of participation

★★ Credit derivatives reforms

  • Instruments/reforms include:
    • Total Return Swaps
    • Futures on credit indices
    • Extended Credit Default Swaps (CDS).

5. “Don’t Confuse These” Pointers

★★★ FCNR(B) dates — three different timelines

  • FCNR(B) deposits under special facility: mobilisation till August 31, 2026.
  • RBI FCNR(B) swaps: available till September 11, 2026.
  • PSL-related FCNR(B) mobilisation: June 8–September 30, 2026.
  • ECB/OFCB scheme: till December 31, 2026.

Do not merge these four dates.

★★★ FCNR(B) vs NRE for PSL exclusion

  • FCNR(B): 3–5 years.
  • NRE: 3 years or more.
  • Both have mobilisation ending September 30, 2026 for the PSL-related exclusion.
  • Exclusion linked to CRR/SLR-exempt fresh deposits.

★★★ Deposit-rate vs Recovery-agent effective dates

  • Interest Rate on Deposits: effective October 1, 2026.
  • Recovery Agents: effective January 1, 2027.

Both were issued in 2026, but implementation dates differ.

★★★ Proposal vs final rule

  • Interest Rate on Advances rationalisation: proposal/draft.
  • Interest Rate on Deposits amendments: final, effective October 1, 2026.
  • Do not treat the advances proposal as an already effective regulation.

★★★ UPI vs ULI

  • UPI: payments.
  • ULI: lending/credit interface.
  • ULI highlighted particularly for MSMEs and underserved borrowers.

★★★ FI-Index vs UPI

  • FI-Index: financial inclusion measurement — 70.0 in March 2026.
  • UPI: digital payment system — >24,000 crore FY26 transactions.

★★★ NBFC-UL vs Top Layer

  • Upper Layer: contains identified NBFC-UL entities.
  • Top Layer: separate SBR layer, intended for entities posing exceptional systemic risk.
  • Being classified as NBFC-UL carries enhanced requirements for at least 5 years.

★★★ DoS consolidation numbers

Remember the chain:

628 circulars → 64 Master Directions → 11 entity types → up to 9 functional areas → 767 comments.

★★★ Forex turnover numbers

  • Domestic forex turnover: ~USD 80 bn/day.
  • Global INR turnover: USD 185 bn/day.
  • NDF: ~USD 7 bn/day.

These are different measures, not interchangeable.

★★★ BoP reserve-change numbers

  • –USD 8.1 bn: reserve change on BoP basis/excluding valuation.
  • –USD 14.4 bn: valuation change.
  • –USD 22.5 bn: total reserve change including valuation.

★★★ Executive Directors

  • Monisha Chakraborty → FED + Financial Markets Regulation Department.
  • Suman Ray → DICGC + Premises Department.

Also:

  • Monisha: effective Aug 3, 2026.
  • Suman: effective Sep 1, 2026.

★★★ BSR-1 vs BSR-2

  • BSR-1 = Credit.
  • BSR-2 = Deposits.
  • Both cover SCBs excluding RRBs.
  • BSR-1 reference: last day of quarter.
  • BSR-2: branch-wise deposit data.

★★★ Rural / Semi-urban / Urban / Metropolitan

  • Rural: <10,000.
  • Semi-urban: 10,000–<1 lakh.
  • Urban: 1–<10 lakh.
  • Metro: ≥10 lakh.

Basis is 2011 Census, not current population.

★★★ MPC rates

  • Repo = 5.25%
  • SDF = 5.00%
  • MSF = 5.50%
  • Bank Rate = 5.50%

Thus:
SDF < Repo < MSF = Bank Rate.

★★★ FACE vs UFF

  • FACE = first SRO-FT, recognised 2024.
  • UFF = subsequently recognised SRO-FT, September 10, 2026.

★★★ Currency numbers

  • Production: 28–30 bn
  • Disposal: ~21 bn
  • Circulation: ~176 bn
  • RBI Regional Offices: 19
  • ATMs/cash dispensers: >250,000
  • Clean Note Policy: 1999

6. Last-Minute Revision List

🔴 Memorise these first

  1. Repo 5.25% | SDF 5.00% | MSF 5.50% | Bank Rate 5.50% | Neutral.
  2. 62nd MPC: Aug 3–5, 2026.
  3. FY27 GDP forecast: 6.7%.
  4. FY27 CPI forecast: 5.0%.
  5. Next MPC: Oct 5–7, 2026.
  6. FI-Index: 70.0 in March 2026 vs 67.0.
  7. UFF recognised SRO-FT: Sep 10, 2026.
  8. FACE = first SRO-FT; Aug 28, 2024.
  9. Mission SAKSHAM: Apr 28, 2026; ~1.4 lakh UCB participants.
  10. DoS: 628 circulars → 64 Master Directions.
  11. DoS: 11 entity types; up to 9 functional areas; 767 comments.
  12. NBFC-UL: 17 entities in 2026-27 list.
  13. NBFC-UL classification: minimum 5-year enhanced-regulation period.
  14. Recovery-agent amendments: issued Aug 6, 2026; effective Jan 1, 2027.
  15. Deposit-rate amendments: issued July 30, 2026; effective Oct 1, 2026.
  16. PSL Second Amendment: Aug 7, 2026; effective immediately.
  17. FCNR(B): 3–5 years.
  18. NRE for PSL exclusion: ≥3 years.
  19. PSL mobilisation window: ends Sep 30, 2026.
  20. Export/Import Regulations: effective Oct 1, 2026.
  21. FCNR(B) swap availability: till Sep 11, 2026.
  22. ECB/OFCB scheme: till Dec 31, 2026.
  23. Forex reserves: USD 692.9 bn as at July 31, 2026.
  24. Import cover: >10 months; external debt cover: 90.8%.
  25. Q1 FY27 CAD: USD 4.2 bn / 0.5% GDP.
  26. Q1 FY27 reserve change: –USD 8.1 bn BoP basis.
  27. Valuation loss: –USD 14.4 bn.
  28. Total reserve change including valuation: –USD 22.5 bn.
  29. BSR-1 credit growth: 16.5%.
  30. BSR-1 term-loan share: 64.1%.
  31. BSR-1 outstanding WALR: 9.26%.
  32. BSR-2 deposit growth: 11.5%.
  33. Household deposits: 58.8% of total deposits.
  34. Households: 98.9% of incremental deposits.
  35. MF survey: 53 entities; foreign liabilities USD 31.5 bn; overseas assets USD 10.2 bn.
  36. UPI FY26: >24,000 crore transactions; ~₹314 lakh crore.
  37. AI governance: inventory + Board policy + explainability + red-team + human oversight.
  38. Seven AI risks: black-box, bias, concentration, vendor dependence, privacy/security, cyber/adversarial, human-accountability erosion.
  39. Basel III implementation target: April 1, 2027.
  40. Basel Pillar 3: 10 Amendment Directions issued July 30, 2026.
  41. PPBL licence cancellation effective close of business Apr 24, 2026.
  42. PPBL winding-up: Sections 38 & 39; Liquidator Girikumar M Nair.
  43. FEDAI recognised as SRO for Authorised Dealers: January 2026.
  44. Forex Correspondent Scheme replaced franchisee arrangement.
  45. Domestic forex turnover: ~USD 80 bn/day.
  46. Global INR turnover 2025: USD 185 bn/day.
  47. NDF turnover: ~USD 7 bn/day.
  48. Currency production: 28–30 bn notes/year.
  49. Currency in circulation: ~176 bn notes.
  50. Clean Note Policy: 1999.

🔴 Five numerical chains worth memorising

1. Supervisory consolidation

628 → 64 → 11 → 9 → 767

  • 628 circulars
  • 64 Master Directions
  • 11 entity types
  • Up to 9 functional areas
  • 767 consultation comments

2. MPC rates

5.00 → 5.25 → 5.50

  • SDF 5.00%
  • Repo 5.25%
  • MSF/Bank Rate 5.50%

3. NBFC

17 → 5 years

  • 17 NBFC-UL entities
  • 5-year minimum continuation of enhanced requirements

4. Financial inclusion

67 → 70

  • Previous FI-Index 67.0
  • March 2026 70.0

5. Forex reserves / BoP

692.9 | –8.1 | –14.4 | –22.5

  • Forex reserves: USD 692.9 bn
  • BoP reserve change: –USD 8.1 bn
  • Valuation change: –USD 14.4 bn
  • Total change including valuation: –USD 22.5 bn

🔴 Date ladder

  • Apr 24, 2026: PPBL licence cancellation effective.
  • Apr 28, 2026: Mission SAKSHAM launched.
  • May 6, 2026: Authorised Persons Regulations, 2026.
  • Jun 8, 2026: FCNR(B)/forex swap facility operationalised.
  • Jun 19, 2026: NRE mobilisation begins for PSL-related exclusion.
  • Jul 1, 2026: Revised Integrated Ombudsman Scheme effective.
  • Jul 30, 2026: Deposit-rate amendments + Basel Pillar 3 amendments issued.
  • Aug 3–5, 2026: 62nd MPC.
  • Aug 6, 2026: Recovery-agent amendments issued.
  • Aug 7, 2026: PSL Second Amendment Directions.
  • Aug 21, 2026: 624th Central Board meeting.
  • Aug 31, 2026: FCNR(B) mobilisation deadline under special swap facility.
  • Sep 1, 2026: Suman Ray becomes ED; Cooperative Registrars conference.
  • Sep 10, 2026: UFF recognised SRO-FT.
  • Sep 11, 2026: FCNR(B) RBI swap availability ends.
  • Sep 30, 2026: PSL-related FCNR(B)/NRE mobilisation window ends.
  • Oct 1, 2026: Deposit-rate amendments + Export/Import Regulations effective.
  • Oct 5–7, 2026: Next MPC.
  • Dec 31, 2026: ECB/OFCB scheme continues till this date.
  • Jan 1, 2027: Recovery-agent amendments effective.
  • Apr 1, 2027: Target date for applicable Basel III implementation.

🔴 Final ultra-short memory block

UFF — Sep 10, 2026 — SRO-FT.
FACE — first SRO-FT — Aug 28, 2024.
Mission SAKSHAM — Apr 28 — ~1.4 lakh — UCBs — NUCFDC.
NBFC-UL — 17 — 5 years.
DoS — 628 circulars → 64 MDs.
PSL — FCNR(B) 3–5 yrs; NRE ≥3 yrs; window till Sep 30.
Deposit rates — Oct 1, 2026.
Recovery agents — Jan 1, 2027.
Repo — 5.25%; SDF — 5%; MSF/Bank Rate — 5.5%; Neutral.
GDP — 6.7%; CPI — 5.0%.
FI-Index — 70.0.
Forex reserves — USD 692.9 bn.
CAD — USD 4.2 bn / 0.5% GDP.
BoP reserve change — –USD 8.1 bn.
UPI — >24,000 crore transactions; ~₹314 lakh crore.
BSR-1 — credit growth 16.5%; WALR 9.26%.
BSR-2 — deposits 11.5%; household share 58.8%.
AI — inventory, Board governance, explainability, red-team, human oversight.
Basel III — April 1, 2027 target.
PPBL — licence cancellation effective Apr 24, 2026; winding-up under Sections 38 & 39.
Forex Correspondent Scheme replaces franchisee model.
FEDAI — SRO for Authorised Dealers.
Currency — 28–30 bn produced; ~21 bn disposed; ~176 bn in circulation; 19 RBI offices; Clean Note Policy 1999.

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