Category: Economics Current Affairs

Special Rupee Vostro Accounts: RBI The Reserve Bank of India (RBI) has allowed non-residents holding Special Rupee Vostro Accounts (SRVAs) to invest surplus balances in government securities, while also removing prior approval for banks to open SRVAs, these steps aimed at boosting rupee trade and internationalising the Indian Rupee. Special Rupee Vostro Accounts (SRVAs) are […]

SBI will charge ₹2–₹10 plus GST for IMPS transfers above ₹25,000 via online channels: The State Bank of India (SBI) has revised its IMPS (Immediate Payment Service) fee structure. Effective August 15, 2025, SBI will impose nominal charges on online IMPS transactions exceeding ₹25,000, a change that affects millions of customers using UPI-linked or net […]

India’s WPI inflation stays negative at –0.58% in July 2025: India’s Wholesale Price Index (WPI)-based inflation remained in the negative zone for the second month in a row, standing at –0.58% in July 2025 on a year-on-year basis. This continued deflation at the wholesale level points to a cooling trend in input prices across key […]

NPCI to Discontinue UPI P2P: From October 1, 2025, NPCI will halt UPI peer-to-peer collect requests to prevent fraud, ensuring all P2P payments are user-initiated for better security. The National Payments Corporation of India (NPCI) has announced that peer-to-peer (P2P) ‘collect requests’ on UPI will be discontinued from October 1, 2025. The decision affects all […]

S&P upgrades ratings of 7 Indian banks and 3 finance firms: S&P Global Ratings has upgraded the credit ratings of 10 Indian financial institutions, including seven banks and three finance companies. This move follows India’s first sovereign credit rating upgrade in 18 years, raising it from ‘BBB-/Positive/A-3’ to ‘BBB/Stable/A-2’. The upgrades reflect improving macroeconomic conditions, […]

India’s Electronics Exports Surge 47% in Q1 2025-26: India’s electronics exports surged by 47% year-on-year in Q1 of FY 2025-26, reaching $12.4 billion, according to Union Commerce and Industry Minister Piyush Goyal. The robust growth reflects the success of ‘Make in India’ and India’s transformation into a global manufacturing hub, particularly in the mobile phone […]

ICICI Bank Reduces Minimum Balance Requirement After Public Outrage: ICICI Bank, India’s second-largest private lender, has revised its minimum average balance (MAB) requirement for new savings account holders after facing widespread criticism. The bank had recently raised the MAB from ₹10,000 to ₹50,000 for new customers in urban areas, but public backlash forced a rollback. […]

Cheque Truncation System: The Reserve Bank of India (RBI) has decided on the transition of the Cheque Truncation System (CTS) from the current approach of batch processing to continuous clearing with settlement on realisation in two phases. It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of […]

US National Debt Hits Record $37 Trillion Amid Rising Government Spending: The U.S. national debt has reached a historic $37 trillion, according to a recent Treasury Department report. This record-breaking figure has arrived years ahead of projections, highlighting the rapid accumulation of federal debt due to pandemic-related expenditures, tax cuts, and new government spending initiatives. […]

Ravi Narayanan, former Axis Bank executive, has been appointed CEO of SMFG India Credit: Ravi Narayanan, former Group Executive at Axis Bank, has been appointed CEO of SMFG India Credit, according to sources familiar with the matter. This marks a pivotal leadership change since Sumitomo Mitsui Financial Group (SMFG) acquired Fullerton India Credit in 2021.The […]