Economy & Banking Current Affairs

India Meets FY26 Fiscal Deficit Target at 4.4% of GDP

India met its FY2025-26 fiscal deficit target of 4.4% of GDP, aided by prudent expenditure management and strong net tax receipts.

SEBI Modifies Nomination Norms for Demat Accounts and Mutual Fund Folios

SEBI announced modified norms for nomination in demat accounts and mutual fund folios under its 'ease of doing investments' push to simplify processes for investors.

RBI Annual Report FY26: Repo Rate Held at 6.5%, Inflation Vigilance Flagged

The RBI's FY2025-26 Annual Report reaffirmed the repo rate at 6.5% and flagged the need for vigilance on the inflation outlook ahead of the June 2026 MPC.

RBI Transfers Record ₹2.87 Lakh Crore Dividend to Central Government for FY25

The Reserve Bank of India approved a record dividend payout of ₹2.87 lakh crore to the central government for FY 2024-25, providing fiscal breathing space amid global headwinds.

New Index of Industrial Production with 2022-23 Base Year to Launch June 1

A revamped Index of Industrial Production with base year 2022-23 will be launched on June 1, expanding coverage to rare earths, minor minerals and 120 new items.

UAE Exits OPEC and OPEC+ in Historic Move

The United Arab Emirates has formally withdrawn from OPEC and OPEC+, dealing a major blow to the global oil producers' cartel.

India's Crude Oil Imports Dip 17% in March; LNG Imports Jump 20.5% Amid Shift to Gas

India's crude oil imports declined nearly 17% in March 2026 due to the West Asia conflict disrupting Middle East supplies, while LNG imports rose 20.5% as India accelerated its push for piped gas and clean fuel.

India's Forex Reserves Rise to $703 Billion; DTAA Benefits with Mauritius to Continue

India's foreign exchange reserves jumped $2.3 billion to $703 billion, while India assured Mauritius that DTAA tax benefits will continue following a Supreme Court ruling.

India's Core Sector Output Contracts 0.4% in March 2026 — Worst in 19 Months

India's eight core sector output contracted 0.4% in March 2026 — the worst performance in 19 months — as the West Asia conflict disrupted energy and industrial activity.

Credit Flows Jump 38% in FY26 to ₹44.6 Lakh Crore as RBI Rate Cuts Boost Demand

India's formal credit flows surged 38% in FY26 to ₹44.6 lakh crore, with total outstanding credit crossing ₹300 lakh crore for the first time, driven by RBI's rate cuts and liquidity infusion.

India's March Oil Imports: Russia Hits Record High, OPEC Share Drops to All-Time Low of 29%

India's March 2026 oil imports data showed Russian crude at record volumes, while OPEC's share dropped to an all-time low of 29% as India diversified away from Middle East suppliers.

UN Projects India GDP Growth at 6.4% in 2026; Rupee Hits 93.48 Against Dollar

The UN projected India's GDP growth at 6.4% in 2026 and 6.6% in 2027, while the rupee plunged 32 paise to settle at 93.48 against the US dollar amid oil shock pressures.

India-New Zealand FTA Near Signing; PM Luxon Calls It 'Once-in-a-Generation Deal'

India and New Zealand concluded Free Trade Agreement negotiations, with signing scheduled for April 27. New Zealand PM Christopher Luxon called it a 'once-in-a-generation deal' to double bilateral trade to $5 billion.

HSBC Downgrades India to 'Underweight'; India-US Trade Talks: US Calls India 'Tough Nut to Crack'

HSBC downgraded India to 'underweight' citing oil shock risk, while US Trade Representative Greer called India a 'tough nut to crack' as trade negotiations wrapped up.

Jio Financial Services and Allianz Group Form JV for General and Health Insurance in India

Jio Financial Services (JFSL) and Germany's Allianz Group announced a joint venture to offer general and health insurance in India, with a separate binding agreement for life insurance also in the works.

Net FDI Jumps to 45-Month High in February 2026, Breaking Six-Month Negative Streak

India's net Foreign Direct Investment surged to a 45-month high in February 2026, with gross FDI jumping 61.6% to a seven-month high of nearly $9 billion.

RBI Cancels Paytm Payments Bank License Over Regulatory Non-Compliance

The RBI cancelled the banking license of Paytm Payments Bank Ltd (PPBL) for persistent regulatory violations, including non-compliance with KYC norms.

Reliance Industries Becomes First Indian Company to Cross $10 Billion Annual Profit

Reliance Industries reported a record net profit of ₹95,610 crore in FY26, becoming the first Indian company to surpass $10 billion in annual profit.

RBI MPC Holds Repo Rate Unchanged at 5.25% Amid Global Uncertainty

The RBI's Monetary Policy Committee kept the benchmark repo rate at 5.25% while maintaining a neutral stance, citing global uncertainties from the ongoing West Asia conflict.

RBI Keeps Repo Rate Unchanged at 5.25%

RBI Keeps Repo Rate Unchanged at 5.25%

RBI Keeps Repo Rate Unchanged at 5.25%

Digital Rupee Introduction

India Revises IIP Series to Base Year 2022-23; April IIP at 4.9%

India revised the Index of Industrial Production (IIP) to a new base year of 2022-23, adding 120 new item groups; industrial output grew 4.9% in April.

RBI MPC June 2026: Rate Status Quo Likely Amid Inflation and Global Risks

Ahead of the June 2026 MPC meeting, the RBI is widely expected to hold the policy rate steady amid rising inflation risks and global uncertainty, with FY27 GDP pegged around 6.6%.

Government Notifies Export Duty on Petrol, Diesel and ATF for June Fortnight

The central government notified export duty rates on petrol, diesel and aviation turbine fuel (ATF) for the fortnight beginning June 1, 2026.

June 2026 Outlook: RBI MPC and US Fed Meetings Among Key Events

The RBI's June 2026 Monetary Policy Committee meeting and the US Federal Reserve meeting are among the key events in focus, with the RBI widely expected to hold rates steady.

Rupee Strengthens to Around 95 Against US Dollar as RBI Steps In

The Indian rupee posted its best single-day gain in nearly two months, closing around 95 against the US dollar, aided by RBI intervention and softer crude oil prices.

Centre Exempts Cotton Imports from Customs Duty for June 1–October 31, 2026

The central government granted a temporary exemption from all customs duty on cotton imports from June 1 to October 31, 2026, balancing farmer and textile-industry interests.

Finance Ministry to Conduct Factory Visits for Ground-Level Budget Inputs

The Finance Ministry's Department of Economic Affairs will conduct factory visits to gather ground-level inputs from manufacturing units before Budget 2026-27 planning.

Supreme Court Seeks RBI Response on Plea for Audit of Banks' Realty Exposure

The Supreme Court has asked the Centre and RBI to respond to a petition seeking an audit of banks' lending to real estate developers and a probe into alleged fund misuse.

Andhra Pradesh and SIDBI Set Up Angel Fund for Deep-Tech Startups

Andhra Pradesh, in partnership with SIDBI, launched an angel fund through the Ratan Tata Innovation Hub to back deep-tech startups in AI, quantum and electronics.

Coal India OFS Subscribed 8 Times on Day One, Govt Exercises Greenshoe

Coal India's Offer for Sale was oversubscribed 8 times on the first day, with bids worth around ₹19,000 crore prompting the government to exercise the greenshoe option.

Government to Sell up to 2% LIC Stake to Raise about ₹10,000 Crore

The Centre plans to divest up to 2% in Life Insurance Corporation, expected to raise around ₹10,000 crore, deepening LIC's public shareholding.

FPI Outflows in Four Months of 2026 Surpass Entire 2025

Foreign portfolio investor outflows from India in Jan-Apr 2026 have exceeded total outflows of 2025.

IRDAI Chief Says 100% FDI in Insurance Will Boost Capacity

IRDAI Chairman Ajay Seth stated that 100% FDI in insurance will enhance capacity and protect policyholders.

Gold Demand Rises 10% in Q1 2026 as Value Surges 99%: WGC

The World Gold Council reports a 10% rise in gold demand in Jan-Mar 2026 with a 99% surge in value driven by geopolitical tensions.

India's Credit Card Base Crosses 119 Million Mark

India's credit card market has expanded to 119 million active cards, with PSU banks gaining share in spends.

RBI Allows Banks to Offer Natural Calamity Relief Suo Motu From July 1

The RBI has directed banks to proactively offer loan relief measures to borrowers affected by natural calamities from July 1, 2026.

ADB Cuts Asia's Growth Forecast to 4.7% for 2026

The Asian Development Bank has revised Asia's GDP growth forecast downward to 4.7% for 2026 amid global trade uncertainties.

US Federal Reserve Holds Interest Rates Steady

The US Federal Reserve kept its benchmark interest rate unchanged amid rising inflation concerns and geopolitical uncertainty.

NSE IPO: SEBI Panel Clears Rs 1,800 Crore Settlement Proposal

A SEBI panel cleared the NSE's Rs 1,800 crore settlement proposal, bringing the National Stock Exchange closer to its long-awaited IPO.

Maruti Suzuki Q4 Net Profit Falls 6.45% to Rs 3,659 Crore

Maruti Suzuki reported a 6.45% decline in Q4 FY26 net profit to Rs 3,659 crore, impacted by higher input costs from the Iran war and increased depreciation.

ED Attaches Rs 3,034 Crore Assets in Reliance Communications Fraud Case

The Enforcement Directorate attached assets worth Rs 3,034.90 crore in the Reliance Communications bank fraud case, including properties in Mumbai and Khandala.

India's Industrial Output Growth Slows to 4.1% in March 2026

India's Index of Industrial Production (IIP) growth slowed to a 5-month low of 4.1% in March 2026, the first month reflecting the impact of the West Asia crisis.

MoSPI to Launch Index of Services Production with 2024-25 as Base Year

MoSPI has proposed an Index of Services Production (ISP) using GST data with 2024-25 as base year to track monthly output across key service sectors.

Sun Pharma Acquires Organon in $11.75 Billion Deal

Sun Pharmaceutical Industries announced the acquisition of US-based Organon & Co for $11.75 billion, its largest-ever deal, expanding into women's health and biosimilars.

NSE Crosses 13 Crore Unique Investors; Adds 1 Crore in 7 Months

The National Stock Exchange crossed the 13 crore unique investor milestone, adding 1 crore investors in just 7 months, driven by digital access and rising retail participation.

RBI Finalises Expected Credit Loss Framework; Implementation from April 2027

RBI has finalised the Expected Credit Loss provisioning framework for banks, to be implemented from April 1, 2027, replacing the current incurred loss model.

Ganga Expressway to Drive ₹47,000 Crore Industrial Push in Uttar Pradesh

The Ganga Expressway is set to drive ₹47,000 crore worth of industrial investments in Uttar Pradesh, with industrial nodes planned along its 594 km stretch connecting Meerut to Prayagraj.