7 October 2026
The Monetary Policy Committee held its 63rd meeting from October 5 to 7, 2026 under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India.
The MPC voted unanimously to increase the policy repo rate under the liquidity adjustment facility by 25 bps to 5.50 per cent.
Consequently the standing deposit facility rate stands adjusted at 5.25 per cent, and the marginal standing facility rate and the Bank Rate at 5.75 per cent.
The MPC also decided to change the stance to calibrated tightening.
Two members, Dr. Nagesh Kumar and Prof. Ram Singh, were of the view that the stance be retained at neutral.
The minutes of the meeting are to be published on October 21, 2026, and the next meeting is scheduled for December 2 to 4, 2026.
Policy repo rate:
5.50 per cent
Standing deposit facility rate:
5.25 per cent
MSF rate and Bank Rate:
5.75 per cent
MPC meeting:
63rd
Why it matters for exams: The repo rate and the liquidity adjustment facility corridor are asked in almost every bank and PSC economy paper, and a change of stance is the kind of detail examiners use to date a decision.
Kerala PSCUPSCSSCBank
In plain words
MPC Monetary Policy Committee — The six-member statutory committee that fixes the policy repo rate, chaired by the RBI Governor.
LAF Liquidity Adjustment Facility — The window through which the RBI lends to and absorbs funds from banks on a short-term basis.
SDF Standing Deposit Facility — The floor of the LAF corridor, at which banks park surplus funds with the RBI without collateral.
MSF Marginal Standing Facility — The ceiling of the LAF corridor, at which banks borrow overnight from the RBI against approved securities.
7 October 2026
The Monetary Policy Committee resolution of October 7, 2026 projects CPI inflation at 5.2 per cent for 2026-27.
The quarterly path is 4.9 per cent in Q2, 6.0 per cent in Q3 and 5.7 per cent in Q4, with Q1 of 2027-28 at 5.6 per cent.
Real GDP growth for 2026-27 is projected at 7.1 per cent.
The quarterly path for growth is 7.2 per cent in Q2, 6.9 per cent in Q3 and 6.8 per cent in Q4, with Q1 of 2027-28 at 7.1 per cent.
Risks to both the growth and the inflation projections are described as evenly balanced.
CPI inflation 2026-27:
5.2 per cent
Real GDP growth 2026-27:
7.1 per cent
Q3 inflation:
6.0 per cent
Q2 growth:
7.2 per cent
Why it matters for exams: Examiners ask for the central bank's own projection of growth and inflation for the current financial year, and the quarterly path is the detail that separates a careful candidate from a vague one.
Kerala PSCUPSCBank
In plain words
CPI Consumer Price Index — The retail price index that the RBI targets under the flexible inflation targeting framework.
GDP Gross Domestic Product — Real GDP is output measured at constant prices, so growth in it excludes price change.
7 October 2026
The Reserve Bank of India announced on October 7, 2026 the exclusion of Paytm Payments Bank Limited from the Second Schedule to the Reserve Bank of India Act, 1934.
The exclusion was effected by notification DoR.LIC.No.S3674/16.13.215/2026-27 dated July 31, 2026.
The notification was published in the Gazette of India (Part III, Section 4) dated September 7, 2026.
The announcement was issued as Press Release No. 2026-2027/1273 over the signature of Brij Raj, Chief General Manager.
A bank named in the Second Schedule is a scheduled bank, and removal from the Schedule ends that status.
Schedule:
Second Schedule to the Reserve Bank of India Act, 1934
Notification date:
July 31, 2026
Gazette publication:
September 7, 2026
Why it matters for exams: The Second Schedule is the legal basis of the term scheduled bank, and a named instance of inclusion or exclusion is how banking papers test whether a candidate knows the provision rather than the phrase.
Kerala PSCUPSCBank
In plain words
Scheduled bank Bank included in the Second Schedule to the RBI Act, 1934 — Inclusion brings the bank within the Reserve Bank's scheduled bank framework; exclusion removes it.
Payments bank Differentiated bank licensed by the RBI — A category of bank that can accept deposits within a limit but cannot lend.
7 October 2026
The Reserve Bank of India announced on October 7, 2026 that it would conduct a 29-day variable rate reverse repo auction under the liquidity adjustment facility.
The notified amount is ₹2,00,000 crore.
The auction is to be held on Thursday, October 8, 2026, with the window open from 9:30 am to 10:00 am.
The reversal date is Friday, November 6, 2026.
The auction follows the operational guidelines in the Reserve Bank's press release 2019-2020/1947 dated February 13, 2020.
Participants may reverse the amount prematurely, in full or in part, by placing a request on the E-Kuber portal at least two working days before the original reversal date.
Notified amount:
₹2,00,000 crore
Tenor:
29 days
Auction date:
October 8, 2026
Reversal date:
November 6, 2026
Why it matters for exams: The variable rate reverse repo is the Reserve Bank's main tool for absorbing surplus liquidity, and the tenor and notified amount show how the tool is being used in practice.
UPSCBank
In plain words
VRRR Variable Rate Reverse Repo — An auction through which the RBI absorbs surplus bank liquidity at a rate set by bidding.
E-Kuber RBI's core banking solution — The platform on which banks bid in Reserve Bank auctions and settle government securities business.
6 October 2026
A Supreme Court bench of Justice Vikram Nath, Justice Sandeep Mehta and Justice Augustine George Masih reserved judgment on October 6, 2026.
The matter is SVKM's Narsee Monjee Institute of Management Studies versus Bar Council of India, and the pleas were filed by the Bar Council of India and the institute.
The Delhi High Court had ruled in November 2025, in a suo motu proceeding, that students in recognised law institutions cannot be barred from examinations or further study only for falling short of minimum attendance.
That judgment also held that institutions cannot fix attendance norms above the minimum percentage set by the Bar Council of India, and asked the Council to re-examine its norms after consulting stakeholders.
The Supreme Court had earlier stayed paragraph 249 of the High Court judgment, which barred institutions from detaining students for attendance shortfalls.
It had also granted one-time relief to students whose academic sessions were running on November 3, 2025, allowing them to appear for final and supplementary examinations despite attendance shortages.
Bench:
Justices Vikram Nath, Sandeep Mehta and Augustine George Masih
High Court judgment under appeal:
Delhi High Court, November 2025
Paragraph stayed:
Paragraph 249
Why it matters for exams: The case fixes the line between a regulator's minimum standard and a university's own rule, which is the sort of question asked in polity and in education policy papers alike.
Kerala PSCUPSC
In plain words
BCI Bar Council of India — The statutory body that regulates legal education and the legal profession in India.
Suo motu On the court's own motion — A proceeding a court begins itself, without a petition being filed before it.
6 October 2026
A Supreme Court bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice V. Mohana dismissed a writ petition on October 6, 2026.
The case is Tapasmita Sutar versus Union of India, Writ Petition (Civil) No. 1224 of 2026, filed by a bench clerk in the district judiciary.
The petition sought to have a bench clerk's service treated as equivalent to a law clerk's for the one-year legal practice requirement to sit the judicial service examination.
Justice Bagchi said the duties of a bench clerk are ministerial rather than intellectual and that the post is clerical in nature.
The Court described the distinction between the two kinds of experience as a reasonable classification, because a law clerk's role is of a different character.
The Chief Justice said the Court was willing to help young candidates but could not waive the one-year practice requirement, which the Supreme Court had reduced from three years in August 2026.
Case:
Tapasmita Sutar v. Union of India, W.P.(C) No. 1224/2026
Bench:
Chief Justice Surya Kant, Justices Joymalya Bagchi and V. Mohana
Practice requirement:
one year
Why it matters for exams: The minimum practice requirement for judicial service entry has changed twice in recent years, and this ruling fixes what counts as practice, a favourite question in polity and judiciary sections.
Kerala PSCUPSC
In plain words
Law clerk Research assistant to a judge — A young law graduate who assists a judge with research; this experience counts towards the practice requirement.
Bench clerk Court staff attached to a courtroom — A member of the court's establishment whose duties the Supreme Court described as ministerial and clerical.
7 October 2026
The Ministry of Rural Development held a two-day PMGSY Chintan Shivir on quality, maintenance and technology-based rural connectivity at Bharat Mandapam, New Delhi, on October 5 and 6, 2026.
Union Minister of Rural Development and Agriculture and Farmers Welfare Shri Shivraj Singh Chouhan urged wider use of digital tools, GPS-based monitoring and artificial intelligence for field verification.
Minister of State for Rural Development Shri Kamlesh Paswan called for closer monitoring of delayed works, particularly in difficult and North-Eastern areas.
Secretary, Rural Development, Shri Rohit Kansal asked States and Union Territories to adopt the new monitoring tools quickly.
The release records an outlay of ₹70,125 crore for PMGSY-IV, covering about 62,500 km of all-weather roads and 25,000 eligible unconnected habitations.
About 8 lakh km of rural roads have been built under the programme's phases over 25 years, and experts from CRRI, NDMA, CDRI and the Border Roads Organisation addressed the sessions.
PMGSY-IV outlay:
₹70,125 crore
Road target:
about 62,500 km
Habitations to be connected:
25,000
Rural roads built in 25 years:
about 8 lakh km
Why it matters for exams: PMGSY-IV's outlay, road target and habitation target are exactly the three figures a scheme question asks for, and the programme's 25-year total is a frequent one-mark fact.
Kerala PSCUPSCSSC
In plain words
PMGSY Pradhan Mantri Gram Sadak Yojana — The Union programme for all-weather road connectivity to eligible unconnected rural habitations.
NRIDA National Rural Infrastructure Development Agency — The agency that provides technical and management support to PMGSY.
BRO Border Roads Organisation — The organisation that builds and maintains roads in India's border areas.
7 October 2026
Prime Minister Narendra Modi sent a written message to the third edition of Sagarmanthan: The Great Oceans Dialogue, released by the Press Information Bureau on October 7, 2026.
The dialogue is organised by the Ministry of Ports, Shipping and Waterways together with the Observer Research Foundation in New Delhi.
The message called for a free, open, secure and rules-based maritime order that brings peace and prosperity to all nations.
It said developments in one region can affect distant places, which makes ocean dialogue and cooperation more important than ever.
The message recalled India's maritime heritage, from the ancient port city of Lothal to the Chola dynasty and the naval vision of Chhatrapati Shivaji Maharaj.
It noted that Indian seafarers form the second largest maritime workforce in the world, that major ports have nearly doubled their capacity with reduced turnaround times, and that India is preparing for a new era of shipbuilding and green shipping as part of the Viksit Bharat goal for 2047.
Event:
Sagarmanthan: The Great Oceans Dialogue, third edition
Organisers:
Ministry of Ports, Shipping and Waterways with Observer Research Foundation
India's seafarers:
second largest maritime workforce in the world
Why it matters for exams: Maritime policy questions turn on the phrase a rules-based maritime order and on named facts such as Lothal, India's seafarer ranking and port capacity, all of which appear in this message.
Kerala PSCUPSC
In plain words
ORF Observer Research Foundation — An Indian think tank that co-organises the Sagarmanthan dialogue with the shipping ministry.
Lothal Harappan port site in Gujarat — An ancient dockyard town cited as evidence of India's early maritime trade.
7 October 2026
The Department of Financial Services in the Ministry of Finance issued directions dated October 5, 2026 to the convenors of State Level Bankers' Committees and Union Territory Level Bankers' Committees across all States and Union Territories.
The directions require scheme-wise and bank-wise reporting of the number and percentage of Scheduled Caste beneficiaries at periodic review meetings, and regular sharing of that information with the National Commission for Scheduled Castes.
The step follows a letter of September 24, 2026 from NCSC Secretary Shri Vivek Kumar Dewangan to the Secretary, Department of Financial Services.
The Commission had said that bankers' committee reports did not show the share of Scheduled Caste families, which hindered its duty under Article 338(5)(c) to evaluate the socio-economic development of Scheduled Castes.
The schemes named are Pradhan Mantri Mudra Yojana, Stand-Up India, the Prime Minister's Employment Generation Programme, PM SVANidhi, CGTMSE and MSME business loans.
An action taken report was sought by October 9, 2026, with a further update within 30 days, using data the banks and implementing agencies already hold.
Directions dated:
October 5, 2026
Constitutional provision cited:
Article 338(5)(c)
Action taken report due:
October 9, 2026
Why it matters for exams: Article 338(5)(c) and the State Level Bankers' Committee are both standard exam topics, and this order shows exactly how the Commission's constitutional duty is enforced through the banking system.
Kerala PSCUPSCBank
In plain words
NCSC National Commission for Scheduled Castes — The constitutional commission under Article 338 that safeguards the interests of Scheduled Castes.
SLBC State Level Bankers' Committee — The forum in each State where banks, the Reserve Bank and the State government coordinate credit planning.
CGTMSE Credit Guarantee Fund Trust for Micro and Small Enterprises — The trust that guarantees collateral-free credit to micro and small enterprises.
Background
Article 39 A of the Constitution of India provides for free legal aid to the weaker sections of the society, to promote justice on the basis of equal opportunity, and Articles 14 and 22(1) of the Constitution also make it obligatory for the State to ensure equality before law. In 1987, the Legal Services Authorities Act was enacted by the Parliament, and it came into force on 9th November, 1995 to establish a nationwide uniform network for providing free and competent legal services to the weaker sections of the society. Under that network, the Chief Justice of India is the Patron-in-Chief of the National Legal Services Authority and the seniormost judge of the Supreme Court of India is the Executive Chairman of the Authority. NALSA states that its principal objective is to provide free and competent legal services to the weaker sections of the society and to organize Lok Adalats for amicable settlement of disputes, and that its functions also include spreading legal literacy and awareness and undertaking social justice litigations. It works in close coordination with the State Legal Services Authorities, District Legal Services Authorities and other agencies. NALSA is housed at Jaisalmer House, 26, Man Singh Road, New Delhi-110011.
Constitutional basis:
Article 39 A, with Articles 14 and 22(1)
Statute:
Legal Services Authorities Act, enacted by Parliament in 1987
Came into force:
9th November, 1995
Patron-in-Chief:
The Chief Justice of India
Executive Chairman:
The seniormost judge of the Supreme Court of India
Headquarters:
Jaisalmer House, 26, Man Singh Road, New Delhi-110011
Why it matters for exams: The constitutional hook, the statute, the date of commencement and the two offices at the head of NALSA are among the most frequently asked facts on access to justice.
Kerala PSCUPSCSSC
In plain words
Lok Adalat People's court — A forum in the legal services network where a dispute is settled amicably between the parties rather than decided after a contest.
NALSA National Legal Services Authority — The apex body of the legal services network created by the Legal Services Authorities Act.
Background
The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December, 1985. The Act, numbered 2 of 1986, came into effect from 13th February, 1986 by a notification in the Gazette of India. The Authority replaced the Processed Food Export Promotion Council (PFEPC).
Its assigned functions include registration of persons as exporters of the scheduled products, fixing of standards and specifications for the scheduled products for the purpose of exports, carrying out inspection of meat and meat products, and improving the packaging and the marketing of the scheduled products outside India.
The scheduled products run from fruits, vegetables, meat, poultry and dairy to honey, cereals, groundnuts, guar gum, floriculture and cashew nuts. Basmati Rice has been included in the Second Schedule of APEDA Act, and the Authority has also been entrusted with monitoring the import of sugar.
As prescribed by the statute the Authority consists of a Chairman, appointed by the Central Government; the Agricultural Marketing Advisor to the Government of India, ex-officio; one member representing the Niti Aayog; and eight members representing Central Government ministries. Three members of Parliament of whom two are elected by the House of People and one by the Council of States also sit on the Authority.
APEDA also functions as the Secretariat to the National Accreditation Board (NAB) for accreditation of the certification bodies under the National Programme for Organic Production (NPOP), under which products for export must be produced, processed and packed to be certified as organic.
Parent Act passed by Parliament:
December, 1985
Act came into effect from:
13th February, 1986
Body replaced:
Processed Food Export Promotion Council (PFEPC)
Members of Parliament on the Authority:
3
Why it matters for exams: APEDA's parent Act, its commencement date, the council it replaced, the inclusion of Basmati rice in the Second Schedule and the three parliamentary seats on the Authority are standard objective questions on India's agricultural export machinery.
Kerala PSCUPSCSSC
In plain words
APEDA Agricultural and Processed Food Products Export Development Authority — The statutory authority that registers exporters and fixes export standards for scheduled farm and processed food products.
Scheduled products Products listed in the schedules to the APEDA Act — Only products named in the Act's schedules come under APEDA's registration and standard-setting powers.
NPOP National Programme for Organic Production — The standard a product must be produced, processed and packed to, in order to be certified organic for export.
Background
The Supreme Court of India is the apex judicial body under the Constitution of India, and Article 124 of the Constitution states that “There shall be a Supreme Court of India.” The Supreme Court came into existence on 26 January 1950 with the coming into force of the Constitution. On 28 January 1950, two days after India became a Sovereign Democratic Republic, the Supreme Court was inaugurated, in the Chamber of Princes in the old Parliament building where the Federal Court of India sat for 12 years from 1937 to 1950. The Court initially functioned from the old Parliament House and moved to the present building located on Tilak Marg, New Delhi in 1958. The original Constitution of 1950 envisaged a Supreme Court with a Chief Justice and 7 puisne Judges, leaving it to Parliament to increase this number; Parliament increased the number of Judges from 8 in 1950 to 11 in 1956, 14 in 1960, 18 in 1978, 26 in 1986, 31 in 2009 and 34 in 2019. In the early years all the Judges sat together to hear cases; today they sit in Benches of two and three and come together in larger Benches of 5 and more, a Constitution Bench, to decide conflicting decisions between benches or substantial questions concerning the interpretation of the Constitution. The proceedings of the Supreme Court are conducted in English, and the practice and procedure of the Registry on the judicial side is regulated by the Supreme Court Rules, 2013.
Constitutional provision:
Article 124
Came into existence:
26 January 1950
Inaugurated:
28 January 1950, in the Chamber of Princes
Federal Court of India sat there:
12 years, from 1937 to 1950
Strength envisaged in 1950:
A Chief Justice and 7 puisne Judges
Strength after the 2019 increase:
34
Present building occupied:
1958, on Tilak Marg, New Delhi
Why it matters for exams: The two dates of 1950, the Federal Court that preceded the Court, and the step-by-step increase in the sanctioned strength are standard objective questions on the judiciary.
Kerala PSCUPSCSSC
In plain words
Puisne Judge Puisne Judge of the Supreme Court — A judge of the Court other than the Chief Justice.
Constitution Bench Constitution Bench — A bench of five or more judges formed to settle conflicting decisions or substantial questions of constitutional interpretation.