24 September 2026
The Reserve Bank of India imposed a monetary penalty of ₹2.70 lakh on KLM Axiva Finvest Limited by an order dated September 22, 2026. The RBI found that the company had failed to pay the surplus amount realised from the auction of pledged gold articles, over and above the loan outstanding, to certain borrowers. The penalty was imposed under Section 58-G(1)(b) read with Section 58-B(5)(aa) of the Reserve Bank of India Act, 1934. It followed a statutory inspection with reference to the company's financial position as of March 31, 2025, a show-cause notice, the company's reply and a personal hearing.
Penalty:
₹2.70 lakh
Order date:
September 22, 2026
Provision:
Section 58-G(1)(b) read with Section 58-B(5)(aa), RBI Act, 1934
Inspection reference date:
March 31, 2025
Why it matters for exams: Shows how the RBI enforces its directions on NBFCs, including gold loan auction rules, under the RBI Act, 1934.
Kerala PSCUPSCBank
24 September 2026
The Ministry of Corporate Affairs issued an advisory cautioning the public against Nidhi Companies that promise unusually high returns without regulatory compliance. Nidhi Companies function under the Companies Act, 2013 and the Nidhi Rules, 2014, and must file Form NDH-4 to be declared as Nidhis by the Central Government; so far only 395 companies have received such declaration. The advisory noted that deposits in Nidhi Companies are not insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), so recovery can be difficult if a company fails or defrauds depositors. The public was asked to verify a company's status on the MCA website before investing and to avoid relying solely on promises of high returns.
Companies declared as Nidhis:
395
Governing rules:
Nidhi Rules, 2014
Why it matters for exams: Tests awareness of financial-sector consumer protection regulations and the regulatory framework governing Nidhi Companies, relevant to economy and governance sections.
Kerala PSCUPSC
23 September 2026
Union Finance Minister Nirmala Sitharaman inaugurated the BRICS Heads of Tax Authorities Meeting in New Delhi on 23 September 2026, the culmination of India's BRICS Chairship of the tax cooperation track. The meeting was hosted by the Central Board of Direct Taxes (CBDT). Ten BRICS tax administrations took part: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa and the United Arab Emirates. Two new India-led Working Groups were established — on International Taxation and Transfer Pricing, and on Revenue Statistics. The BRICS Tax Cross-Learning Lab was launched, and the BRICS Young Tax Professionals Capacity Building Programme, first held in person at the National Academy of Direct Taxes, Nagpur, in April 2026, was made an annual feature. The BRICS Tax Progress Report 2026 was signed, and China was welcomed as the incoming Chair of the tax track for 2027.
Host:
Central Board of Direct Taxes
Tax administrations present:
10
New India-led working groups:
International Taxation and Transfer Pricing; Revenue Statistics
Incoming tax-track Chair (2027):
China
Why it matters for exams: India's BRICS chairship in 2026, the expanded BRICS membership and CBDT's role are likely exam material.
Kerala PSCUPSC
In plain words
CBDT Central Board of Direct Taxes — The statutory body under the Ministry of Finance that administers income tax and other direct taxes.
Transfer pricing — The prices set for transactions between related companies in different countries, which affect where profits are taxed.
BRICS — A grouping that began with Brazil, Russia, India, China and South Africa and has since expanded.
23 September 2026
Norges Bank's Monetary Policy and Financial Stability Committee decided on 23 September 2026 to raise the policy rate from 4.25 per cent to 4.5 per cent.
Governor Ida Wolden Bache said inflation has been above target for several years and that by raising the policy rate the bank is helping to reduce inflation.
The Committee said it will likely be necessary to keep the policy rate elevated for a time, and that it is prepared to raise the policy rate further if needed to bring inflation down to the 2 per cent target within a reasonable time horizon.
Norges Bank is Norway's central bank and its Committee decides on the policy rate eight times a year.
The next policy rate decision is due to be announced on 5 November 2026.
New policy rate:
4.5 percent
Previous policy rate:
4.25 percent
Inflation target:
2 percent
Decision date:
23 September 2026
Next decision:
5 November 2026
Why it matters for exams: Central bank rate decisions of major economies are standard current-affairs material for banking and UPSC economy questions.
Kerala PSCUPSCBank
22 September 2026
The Telecom Regulatory Authority of India notified the Telecom Consumers Protection (Thirteenth Amendment) Regulations, 2026 (6 of 2026) on 21 September 2026 and released it on 22 September 2026.
The amendment substitutes a proviso in regulation 4 of the Telecom Consumers Protection Regulations, 2012.
Access service providers must offer Special Tariff Vouchers carrying an appropriate tariff reduction exclusively for voice and SMS, across different validity periods.
For every voucher of 30 days or less offered for voice, SMS and data, a corresponding voice-and-SMS-only voucher must be offered.
Operators must also provide a validity renewable on the same date every month, and on the last day of the month where that date does not exist.
At least one voice-and-SMS-only voucher must carry a validity longer than those two, matching the longer-validity vouchers offered for voice, SMS and data.
The regulations come into force thirty days after their publication in the Official Gazette.
TRAI observed that voice-and-SMS-only options had become limited after the Twelfth Amendment of 2024, leaving low-income consumers with limited affordable choices; the final rules followed 1,132 stakeholder responses and an open house discussion.
Regulation:
Telecom Consumers Protection (Thirteenth Amendment) Regulations, 2026 (6 of 2026)
Notified on:
21 September 2026; released by TRAI on 22 September 2026
Comes into force:
Thirty days after publication in the Official Gazette
Minimum short validity:
30 days or less for at least one voucher
Why it matters for exams: A named amendment regulation with a dated notification and a clear consumer rule is standard regulator material for PSC and bank exams.
Kerala PSCUPSCSSC
In plain words
TRAI Telecom Regulatory Authority of India — The statutory regulator for telecom tariffs and services in India, set up under an Act of 1997.
STV Special Tariff Voucher — A recharge voucher that gives a tariff concession on specified services for a stated validity.
21 September 2026
The Eurosystem launched Pontes on 21 September 2026, the European Central Bank (ECB) announced.
Pontes lets wholesale transactions in tokenised assets be settled in central bank money.
It is the first initiative under the Eurosystem's strategic programme for tokenised finance.
It builds on the Eurosystem's 2024 tests of distributed ledger technology (DLT) for central bank money settlement.
Services will be expanded gradually, with full implementation expected by 2028.
An initial group of market participants and DLT operators, including the European Investment Bank, KfW and Clearstream, has completed onboarding.
A wider DLT ecosystem is being developed under Appia, with a blueprint due by 2028.
Launched by:
Eurosystem (ECB)
Full implementation expected:
2028
Earlier DLT tests:
2024
Why it matters for exams: Central bank digital money, tokenisation and DLT are recurring topics in banking and economy papers.
UPSCBank
In plain words
Eurosystem The ECB together with the national central banks of euro-area countries — The monetary authority of the euro area.
DLT Distributed ledger technology — A shared, synchronised digital record kept across many computers; blockchain is one type.
Tokenisation Issuing or representing assets as digital tokens — Recording an asset such as a bond as a digital token, usually on a DLT network.
Central bank money Money that is a direct claim on a central bank — The risk-free settlement asset, such as reserves banks hold at the central bank.
21 September 2026
The Ministry of Statistics and Programme Implementation (MoSPI) released the publication 'Sources and Methods for Compilation of National Accounts Statistics' on 21 September 2026.
It sets out the concepts, data sources and methods used in the New Series of National Accounts Statistics with base year 2022-23.
The new series was released on 27 February 2026 and updated on 31 August 2026; it replaces the 2011-12 series and is the eighth base-year revision.
The revision was guided by the Advisory Committee on National Accounts Statistics (ACNAS), chaired by Prof. B.N. Goldar and constituted on 27 June 2024.
Household-sector estimates now come directly from two MoSPI surveys, ASUSE and PLFS.
Private Final Consumption Expenditure follows the UN's COICOP 2018 classification, and quarterly GDP uses the Proportional Denton approach.
New base year:
2022-23
Previous base year:
2011-12
Base-year revision number:
Eighth
ACNAS chair:
Prof. B.N. Goldar
Why it matters for exams: GDP base-year revision, the agencies behind national income data and the methods used are standard topics in economy papers.
Kerala PSCUPSCSSCBank
In plain words
ACNAS Advisory Committee on National Accounts Statistics — Expert committee set up by MoSPI to advise on the base-year revision of national accounts.
ASUSE Annual Survey of Unincorporated Sector Enterprises — MoSPI survey of unincorporated non-agricultural enterprises.
PLFS Periodic Labour Force Survey — MoSPI survey measuring employment and unemployment.
COICOP Classification of Individual Consumption According to Purpose — UN framework for classifying household consumption spending.
PFCE Private Final Consumption Expenditure — Spending by households on goods and services, the largest part of GDP by expenditure.
21 September 2026
Vice-President C. P. Radhakrishnan inaugurated the Centenary Conference of the UPASI (United Planters' Association of Southern India) Tea Research Foundation at Coonoor, The Nilgiris, on 21 September 2026.
The Foundation has completed 100 years of service to the tea industry.
He called for more research, modernised tea factories and strong Indian tea brands instead of bulk tea.
He urged value addition and attention to the welfare of plantation workers.
He asked UPASI to use its centenary year to expand its tea research network.
Institution:
UPASI Tea Research Foundation
Milestone:
100 years
Venue:
Coonoor, The Nilgiris
Why it matters for exams: Plantation crops of the Nilgiris and Western Ghats, tea research bodies and the tea economy are asked in Kerala PSC and UPSC geography and economy.
Kerala PSCUPSC
In plain words
UPASI United Planters' Association of Southern India — An association of plantation owners in south India that runs a tea research foundation.
21 September 2026
The National Steering Committee of the Ministry of Skill Development and Entrepreneurship has approved a Strategic Investment Plan worth ₹320 crore for the Kurukshetra ITI Cluster in Haryana, the ministry announced on 21 September 2026.
The approval is under the PM-SETU scheme for upgrading Industrial Training Institutes.
Jindal Naveen Avsar Limited will be the Anchor Industry Partner with the Government of Haryana.
The cluster follows the Hub-and-Spoke model, with Government ITI Kurukshetra as the hub and six spoke ITIs.
Cumulative investment sanctioned under PM-SETU has risen to ₹2,491 crore across 10 ITI clusters.
Kurukshetra cluster plan:
₹320 crore
Cumulative PM-SETU sanction:
₹2,491 crore across 10 ITI clusters
ITIs in cluster:
seven Government ITIs
Why it matters for exams: Skilling schemes, ITI reform and the hub-and-spoke model are asked in economy and social-sector questions.
Kerala PSCUPSC
In plain words
PM-SETU Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs — A central scheme to upgrade government ITIs with industry partners.
ITI Industrial Training Institute — A vocational training institute that teaches trades to school leavers.
21 September 2026
The National Highways Authority of India (NHAI) released guidelines on 21 September 2026 for planning and designing High-Speed Access controlled National Highways, other than Expressways.
They apply to all upcoming 4/6 lane Greenfield and Brownfield high-speed access-controlled corridors.
The roadmap envisages 50,000 km of access-controlled High-Speed Corridors under Viksit Bharat 2047.
Corridors with traffic up to 15,000 vehicles will have a width of 60 metres; those with 15,000 to 40,000 vehicles will have 70 metres.
A 1-metre-high boundary wall is prescribed along the corridor to keep out encroachments and stray cattle.
High-speed corridor target:
50,000 km
Width up to 15,000 vehicles:
60 metres
Boundary wall:
1-metre-high
Why it matters for exams: Highway development targets, NHAI's role and road-safety design norms are asked under infrastructure and governance.
Kerala PSCUPSC
In plain words
NHAI National Highways Authority of India — The statutory body under the Ministry of Road Transport and Highways that develops National Highways.
Access-controlled highway — A highway that vehicles can enter or leave only at designated interchanges.
21 September 2026
The Index of Core Industries (ICI) grew by 4.8 per cent in August 2026 (provisional) over August 2025, slightly below the 5.0 per cent of July 2026.
Cement (12.5 per cent), Electricity (11.6 per cent), Iron Ore (5.5 per cent), Steel (3.4 per cent) and Refinery Products (2.6 per cent) grew.
Coal, Natural Gas, Crude Oil and Fertilizers recorded negative growth.
Cumulative growth for April-August 2026 was 4.3 per cent against 2.4 per cent a year earlier.
The July 2026 growth rate was revised from 5.4 per cent to 5.0 per cent; the index uses the base year 2022-23 and Electricity carries the largest weight.
ICI growth, August 2026:
4.8 per cent
Fastest-growing sector:
Cement, 12.5 per cent
April-August 2026:
4.3 per cent
Base year:
2022-23
Why it matters for exams: The ICI, its component industries and their weights are standard economy questions in UPSC and bank examinations.
Kerala PSCUPSC
In plain words
ICI Index of Core Industries — A monthly index of output in core sectors such as coal, steel, cement and electricity.
21 September 2026
Chief Minister V.D. Satheesan said on 21 September 2026 that Kerala will implement the Centre's new Labour Codes while protecting workers' rights.
He spoke at a leadership meeting of the Congress-affiliated INTUC in Thiruvananthapuram.
He said the codes cannot be left unimplemented because Parliament passed them, and they replaced the earlier labour laws.
The four Labour Codes, announced by the Centre in November 2025, consolidate 29 existing labour laws.
The government will consider INTUC's suggestions during implementation; INTUC state president R. Chandrasekharan attended.
Labour Codes:
4
Laws consolidated:
29
Announced:
November 2025
Why it matters for exams: The four Labour Codes and labour as a Concurrent List subject that States must implement are standard polity and economy questions.
Kerala PSCUPSC
In plain words
INTUC Indian National Trade Union Congress — The trade union wing affiliated to the Congress party.
Labour Codes — Four central laws that merged 29 older labour laws on wages, industrial relations, social security and safety.
21 September 2026
Railway Minister Ashwini Vaishnaw met Members of Parliament from Kerala on 21 September 2026.
He said railway projects worth more than Rs 20,000 crore are under execution in Kerala.
Kerala's railway allocation is Rs 3,795 crore for 2026-27, against Rs 372 crore in 2014.
Of the 618 hectares of land needed for projects, only 78 hectares (13%) have been acquired; Railways has deposited Rs 1,976 crore with the State for land acquisition.
The sanctioned Angamali-Sabarimala new line is costed at Rs 3,801 crore.
The Kerala MPs sought a review of the decision to shift the Mangaluru area to the South Western Railway zone; the minister defended it on grounds of operational efficiency.
Projects under execution:
over Rs 20,000 crore
Allocation 2026-27:
Rs 3,795 crore
Land needed / acquired:
618 ha / 78 ha
Angamali-Sabarimala line:
Rs 3,801 crore
Why it matters for exams: Railway zones and divisions, the Angamali-Sabarimala line and land acquisition delays are recurring Kerala infrastructure questions.
Kerala PSCUPSC
In plain words
Railway zone — The largest administrative unit of Indian Railways, made up of divisions.
21 September 2026
Union Commerce and Industry Minister Piyush Goyal announced that the India-New Zealand Free Trade Agreement will come into force from 20 October 2026. He said the Agreement provides duty-free access for 100 per cent of Indian exports to New Zealand. The two sides aim to double bilateral trade in goods and services to almost ₹35,000 crore within the next four to five years. The Agreement also provides for facilitating 20 billion US dollars of investment into India.
Effective date:
20 October 2026
Duty-free access for Indian exports:
100 per cent
Investment facilitation into India:
US$ 20 billion
Why it matters for exams: India's FTAs and their effective dates and provisions are a regular economy/trade exam topic.
Kerala PSCUPSC
20 September 2026
On 20 September 2026 Oman's Public Authority for Special Economic Zones and Free Zones (OPAZ) issued the Executive Regulations of the Special Economic Zones and Free Zones Law.
The law was promulgated by Royal Decree No. 38/2025; the regulations are Regulation No. 81/2026.
Applications for land and property allocation, licences, approvals, permits and certificates go through the One-Stop Shop, with automatic licensing after automated checks.
A strategic project must have an investment cost of no less than 10 million Omani Rials and meet one qualitative criterion, such as technology transfer or local content.
The regulations cover off-plan sales, escrow accounts and freehold ownership of units by non-Omanis in qualifying real estate projects.
HE Qais bin Mohammed Al Yousef is Chairman of OPAZ.
Regulation:
No. 81/2026
Parent law:
Royal Decree No. 38/2025
Strategic project threshold:
10 million Omani Rials
Why it matters for exams: Special economic zones and free zones such as Duqm, Sohar and Salalah are central to Oman Vision 2040's push to diversify away from oil.
Kerala PSCUPSC
In plain words
OPAZ Public Authority for Special Economic Zones and Free Zones — The Omani authority that regulates Oman's special economic zones, free zones and industrial cities.
One-Stop Shop — A single window where investors obtain all approvals and licences.
Escrow account — A regulated account that holds buyers' payments until set conditions are met.
Freehold — Full, permanent ownership of a property and its land.
20 September 2026
On 20 September 2026, PDP chief Mehbooba Mufti urged Chief Minister Omar Abdullah to take up with the Centre the conversion of the Salamabad Trade Facilitation Centre in Uri.
A September 12 order handed the centre to the Tourism Department to promote border tourism.
The centre in Uri, Baramulla, was set up for cross-LoC trade with Muzaffarabad; barter trade in 21 items began in 2008.
Cross-LoC trade was suspended in April 2019.
The Tourism Department plans accommodation rooms, a cafeteria, a park and LoC viewpoints at the site.
Centre:
Salamabad Trade Facilitation Centre, Uri
Barter items:
21
Trade began:
2008
Trade suspended:
April 2019
Why it matters for exams: Cross-LoC trade points, their 2008 launch and 2019 suspension are India-Pakistan confidence-building questions.
Kerala PSCUPSC
In plain words
LoC Line of Control — The military control line dividing Jammu and Kashmir between India and Pakistan.
Barter trade — Exchange of goods for goods without money changing hands.
17 September 2026
Eurostat, the statistical office of the European Union, released harmonised consumer price data on 17 September 2026.
Denmark's annual inflation rate was 2.0 per cent in August 2026.
The euro area annual inflation rate was 3.2 per cent in August 2026, up from 2.9 per cent in July.
Annual inflation in the European Union as a whole was also 3.2 per cent.
The lowest annual rate among the Member States was recorded in Sweden at 0.3 per cent and the highest in Romania at 6.3 per cent.
Denmark is an EU member state but is not part of the euro area, as it has an opt-out from the single currency.
Denmark, annual inflation (August 2026):
2.0%
Euro area, annual inflation:
3.2%
European Union, annual inflation:
3.2%
Lowest rate among Member States:
Sweden, 0.3%
Highest rate among Member States:
Romania, 6.3%
Why it matters for exams: Comparative inflation figures across European Union member states, and the distinction between the euro area and the wider Union, are standard economy questions.
Kerala PSCUPSCBank
In plain words
HICP Harmonised Index of Consumer Prices — The price index compiled on a common basis so that inflation can be compared across European Union countries.
Eurostat Statistical Office of the European Union — The European Union body that compiles and publishes official statistics for the Union.
17 September 2026
The World Bank Group announced on 17 September 2026 that it mobilised $112 billion of private capital for developing countries in FY26, up from $35 billion in FY22.
Mobilisation in lower-middle-income countries rose to $37 billion from $14 billion in FY22, and in upper-middle-income countries to $50 billion from $12 billion; low-income countries stayed at about $3 billion.
Africa accounted for $22 billion, up from about $9 billion in FY22.
Guarantees issued crossed $25 billion, passing the target of $20 billion by 2030 four years early.
Combined public and private financing exceeded $200 billion in FY26.
President Ajay Banga said the result is $112 billion mobilized this year, more than three times where the Group started.
The Group notes that 1.2 billion young people in developing economies will reach working age in the next 10-15 years while only about 420 million jobs are projected, and that 55% of FY26 financing went to five job-rich sectors.
Private capital mobilised, FY26:
$112 billion
Same figure in FY22:
$35 billion
Guarantees issued:
over $25 billion
Africa's share:
$22 billion
Why it matters for exams: World Bank Group financing figures, guarantees and its private-capital mobilisation target are standard economy questions.
Kerala PSCUPSCBank
17 September 2026
The Bank of England's Monetary Policy Committee kept Bank Rate at 3.75% at its September 2026 meeting, announced on 17 September 2026.
The vote was 6-3, with three members preferring an increase to 4.0%.
CPI inflation was 3.1% in August 2026 and is expected to rise to about 3.75% in the fourth quarter of 2026 and slightly above 4% in 2027 Q1.
The Committee noted that protracted conflict in the Middle East has contributed to further increases in crude and refined energy prices.
The MPC voted unanimously to reduce its gilt holdings to zero through a multi-year plan, with an annual average reduction of £46 billion to the end of 2034 and £20 billion of annual sales alongside maturing gilts.
A remaining stock of £368 billion is to be unwound, with £120 billion set aside to back banknote issuance.
Bank Rate:
3.75%
MPC vote:
6-3
CPI inflation, August 2026:
3.1%
Annual average gilt reduction:
£46 billion to end-2034
Why it matters for exams: Central bank rate decisions and quantitative tightening are standard banking and economy questions.
Kerala PSCUPSCBank
16 September 2026
The US Treasury's Office of Foreign Assets Control (OFAC) issued General License 5Z on 16 September 2026.
It further delays the effectiveness of the authorization in GL 5 until 5 November 2026.
GL 5 concerns the PdVSA 2020 8.5 percent bond.
Until 5 November 2026 there is no authorization in effect licensing holders of that bond against subsection 1(a)(iii) of E.O. 13835.
PdVSA is Venezuela's state oil company.
License issued:
General License 5Z, 16 September 2026 / ജനറൽ ലൈസൻസ് 5Z, 2026 സെപ്റ്റംബർ 16
Authorization delayed until:
5 November 2026 / 2026 നവംബർ 5
Bond:
PdVSA 2020 8.5 percent
Why it matters for exams: US sanctions on Venezuela's oil sector shape its economy and are a frequent International Relations and economy topic.
Kerala PSCUPSC
In plain words
OFAC Office of Foreign Assets Control — The US Treasury office that administers and enforces economic sanctions.
PdVSA Petróleos de Venezuela, S.A. — Venezuela's state-owned oil company.