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RBI

Verified timeline, 3 Dec 2025 to 7 Oct 2026. Every entry is confirmed by independent sources, listed at the foot of the page.

Latest entry

RBI raises repo rate 25 bps to 5.50%, first hike since 2023.

7 Oct 2026

Timeline

  1. Economy

    RBI raises repo rate 25 bps to 5.50%, first hike since 202312

    The Monetary Policy Committee voted to raise the repo rate from 5.25% to 5.50% and moved to a calibrated tightening stance, citing inflation and global oil stress. It is the first increase since February 2023.

    • MPC raised the repo rate by 25 bps from 5.25% to 5.50% on 7 October 2026
    • First hike since February 2023
    • Stance changed from neutral to calibrated tightening (two members, Nagesh Kumar and Ram Singh, preferred neutral)
    • SDF rate 5.25%; MSF and Bank Rate 5.75%
    • Governor: Sanjay Malhotra
    • Next MPC meeting 2 to 4 December 2026
  2. Economy

    Government approves RBI field trials of Rs 10 and Rs 20 polymer banknotes345

    In a written Lok Sabha reply on 27 July 2026 the government said it had approved RBI's proposal to field-trial 100 crore pieces each of Rs 10 and Rs 20 polymer notes; paper notes will continue.

    • Approval announced 27 July 2026 in a written Lok Sabha reply
    • Trial of 100 crore pieces of each denomination (200 crore notes, about Rs 3,000 crore)
    • Polymer notes to circulate alongside paper notes
    • Rollout reportedly expected around April-May 2027 (one report)
  3. Economy

    BRBNMPL invites global interest for polymer banknote substrate678

    BRBNMPL, the RBI's currency printing subsidiary, invited bids from domestic and international manufacturers for opacified polymer substrate for banknotes, with bids due by 18 August 2026. The initial requirement is 68,000 reams, 34,000 each for Rs 10 and Rs 20 notes, for field trials.

    • BRBNMPL, the RBI's currency printing subsidiary, invited bids from domestic and international manufacturers for opacified polymer substrate for banknotes, with bids due by 18 August 2026
    • The initial requirement is 68,000 reams, 34,000 each for Rs 10 and Rs 20 notes, for field trials
  4. Economy

    RBI Integrated Ombudsman Scheme 2026 takes effect 1 July91011

    RBI Integrated Ombudsman Scheme 2026 (RB-IOS 2026) took effect on 1 July 2026 and replaces the 2021 scheme. Ombudsman can award up to Rs 30 lakh for consequential loss and up to Rs 3 lakh for loss of time, expenses, harassment or mental anguish (a theoretical maximum of Rs 33 lakh). Complaint must first go to the regulated entity; it can be escalated if there is no reply within 30 days, and generally within 90 days.

    • RBI Integrated Ombudsman Scheme 2026 (RB-IOS 2026) took effect on 1 July 2026 and replaces the 2021 scheme
    • Ombudsman can award up to Rs 30 lakh for consequential loss and up to Rs 3 lakh for loss of time, expenses, harassment or mental anguish (a theoretical maximum of Rs 33 lakh)
    • Complaint must first go to the regulated entity; it can be escalated if there is no reply within 30 days, and generally within 90 days
    • No limit on the value of the dispute that can be taken to the Ombudsman
  5. Economy

    RBI Financial Stability Report June 2026: GNPA at multi-decade low 1.8%1213

    Released 30 June 2026. Banks' gross NPA ratio at a multi-decadal low of 1.8% in March 2026. Baseline projection 1.9% by March 2028; adverse scenarios 3.8% to 4.1%.

    • Released 30 June 2026
    • Banks' gross NPA ratio at a multi-decadal low of 1.8% in March 2026
    • Baseline projection 1.9% by March 2028; adverse scenarios 3.8% to 4.1%
    • Reflects the collective assessment of the FSDC Sub-Committee
  6. Economy

    India's forex reserves fall to one-year low of about USD 681 billion1415

    India's forex reserves fell to about USD 681 billion in the week ended 22 May, a one-year low, as the RBI sold dollars to defend the rupee amid the oil shock and portfolio outflows.

    • RBI data for the week ended 22 May 2026: forex reserves fell USD 7.511 billion to USD 681.384 billion, a one-year low
    • Previous week's reserves were USD 688.894 billion
    • Gold reserves fell USD 4.53 billion to USD 114.786 billion; foreign currency assets fell USD 2.872 billion to USD 543.032 billion
    • Decline reflects rupee pressure and RBI dollar sales amid the Middle East conflict
  7. Economy

    RBI board approves record Rs 2.87 lakh crore surplus transfer to government161718

    The RBI Central Board on 22 May approved a record surplus of Rs 2,86,588 crore for FY26, above the Rs 2.69 lakh crore of FY25. The Contingent Risk Buffer was cut to 6.5 percent of the balance sheet, and the payout fell short of market hopes of Rs 2.9-3.2 lakh crore.

    • RBI Central Board, at its 623rd meeting chaired by Governor Sanjay Malhotra, approved a surplus transfer of Rs 2,86,588.46 crore for 2025-26 on 22 May 2026
    • Highest ever; previous record was Rs 2.69 lakh crore for FY25
    • Contingent Risk Buffer set at 6.5 percent, down from 7.5 percent
    • Payout is below the Budget estimate of about Rs 3.16 lakh crore for dividends and surplus
  8. Appointments

    Rohit Jain takes charge as RBI Deputy Governor192021

    Rohit Jain took charge as RBI Deputy Governor on 4 May for a three-year term, after which the RBI reassigned portfolios among its four deputy governors.

    • Rohit Jain took charge as RBI Deputy Governor on 4 May 2026 under a government notification of 2 May, for three years or until further orders
    • He succeeds T. Rabi Sankar, whose term ended in April 2026
    • Previously an RBI Executive Director in charge of supervision; joined RBI in 1991
  9. Economy

    RBI holds repo rate at 5.25 percent, projects FY27 growth at 6.9 percent22232425

    The RBI's MPC unanimously held the repo rate at 5.25 percent on 8 April in its first policy of FY27, keeping a neutral stance. It projected FY27 GDP growth at 6.9 percent and CPI inflation at 4.6 percent, citing oil-price risks from the West Asia war.

    • Decision announced on 8 April 2026, unanimous (all six members), neutral stance retained
    • Repo 5.25 percent; SDF 5.00 percent; MSF and Bank Rate 5.50 percent
    • FY27 GDP growth projection 6.9 percent
    • FY27 CPI inflation projection 4.6 percent; core CPI projection 4.4 percent, given for the first time
    • Quarterly CPI path: Q1 4.0, Q2 4.4, Q3 5.2, Q4 4.7 percent
  10. Economy

    RBI two-factor payment authentication and gold-silver lending rules take effect 1 April2627282930

    From 1 April 2026 the RBI's Authentication Mechanisms for Digital Payment Transactions Directions 2025 apply: domestic digital payments need at least two factors, one of them dynamic, with SMS OTP no longer the only option. Lenders also had to adopt the Lending Against Gold and Silver Collateral Directions 2025, which allow silver jewellery, ornaments and coins. The ban on prepayment charges for floating-rate loans to individuals took effect on 1 January 2026, not 1 April.

    • Authentication Directions 2025 (issued 25 September 2025) effective 1 April 2026
    • Domestic digital payments need at least two distinct factors, at least one dynamic and unique to each transaction; biometrics and device tokens allowed beyond SMS OTP
    • Lending Against Gold and Silver Collateral Directions 2025 (issued 6 June 2025) to be adopted by 1 April 2026; collateral limited to jewellery, ornaments and coins, not bullion
    • Prepayment charge ban on floating-rate loans to individuals applies from 1 January 2026
  11. Economy

    RBI's digital payment authentication directions take effect on 1 April 2026313233

    The RBI's Authentication Mechanisms for Digital Payment Transactions Directions, issued on 25 September 2025, had to be complied with from 1 April 2026. They keep two-factor authentication as the base and permit extra risk-based checks.

    • Directions issued 25 September 2025; compliance date 1 April 2026 (some cross-border provisions by 1 October 2026)
    • Two-factor authentication remains the baseline for domestic digital payments
    • Issuers may add risk-based checks (location, device, behaviour, history) for risky transactions; SMS OTP is not discontinued
  12. Economy

    Rupee closes at record low of about 92.40 per dollar on oil-price shock3435

    The rupee closed at a then-record low of about 92.40 against the US dollar on 17 March 2026 as crude prices rose and foreign funds left, and kept sliding to 93.53 by 20 March.

    • Rupee closed at a then-record low of 92.40 (provisional) on 17 March 2026, down 12 paise (one later report gives 92.37)
    • Pressure from higher crude prices and foreign fund outflows tied to West Asia tensions
    • It kept sliding: past 92.48 on 19 March and an all-time low close of 93.53 on 20 March
  13. Economy

    RBI releases draft framework to compensate customers for small-value digital frauds36373839

    On 6 March 2026 the RBI issued draft amendment directions on customer protection, proposing compensation for small digital frauds. The Governor had announced the idea on 6 February; final directions followed in June.

    • Draft issued 6 March 2026; comments invited until 6 April
    • For loss up to Rs 50,000, a bona fide victim gets 85 percent of net loss capped at Rs 25,000, once in a lifetime, if reported within five days
    • Proposed funding: RBI 65 percent, victim's bank 10 percent, beneficiary bank 10 percent
    • Final directions issued 24 June 2026, effective 1 January 2027
  14. Economy

    India's Q3 FY26 current account deficit at USD 13.2 billion404142

    RBI data showed the current account deficit widened to USD 13.2 billion, about 1.3 percent of GDP, in October-December 2025 as the merchandise trade gap grew.

    • RBI released Q3 FY26 (Oct-Dec 2025) balance of payments on 2 March 2026
    • Current account deficit USD 13.2 billion, about 1.3 percent of GDP (USD 11.3 billion a year earlier)
    • Wider merchandise trade deficit of USD 93.6 billion, helped by weaker exports to the US
  15. Economy

    RBI proposes allowing banks to lend to REITs43444546

    The RBI issued draft amendment directions on 13 February proposing to let commercial banks lend to Real Estate Investment Trusts, with prudential safeguards including an exposure ceiling, and to harmonise InvIT lending norms. The proposal was announced in the 6 February policy statement, with comments due by 6 March; the directions were finalised in June 2026.

    • Announced in the 6 February 2026 policy statement; draft directions issued 13 February
    • Would permit commercial banks to extend finance to REITs, subject to prudential safeguards including a regulatory exposure ceiling
    • InvIT lending norms to be harmonised for parity
    • Comments invited until 6 March 2026; final directions issued 10 June 2026
  16. Economy

    RBI MPC holds repo rate at 5.25 percent in first policy of 2026474849

    The Monetary Policy Committee kept the repo rate unchanged at 5.25 percent and retained a neutral stance by a 5:1 vote at its 4-6 February meeting, following the 25 bps cut in December.

    • Meeting 4-6 February 2026 (59th MPC meeting)
    • Repo rate unchanged at 5.25 percent by unanimous vote
    • Neutral stance retained by 5:1 majority; Prof. Ram Singh favoured an accommodative stance
    • Cumulative cuts in the cycle: 125 bps (February to December 2025)
  17. Economy

    India's forex reserves cross USD 700 billion to a record505152

    India's forex reserves hit a record USD 709.413 billion in the week ended 23 January 2026, up USD 8.05 billion, according to RBI data released on 30 January.

    • Reserves USD 709.413 billion in week ended 23 January 2026, a record (previous high USD 704.89 billion in September 2024)
    • Rose by USD 8.053 billion in the week, led by gold (USD 123.088 billion) and foreign currency assets (USD 562.885 billion)
    • Reserves had crossed USD 700 billion in the prior week
  18. Reports and indices

    RBI Financial Stability Report December 2025 puts gross NPAs at 2.1 percent535455

    The RBI's Financial Stability Report put scheduled commercial banks' gross NPA ratio at a multi-year low of 2.1 percent in September 2025 while flagging risks from unsecured retail loans and stablecoins.

    • December 2025 Financial Stability Report released 31 December 2025
    • Gross NPA ratio of scheduled commercial banks 2.1 percent in September 2025, projected to ease to 1.9 percent by March 2027 in the baseline
    • Unsecured loans were about 53 percent of retail slippages and about 76 percent at private banks
    • Special feature warns stablecoins' risks outweigh claimed benefits
    • CRAR 16 percent for public sector banks, 18.1 percent for private banks
  19. Economy

    RBI cuts repo rate by 25 bps to 5.25 percent565758

    The Monetary Policy Committee under Governor Sanjay Malhotra unanimously cut the policy repo rate to 5.25 percent on 5 December 2025. The RBI kept a neutral stance and raised its FY26 growth forecast to 7.3 percent.

    • Repo rate cut from 5.50 to 5.25 percent
    • Standing Deposit Facility rate 5.00 percent
    • MSF and Bank Rate 5.50 percent
    • FY26 GDP growth projection raised to 7.3 percent from 6.8 percent
    • Decision unanimous among six MPC members
  20. Economy

    Rupee breaches 90 per US dollar for the first time5960

    The Indian rupee settled at a then-record low of 90.21 against the US dollar on 3 December 2025, its first close beyond 90, after touching 90 intraday on 2 December. Foreign fund outflows and higher crude prices were blamed.

    • First close beyond 90 per USD on 3 December 2025 (touched 90 intraday on 2 December)
    • Closed at then-record 90.21 (provisional), down 25 paise
    • Intraday low reported about 90.30
    • Previous record close 89.96 on 2 December

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Sources

  1. Reserve Bank of India
  2. Business Standard
  3. IANS
  4. Outlook Money
  5. Gulf News
  6. Business Standard
  7. ThePrint
  8. The Week
  9. Business Standard
  10. IANS
  11. Reserve Bank of India (FAQs)
  12. Reserve Bank of India
  13. PSU Watch
  14. ETV Bharat (PTI)
  15. The Daily Star
  16. Business Today
  17. Outlook Business
  18. Swarajya
  19. Reserve Bank of India
  20. India TV
  21. Outlook Business
  22. Outlook Money
  23. Acuite Ratings
  24. Share.Market
  25. Kotak Mutual Fund
  26. The Week
  27. Moneylife
  28. The Tribune
  29. Taxscan
  30. All India Radio
  31. Reserve Bank of India (press release)
  32. Khaitan & Co
  33. Moneylife
  34. News Arena India
  35. Siasat
  36. Reserve Bank of India (press release)
  37. ETV Bharat
  38. Taxmann
  39. Moneylife
  40. Reserve Bank of India
  41. Outlook Business
  42. ETV Bharat
  43. Reserve Bank of India (press release)
  44. Taxmann
  45. Outlook Money
  46. ETV Bharat
  47. Reserve Bank of India (MPC resolution)
  48. The Statesman
  49. IndiaBonds
  50. IANS
  51. Free Press Journal
  52. Reuters via Yahoo Finance
  53. RBI (official)
  54. ETV Bharat
  55. The Logical Indian
  56. Business Standard
  57. SCC Online
  58. ICRA
  59. Greater Kashmir (PTI)
  60. Business Standard