Issue: 1352
· FSSAI warns health supplement
makers over labelling violations, threatens action.
· 'AI models cannot be
trusted': Microsoft warns of insider threats, expands Project Perception.
· China announces export
controls on tunnel boring machines. Challenge for India's infra push.
· Axis Bank, Visa launch festive
credit card campaign with Shahid Kapoor.
· India–New Zealand FTA to Come
into Force on 20th October 2026 on Vijay Dashmi, Opening New Opportunities for
Indian Exporters.
RBI conducts Rs.1 lakh cr
Variable Rate Repo auction to push liquidity into banking system: RBI on Monday shifted gears to conduct a seven-day
Variable Rate Repo (VRR) auction for Rs.1 lakh crore amid overall surplus
liquidity in the banking system coming down substantially. This is significant
as the central bank last conducted a VRR auction to push liquidity into the banking
system on July 29, 2026. RBI has been in liquidity absorption mode since August
6th, conducting Variable Rate Reverse Repo (VRRR) auctions, to drain out the
surplus liquidity generated due to mobilisation of FCNR (B) deposits by banks
under the RBI’s limited period swap window for a limited period (June 8 -
August 31).
(Business Line)
Global diesel shortage
lifts petroleum’s share in India’s exports in Q2 FY27 to 3-year high: A severe global diesel
shortage acted as a tailwind for Indian refiners in raising the share of
petroleum products in India’s gross exports (by value) during the
July-September quarter in FY27 to its highest in the last 12 quarters. According
to data from the petroleum planning & analysis cell (PPAC), the share of
petroleum products in India’s gross exports (by value) stood at 11.4 per cent
in July 2026, 11.3 per cent (August) and 10.9 per cent in September, averaging
at 11.2 per cent for Q2 FY27 (on a provisional basis). This is the highest
quarterly share since Q3 FY24.
(Business Line)
Private lenders weigh on
equity markets as PSU banks buck the selloff: Benchmark equity indices fell
more than 1 per cent on Monday, snapping last week’s rally, as disappointing
second-quarter (July-September/Q2) results from private-sector banks (PVBs) and
profit-taking in technology majors triggered widespread selling. State-run
banks bucked the trend on expectations that further interest rate rises would
benefit them. Axis Bank led the losses among
Nifty 50 stocks, dropping 4.19 per cent to close at Rs.1,236, as its 39 per
cent year-on-year jump in net profit to Rs.7,003 crore fell short of the
consensus estimate of Rs.7,124 crore. Tata Motors Passenger Vehicles (-3.09 per
cent to Rs.278) followed, ahead of Infosys (-2.63 per cent to Rs.1,130.7).
(Business Standard)
Union Bank of India logs
30% y-o-y increase in net profit at Rs.5,537 crore: Union Bank of India’s second
quarter (Q2FY27) standalone net profit rose 30 per cent year-on-year (y-o-y) to
Rs.5,537 crore, on the back of a decent increase in net interest income and a
decline in provisions and contingencies. India’s fifth largest public sector
bank, which logged a net profit of Rs.4,249 crore in the year-ago period,
reported a robust 19 per cent growth in advances. Deposit growth, at 7 per
cent, however, lagged advances growth. Gross NPAs position improved
to 2.42 per cent of gross advances as at September-end 2026 against 3.29 per
cent as at September-end 2025. Net NPAs position also improved to 0.42 per cent
of net advances against 0.55 per cent.
(Business Line)
PhonePe rebrands
Share.Market as PhonePe Invest, launches AI portfolio tool: PhonePe on Monday rebranded
its stock broking platform Share.Market as PhonePe Invest, integrating it under
the PhonePe brand umbrella alongside its payments, lending and insurance
services. The move aims to broaden the platform’s reach across PhonePe’s
existing user base. Alongside the rebrand, the company launched Portfolio
Optimiser, a proprietary portfolio intelligence tool designed to guide
investors through building, reviewing and optimising their investment
portfolios. The tool offers research-backed ratings, Hold, Monitor or Sell, on
holdings across all linked demat accounts, and provides a one-click rebalancing
feature that flags underperforming assets and sector concentration risks.
(Business Line)
TCS expands Indian Bank
partnership, deploys BaNCS for Treasury in Sri Lanka: Tata Consultancy Services
(TCS) has expanded its long-standing partnership with Indian Bank, to deploy
TCS BaNCS for Treasury at its Colombo branch in Sri Lanka, marking the company’s
entry in the country. Following the successful deployment of TCS BaNCS for
Treasury across Indian Bank’s operations in India and at GIFT City in Gujarat,
the platform is now being extended to the bank’s Colombo branch, reinforcing a
unified approach to treasury operations across geographies.TCS will help Indian
Bank modernise its overseas treasury operations.
(Business Line)
PSU banks see limited
impact from Irdai commission cuts; private peers assess hit: India’s large public sector
banks expect limited impact from Irdai’s proposed insurance distribution
reforms, while private lenders continue to assess the implications for their
other income. PSU lender Canara Bank expects an annual hit of Rs.120-145 crore
to its life insurance distribution income if the proposed Irdai norms are
implemented in their current form. The overall impact on its distribution
business is estimated to be less than Rs.200 crore.
(Financial Express)
SBI data breach claim:
Hackers allegedly access 3.75 lakh accounts: An anonymous hacker group
called 'Siriusim' has got hold of confidential data of as many as 3.75 lakh SBI
customers, cybersecurity account CyberPulse56 said on X. The group alleges that
it has over 3,75,000 accounts and 2,722 PDF files. While CyberPulse56 said the
data includes personal customer info, loan applications, supporting documents,
account-opening applications, addresses and other application-related details. "The
threat actor describes this as the first disclosure of the dataset,
Cyberpulse56 said, adding that the authenticity, origin and extent of the
alleged exposure are inverified. If legitimate, the data could facilitate
identity theft, financial fraud, targeted phishing and fraudulent loan
applications, the group said.
(Economic Times)
Central Bank of India
reports technical glitch in RTGS outward system: Central Bank of India said it
detected a technical glitch in its RTGS outward payment system between October
15 and October 17, prompting the lender to shut down and isolate the affected
systems while it investigates the cause. Central Bank said that no
customer suffered any financial loss on account of the incident. The lender has
not attributed the disruption to a cyberattack and said the root cause is still
under examination.
(Economic Times)
Jio Platforms IPO draws
record Rs.2.50 lakh crore institutional demand: Aggregate institutional demand for Jio Platforms
Limited’s initial public offering exceeded Rs.2.50 lakh crore, more than 30
times the anchor book amount. This is the first time any Indian IPO has crossed
this mark. The Rs.8,110 crore anchor book drew significant demand from Indian
and global investors, indicating a clear vote of confidence from long-term
investors. The document listed over 200 investors and more than a hundred fund
schemes, including global tech specialists like Dragoneer, Janus Henderson, and
Ninety One.
(Business Line)
Engineering exports seen at
all-time high of $150 billion this fiscal: The country’s engineering exports are expected
to reach an all-time high of $150 billion this fiscal, EEPC Chairman Pankaj
Chadha said on Monday. The Engineering Export Promotion Council (EEPC) Chairman
said shipments are recording healthy growth in markets such as the US. “Last
fiscal, the exports were $122 billion, and this financial year, we are
expecting it to reach an all-time high of $150 billion,” he said. He added that increasing
exports in sectors like iron and steel and their products and machinery would
help shipments. In April-September this fiscal, the exports rose by about 20
per cent to $70.87 billion.
(Business Line)
Bharti Airtel launches
voice-only prepaid plans starting at Rs.185 after TRAI's mandate: Bharti Airtel has become the
first telecom operator to roll out voice-and-SMS-only prepaid plans, in line
with the Telecom Regulatory Authority of India's (TRAI) new norms, according to
sources. The three plans are priced at Rs.185, Rs.203 and Rs.206. Each offers
unlimited local, STD and roaming calls and 300 SMS, but no bundled mobile data.
The plans are now listed on the Airtel app and website.
(Business Standard)
Government to Stay Live on
Mobile: Shri Shivraj Singh Chouhan Launches New Portal for Farmers: Union Minister for Agriculture and Farmers’
Welfare and Rural Development Shri Shivraj Singh Chouhan today formally
launched the upgraded Agri Welfare Portal. The portal aims to provide farmers
across the country with direct, easy access to government schemes, financial
assistance and reliable agricultural information on their mobile phones,
eliminating procedural hurdles and the role of intermediaries. With the upgraded portal,
farmers will no longer need to visit multiple government offices or navigate
different websites to obtain information about schemes or submit applications.
The platform will also bring together Farmer Producer Organisations, Primary
Agricultural Credit Societies, agricultural scientists, researchers and
startups, creating a common digital platform for the wider agricultural
ecosystem.
(PiB)
Saturation Campaign of
Financial Inclusion (FI) Schemes to Run from 21st October 2026 to 31st December
2026:
A nationwide
campaign will be organized by Department of Financial Services (DFS) for the
saturation of Financial Inclusion (FI) schemes and other key interventions at
the Gram Panchayat (GP) & Urban Local Body (ULB) level. The campaign will
run from 21.10.2026 to 31.12.2026 covering 2.70 lakh GPs and ULBs in the
country. During this period, banks will conduct camps for enrollment under
PMJJBY, PMSBY, APY, aadhaar seeding in PMJJBY & PMSBY, opening and Re-KYC
in PMJDY accounts, sourcing KCC applications etc.
(PiB)
VARIABLE RATE REVERSE REPO (VRRR) AUCTIONS
· Variable Rate Reverse Repo (VRRR) auctions are conducted
by RBI to absorb surplus liquidity from the banking system under the Liquidity
Adjustment Facility (LAF).
· Banks park surplus funds with RBI for a specified period,
earning an interest rate determined through competitive bidding.
·
RBI announces the auction
amount and tenure according to prevailing liquidity conditions.
·
These auctions help manage
temporary liquidity surpluses and keep short-term market interest rates aligned
with the policy repo rate.
RBI KEY RATES
Repo
Rate: 5.50%
SDF:
5.25%
MSF
/Bank Rate: 5.75%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 94.7691
INR
/ 1 GBP : 126.2928
INR
/ 1 EUR : 106.3300
INR
/100 JPY: 59.9500
EQUITY INDEX
Sensex:
73852.90 (-876.37)
NIFTY:
22888.95 (-257.20)
Bnk NIFTY: 55488.10 (-355.90)
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