National Affairs

Foreign Secretary of Bhutan’s Official Visit to India

Aum Pema Choden, Foreign Secretary of the Royal Government of Bhutan, undertook a two-day official visit to India (September 29–30, 2025) at the invitation of Indian Foreign Secretary Vikram Misri.

• Cross-Border Rail Links: India announced the construction of two cross-border rail links spanning 89 km at an estimated cost of ₹4,033 crore. A formal intergovernmental MoU was signed by Satish Kumar, Chairman of the Railway Board, and Choden.
• Developmental Assistance: The Government of India pledged over ₹10,000 crore in developmental assistance to Bhutan for its 13th Five-Year Plan (2024–29).
• Hydropower Financing: Bhutan’s Kholongchhu Hydropower Limited (KHPL) signed a ₹4,829 crore loan agreement with India’s Power Finance Corporation (PFC) to finance the 600 MW Khorlochhu Hydropower Project in Trashiyangtse Dzongkhag, Bhutan.

Ministry of MSME Celebrates ‘MSME Seva Parv 2025’

The Ministry of Micro, Small and Medium Enterprises (MoMSME) celebrated ‘MSME Seva Parv-2025: Virasat se Vikas’ at the Rudraksh International Cooperation & Convention Centre in Varanasi, Uttar Pradesh.

• Dignitaries & Scope: Presided over by Union Minister Jitan Ram Manjhi and inaugurated by MoS Sushri Shobha Karandlaje. The event featured a 3-day artisan exhibition across 130 stalls, a Swachhata drive at Namo Ghat, and an entrepreneurial session for women (Mahila Paricharcha).
• Strategic Collaboration: An agreement was signed between the Khadi and Village Industries Commission (KVIC) and the National Small Industries Corporation (NSIC) to enhance retail marketing operations.
• Beneficiary Rollouts: Distributed loan certificates to Prime Minister Vishwakarma (PMV) beneficiaries, Margin Money subsidies to PMEGP beneficiaries, and modern toolkits to Gramodyog Vikas Yojana (GVY) beneficiaries.

Interest Rates on Small Savings Schemes Unchanged for Q3 FY26

The Department of Economic Affairs (DEA), under the Ministry of Finance, announced that interest rates for Small Savings Schemes (SSS) will remain unchanged for the third quarter of Financial Year 2025–26 (October 1 to December 31, 2025). This marks the seventh consecutive quarter of steady, unchanged rates since they were last revised in Q4 FY24.

₹66,000 Crore Maritime MoUs Exchanged in Bhavnagar, Gujarat

The Ministry of Ports, Shipping and Waterways (MoPSW) hosted the “Samudra Se Samriddhi” event in Bhavnagar, Gujarat, leading to the exchange of 27 MoUs valued at over ₹66,000 crores.

• Major Port Development: A joint MoU between the Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Limited, and the Government of Odisha was signed to develop the new Bahuda Port in Odisha with an investment of ₹21,500 crores.
• Infrastructure Projects: The event marked the launch of the HPLNG Regasification Terminal at Chhara Port, alongside multiple local projects signed by the Gujarat Maritime Board (GMB) totaling ₹13,600 crores.
• World's Tallest Lighthouse Museum: An agreement was finalized to construct a 77-meter-tall lighthouse museum costing ₹266 crores at the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.

Central Railway Completes Trials of Indigenous KAVACH System

Central Railway (CR) became the first Zonal Railway to successfully complete locomotive trials of KAVACH—the indigenously built Automatic Train Protection (ATP) system—across all five of its operational divisions (Mumbai, Bhusawal, Nagpur, Pune, and Solapur).

• Led by General Manager Dharam Veer Meena, the final critical trials were executed on the Panvel–Roha section.
• The Phase I rollout involves equipping 730 locomotives across CR’s 4,000 km route network.

Indian Navy Signs ₹47 Crore Contract for Underwater Drones

Aligning with the Atmanirbhar Bharat initiative, the Indian Navy signed a ₹47 crore procurement contract with IROV Technologies Private Limited (EyeROV) for military-grade underwater drones. The deal delivers the ‘EyeROV Trout’, an advanced Underwater Remotely Operated Vehicle (UWROV) rated for depths up to 300 meters, equipped with a 4K UHD camera, robotic attachments, and precision acoustic positioning navigation.

Banking & Finance

RBI Accelerates Payout Plan for Inoperative & Unclaimed Accounts

The Reserve Bank of India announced a specialized, time-bound scheme running from October 1, 2025, to September 30, 2026, aimed at clearing over ₹67,000 crore in unclaimed deposits and inoperative accounts. The regulatory frame pushes registered banks to trace account holders and return assets pooled under the Depositors Education Awareness (DEA) Fund.

SEBI Launches 'MITRA' Digital Platform for Mutual Funds

The Securities and Exchange Board of India (SEBI) introduced the Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) platform. Jointly managed by QRTAs CAMS and KFin Technologies, MITRA functions as a single window for investors to trace and reclaim inactive or unclaimed mutual fund folios.

• Note: SEBI has also extended the complete compliance deadline for retail algorithmic trading rules to April 1, 2026.

SIDBI Unveils 'DIA' Scheme for MSME Cluster Transformation

The Small Industries Development Bank of India (SIDBI) launched the Development of Industry Associations (DIA) scheme during its National Conclave in New Delhi. Launched by DFS Secretary M. Nagaraju, the scheme turns local MSME clusters into self-sustaining innovation hubs. Concurrently, a dedicated B2B Industry Portal was established to assist associations with technical networking and resolving financial challenges.

Banking Briefs

• RBI Penalizes Indian Overseas Bank: The central bank imposed a ₹31.8 lakh penalty on IOB for non-compliance with statutory guidelines surrounding Priority Sector Lending (PSL) target classifications and unauthorized fee charging on small-ticket PSL loans.
• RBL Bank and LIC Bancassurance Pact: RBL Bank partnered with Life Insurance Corporation of India (LIC) to distribute the state insurer's complete portfolio (term plans, endowment plans, and ULIPs) nationwide, backing the regulatory vision of "Insurance for All by 2047."
• FatakSecure Earns Composite Agent License: FatakPay Insurance Solutions (FatakSecure) received official regulatory approval from the IRDAI for a composite Corporate Agent License, allowing it to distribute non-life and life insurance portfolios directly to blue-collar and gig-economy workers.
• Amazon Pay Rolls Out "Payments ka A to Z": Amazon Pay introduced a completely unified dashboard integrating UPI, credit/debit cards, and its Pay Later vertical with automated bill reminders and one-click smart Wallet UPI routing.

Awards & Recognitions

M3M Hurun India Rich List 2025

The 14th edition of the Hurun India Rich List featured a record 1,687 individuals holding a net worth of ₹1,000 crore or more, accumulating a collective wealth equal to roughly 50% of India's GDP.

• India's Richest Man: Mukesh Ambani (RIL) reclaimed the top position with a net worth of ₹9.55 lakh crore, moving Gautam Adani & Family (₹8.15 lakh crore) to the second spot.
• Richest Woman in India: Roshni Nadar & Family broke into the overall top 3 for the first time, ranking as the wealthiest woman with a net worth of ₹2.84 lakh crore.
• Billionaire Hubs: Mumbai continues to lead with 451 resident billionaires, followed by New Delhi (223) and Bengaluru (116).
• Youngest Entrepreneur: Aravind Srinivas (31), founder of the AI-based startup Perplexity, emerged as the youngest billionaire on the list with a net worth of ₹21,900 crore.

Appointments & Resignations

Lt Gen Virendra Vats Assumes Charge as DG of NCC

Lieutenant General Virendra Vats took over as the 35th Director General of the National Cadet Corps (NCC) on October 1, 2025. He succeeds Lt Gen Gurbirpal Singh following his retirement. Lt Gen Vats enters the apex office as the world’s largest uniformed youth organization scales up its cadet base to 20 lakh members nationwide.

Acquisitions & Mergers

CCI Clears Acquisition of Jaiprakash Associates by Jindal Power

The Competition Commission of India (CCI) approved the proposed strategic acquisition of debt-ridden infrastructure firm Jaiprakash Associates Limited (JAL) by Jindal Power Limited. The corporate resolution moves through the ongoing Corporate Insolvency Resolution Process (CIRP) under the IBC framework to address JAL's high-stakes debt obligations of ₹57,185 crore.

Important Days & Observances

International Day of Older Persons — October 1

• 2025 Theme: "Older Persons Driving Local and Global Action: Our Aspirations, Our Well-Being, and Our Rights"
• Event Note: The Ministry of Social Justice and Empowerment celebrated the day under a localized national theme, "Ageing with Dignity", at the Dr. Ambedkar International Centre in New Delhi.

World Vegetarian Day — October 1

• Significance: Marks the launch of Global Vegetarian Awareness Month.
• Key Statistic: Backed by UN documentation indicating that animal farming constitutes nearly 15% of global greenhouse gas emissions, India retains its status as the world's primary plant-based hub, holding a 30% to 40% vegetarian demographic.

International Coffee Day — October 1

• 2025 Theme: "Embracing Collaboration More Than Ever"
• Key Event: The Coffee Board of India opened the ‘Coffee Experience Zone and Expo’ in Bengaluru. Parallelly, JICA finalized a landmark USD 75 million regional supply chain loan package alongside the Asian Development Bank (ADB).

RBI Governor Sanjay Malhotra's Monetary Policy Statement

This video provides direct insight into macro-level policy direction from the Reserve Bank of India, matching the regulatory updates outlined under the banking section of the news.