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Week of 15–21 October 2026

Current Affairs: 15–21 October 2026

Pareto Academy · 29 news items · quiz at the end

The RBI's tighter liquidity rules took effect this week. From 16 October banks must keep 99% of their CRR every day, and the 21 October MPC minutes showed how the committee split over the move to "calibrated tightening". The Supreme Court settled the six-year-old Yes Bank AT1 dispute in bondholders' favour, and the India–New Zealand FTA came into force on 20 October.

Banking & Finance9

  1. 1Banks must now keep 99% of required CRR every day, from 16 OctoberFrom the reporting fortnight beginning 16 October 2026, banks must hold at least 99% of their prescribed cash reserve ratio (CRR) balance with the RBI on every day of the fortnight, up from 90%. The RBI announced the change in a circular dated 9 October 2026. The CRR rate itself stays at 3% of net demand and time liabilities, and banks still have to meet the full requirement on a fortnightly average basis. The move follows the 25 bps repo hike to 5.50% on 7 October and leaves banks much less room to run down reserves on individual days. Reports note that the RBI last used a 99% daily floor in July 2013.

    From the reporting fortnight beginning 16 October 2026, banks must hold at least 99% of their prescribed cash reserve ratio (CRR) balance with the RBI on every day of the fortnight, up from 90%. The RBI announced the change in a circular dated 9 October 2026. The CRR rate itself stays at 3% of net demand and time liabilities, and banks still have to meet the full requirement on a fortnightly average basis. The move follows the 25 bps repo hike to 5.50% on 7 October and leaves banks much less room to run down reserves on individual days. Reports note that the RBI last used a 99% daily floor in July 2013.

    Exam angle: Banks maintain CRR under Section 42 of the RBI Act, 1934, and it earns no interest. SLR (18%) falls under Section 24 of the Banking Regulation Act, 1949. See CRR and SLR explained.

    Read notes:RBI Act, 1934: key sections →

  2. 2MPC minutes show a 6–0 vote for the hike and a 4–2 vote for "calibrated tightening"On 21 October the RBI released the minutes of the 63rd MPC meeting, held on 5–7 October 2026. All six members voted to raise the repo rate by 25 bps to 5.50%, which put the SDF at 5.25% and the MSF and Bank Rate at 5.75%. Dr. Nagesh Kumar and Prof. Ram Singh voted against changing the stance from neutral to "calibrated tightening". The other four members supported it: Governor Sanjay Malhotra, Dr. Poonam Gupta, Saugata Bhattacharya and Indranil Bhattacharyya. The MPC projects 2026-27 real GDP growth at 7.1% and CPI inflation at 5.2%, with Q3 inflation at 6.0%. The next meeting is on 2–4 December 2026.

    On 21 October the RBI released the minutes of the 63rd MPC meeting, held on 5–7 October 2026. All six members voted to raise the repo rate by 25 bps to 5.50%, which put the SDF at 5.25% and the MSF and Bank Rate at 5.75%. Dr. Nagesh Kumar and Prof. Ram Singh voted against changing the stance from neutral to "calibrated tightening". The other four members supported it: Governor Sanjay Malhotra, Dr. Poonam Gupta, Saugata Bhattacharya and Indranil Bhattacharyya. The MPC projects 2026-27 real GDP growth at 7.1% and CPI inflation at 5.2%, with Q3 inflation at 6.0%. The next meeting is on 2–4 December 2026.

    Exam angle: The MPC has six members, three from the RBI and three appointed by the Centre, and works under Section 45ZB of the RBI Act. Its inflation target is 4% CPI with a band of ±2%. See Monetary Policy Committee and Repo, reverse repo and SDF.

  3. 3Supreme Court upholds quashing of Yes Bank's ₹8,415 crore AT1 bond write-offOn 15 October 2026 the Supreme Court dismissed the appeals filed by Yes Bank, the RBI and the Centre against the Bombay High Court's January 2023 judgment. That judgment had quashed the write-off of ₹8,415 crore of Additional Tier 1 (AT1) bonds during Yes Bank's March 2020 reconstruction. Reports said the court held that the administrator had no specific authority under the final reconstruction scheme to write down the bonds. The write-down clause had appeared in the draft scheme but was dropped from the version the Centre notified. Yes Bank shares closed about 14% lower that day.

    On 15 October 2026 the Supreme Court dismissed the appeals filed by Yes Bank, the RBI and the Centre against the Bombay High Court's January 2023 judgment. That judgment had quashed the write-off of ₹8,415 crore of Additional Tier 1 (AT1) bonds during Yes Bank's March 2020 reconstruction. Reports said the court held that the administrator had no specific authority under the final reconstruction scheme to write down the bonds. The write-down clause had appeared in the draft scheme but was dropped from the version the Centre notified. Yes Bank shares closed about 14% lower that day.

    Exam angle: AT1 bonds are perpetual, loss-absorbing instruments that count towards Tier 1 capital under Basel III. The 2020 Yes Bank rescue was led by SBI. See Basel III capital adequacy.

    Read notes:Additional Tier 1 (AT1) bonds →

  4. 4RBI approves merger of Emirates NBD's Indian branches into RBL BankOn 16 October the RBI sanctioned a scheme to amalgamate the Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank Limited. The approval was given under Section 44A(4) of the Banking Regulation Act, 1949, and takes effect on 1 December 2026, when the branches start operating as RBL Bank branches. Emirates NBD had already become RBL Bank's majority shareholder in 2026.

    On 16 October the RBI sanctioned a scheme to amalgamate the Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank Limited. The approval was given under Section 44A(4) of the Banking Regulation Act, 1949, and takes effect on 1 December 2026, when the branches start operating as RBL Bank branches. Emirates NBD had already become RBL Bank's majority shareholder in 2026.

    Exam angle: Section 44A of the BR Act covers voluntary amalgamation of banking companies, which needs RBI sanction. RBL Bank, formerly Ratnakar Bank, has its headquarters in Mumbai. See Bank mergers and consolidation.

    Read notes:Banking Regulation Act, 1949: key sections →

  5. 5RBI issues FAQs on the new Foreign Exchange Risk ReserveOn 15 October the RBI published FAQs on the Foreign Exchange Risk Reserve (FERR), introduced by A.P. (DIR Series) Circulars 26 and 27 of 10 and 12 October 2026. Authorised Dealers must hold 20% of the INR notional value of certain rupee-linked forex derivative contracts in which the client buys foreign currency against the rupee. These are contracts above US$2 million that hedge current-account transactions, together with similar contracts the AD takes to hedge its own position. The reserve sits in the AD's current account with the RBI, earns no interest and does not count as a high-quality liquid asset (HQLA) under the LCR.

    On 15 October the RBI published FAQs on the Foreign Exchange Risk Reserve (FERR), introduced by A.P. (DIR Series) Circulars 26 and 27 of 10 and 12 October 2026. Authorised Dealers must hold 20% of the INR notional value of certain rupee-linked forex derivative contracts in which the client buys foreign currency against the rupee. These are contracts above US$2 million that hedge current-account transactions, together with similar contracts the AD takes to hedge its own position. The reserve sits in the AD's current account with the RBI, earns no interest and does not count as a high-quality liquid asset (HQLA) under the LCR.

    Exam angle: Forex derivatives are regulated under FEMA, 1999, which replaced FERA. Measures like the FERR raise the cost of positions against the rupee. See Exchange rate management.

    Read notes:FEMA, 1999 →

  6. 6IDBI Bank sale: DIPAM targets completion by end-FY27, subject to RBI nodAfter the CCEA approved the sale on 14 October, DIPAM Secretary Arunish Chawla said on 16 October that the strategic sale of IDBI Bank is expected to close by the end of FY27, subject to RBI approval. The deal transfers 60.72% of the bank (the Centre's 30.48% and LIC's 30.24%) to a Fairfax Financial Holdings unit at ₹81 a share, or about ₹52,878 crore. The buyer must first submit its credentials to the RBI. The share purchase agreement will be signed only after RBI clearance, and an open offer to minority shareholders must follow.

    After the CCEA approved the sale on 14 October, DIPAM Secretary Arunish Chawla said on 16 October that the strategic sale of IDBI Bank is expected to close by the end of FY27, subject to RBI approval. The deal transfers 60.72% of the bank (the Centre's 30.48% and LIC's 30.24%) to a Fairfax Financial Holdings unit at ₹81 a share, or about ₹52,878 crore. The buyer must first submit its credentials to the RBI. The share purchase agreement will be signed only after RBI clearance, and an open offer to minority shareholders must follow.

    Exam angle: IDBI was set up in 1964 as a development finance institution. The RBI recategorised it as a private sector bank in January 2019 after LIC took a majority stake. DIPAM is part of the Ministry of Finance. See Public vs private banks.

    Read notes:IDBI Bank →Disinvestment and DIPAM →

  7. 7RBI curbs Puducherry Co-operative Urban Bank; withdrawals capped at ₹5,000From the close of business on 21 October 2026, the RBI placed Puducherry Co-operative Urban Bank Ltd under all-inclusive Directions for six months. Without RBI approval, the bank cannot grant loans, accept fresh deposits, make investments or dispose of assets. Depositors may withdraw up to ₹5,000, and eligible depositors can claim up to ₹5 lakh from the DICGC. The RBI said the Directions do not cancel the bank's licence.

    From the close of business on 21 October 2026, the RBI placed Puducherry Co-operative Urban Bank Ltd under all-inclusive Directions for six months. Without RBI approval, the bank cannot grant loans, accept fresh deposits, make investments or dispose of assets. Depositors may withdraw up to ₹5,000, and eligible depositors can claim up to ₹5 lakh from the DICGC. The RBI said the Directions do not cancel the bank's licence.

    Exam angle: These Directions are issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. DICGC deposit insurance cover has been ₹5 lakh per depositor per bank since February 2020. See Deposit insurance and DICGC.

    Read notes:Banking Regulation Act, 1949: key sections →

  8. 8SEBI moves the closing auction session to 3:30–3:40 pmIn a circular dated 15 October 2026, SEBI replaced the 20-minute closing auction session (CAS), which runs from 3:15 to 3:35 pm, with a 10-minute session from 3:30 to 3:40 pm. Orders can be placed between 3:31 and 3:36 pm. Expiring stock and index derivatives will settle on the volume-weighted average price of the last 30 minutes of continuous trading rather than on the auction price. Most changes take effect on 7 December 2026.

    In a circular dated 15 October 2026, SEBI replaced the 20-minute closing auction session (CAS), which runs from 3:15 to 3:35 pm, with a 10-minute session from 3:30 to 3:40 pm. Orders can be placed between 3:31 and 3:36 pm. Expiring stock and index derivatives will settle on the volume-weighted average price of the last 30 minutes of continuous trading rather than on the auction price. Most changes take effect on 7 December 2026.

    Exam angle: SEBI was set up in 1988 and given statutory powers by the SEBI Act, 1992. Its headquarters is in Mumbai.

    Read notes:SEBI (Securities and Exchange Board of India) →

  9. 9SGB 2020-21 Series VII premature redemption price set at ₹14,614On 16 October the RBI fixed the redemption price for the premature redemption of Sovereign Gold Bond 2020-21 Series VII at ₹14,614 per unit, due on 19 October 2026. The price is the simple average of the IBJA closing price of 999-purity gold for 14–16 October 2026.

    On 16 October the RBI fixed the redemption price for the premature redemption of Sovereign Gold Bond 2020-21 Series VII at ₹14,614 per unit, due on 19 October 2026. The price is the simple average of the IBJA closing price of 999-purity gold for 14–16 October 2026.

    Exam angle: The SGB scheme was launched in November 2015. The RBI issues the bonds on behalf of the Government of India for an 8-year tenure, with early exit allowed from the fifth year. Investors also earn 2.5% annual interest.

    Read notes:Sovereign Gold Bonds (SGB) →

Economy5

  1. 10Forex reserves fall US$5.0 bn to US$721.0 bn (week ended 16 October)India's foreign exchange reserves fell by US$5.01 bn to US$721.02 bn in the week ended 16 October 2026, according to the RBI's Weekly Statistical Supplement released on 23 October. Foreign currency assets fell US$5.76 bn to US$591.85 bn, while gold rose US$0.71 bn to US$105.80 bn. SDRs stood at US$18.58 bn and the reserve position in the IMF at US$4.79 bn. Reserves have now fallen about US$65 bn from the record US$785.7 bn of 4 September 2026.

    India's foreign exchange reserves fell by US$5.01 bn to US$721.02 bn in the week ended 16 October 2026, according to the RBI's Weekly Statistical Supplement released on 23 October. Foreign currency assets fell US$5.76 bn to US$591.85 bn, while gold rose US$0.71 bn to US$105.80 bn. SDRs stood at US$18.58 bn and the reserve position in the IMF at US$4.79 bn. Reserves have now fallen about US$65 bn from the record US$785.7 bn of 4 September 2026.

    Exam angle: The RBI manages India's forex reserves, which have four components: FCA, gold, SDRs and the reserve tranche position in the IMF. See India's forex reserves.

    Read notes:Special Drawing Rights (SDR) and the IMF reserve tranche →

  2. 11August current account deficit narrows to US$5.2 bn; capital inflows surgeOn 15 October the RBI released balance-of-payments data for August 2026. The current account deficit was US$5.2 bn, against US$6.1 bn in August 2025, and the merchandise trade deficit was US$26.6 bn. Net services receipts were US$16.5 bn. The capital account surplus rose to US$50.6 bn, driven by net NRI deposit inflows of US$83.0 bn, and reserves rose by about US$45.4 bn on a BoP basis. For April–August 2026, the CAD was US$18.3 bn.

    On 15 October the RBI released balance-of-payments data for August 2026. The current account deficit was US$5.2 bn, against US$6.1 bn in August 2025, and the merchandise trade deficit was US$26.6 bn. Net services receipts were US$16.5 bn. The capital account surplus rose to US$50.6 bn, driven by net NRI deposit inflows of US$83.0 bn, and reserves rose by about US$45.4 bn on a BoP basis. For April–August 2026, the CAD was US$18.3 bn.

    Exam angle: The BoP has a current account (trade, services, income, transfers) and a capital account (FDI, FPI, loans, banking capital). An increase in reserves appears with a minus sign under "monetary movements".

    Read notes:Balance of Payments: current and capital account →

  3. 12September exports rise 23% to US$44.4 bn; trade deficit US$30.2 bnData released on 15 October showed merchandise exports rose 23% year on year to US$44.40 bn in September 2026 and imports rose 8% to US$74.61 bn. The merchandise trade deficit narrowed to US$30.21 bn from US$33 bn a year earlier. For April–September 2026, exports were US$259.89 bn (up 18.51%) and imports US$437.53 bn (up 16.31%).

    Data released on 15 October showed merchandise exports rose 23% year on year to US$44.40 bn in September 2026 and imports rose 8% to US$74.61 bn. The merchandise trade deficit narrowed to US$30.21 bn from US$33 bn a year earlier. For April–September 2026, exports were US$259.89 bn (up 18.51%) and imports US$437.53 bn (up 16.31%).

    Exam angle: The Department of Commerce, under the Ministry of Commerce and Industry, releases trade data monthly around the 15th. DGCI&S, headquartered in Kolkata, compiles it.

    Read notes:Balance of Payments: current and capital account →

  4. 13Core sector growth hits 7.9% in SeptemberAccording to provisional data released on 21 October, output of the core industries grew 7.9% in September 2026, against 3.1% a year earlier. August growth was revised up to 5.9%. Iron ore (18.4%), electricity (11.4%), coal (10.7%) and refinery products (10.3%) led the rise, while fertilisers (−11.7%), natural gas (−4.6%) and crude oil (−1.4%) contracted. April–September growth was 5.1%, against 2.5% a year earlier.

    According to provisional data released on 21 October, output of the core industries grew 7.9% in September 2026, against 3.1% a year earlier. August growth was revised up to 5.9%. Iron ore (18.4%), electricity (11.4%), coal (10.7%) and refinery products (10.3%) led the rise, while fertilisers (−11.7%), natural gas (−4.6%) and crude oil (−1.4%) contracted. April–September growth was 5.1%, against 2.5% a year earlier.

    Exam angle: The Index of Core Industries is compiled by the Office of the Economic Adviser in DPIIT. In July 2026 its base year was revised from 2011-12 to 2022-23, and the new series adds iron ore to the original eight: coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. Older books still call it the Index of Eight Core Industries.

    Read notes:Index of Eight Core Industries →

  5. 14PLFS: unemployment steady at 5.0% in SeptemberThe National Statistics Office's PLFS monthly bulletin for September 2026, released on 15 October, put the unemployment rate (age 15+, Current Weekly Status) at 5.0%, down 0.2 percentage points from a year earlier. The labour force participation rate rose to 55.5%. This was the 18th monthly bulletin.

    The National Statistics Office's PLFS monthly bulletin for September 2026, released on 15 October, put the unemployment rate (age 15+, Current Weekly Status) at 5.0%, down 0.2 percentage points from a year earlier. The labour force participation rate rose to 55.5%. This was the 18th monthly bulletin.

    Exam angle: The PLFS is run by the NSO under MoSPI. The Current Weekly Status uses a reference period of the last seven days.

    Read notes:Periodic Labour Force Survey (PLFS) →MoSPI and the National Statistics Office →

Government Schemes & Policy3

  1. 15PM inaugurates ₹3,350 crore of projects in Ladakh, including a new Leh airport terminalOn 15 October 2026 PM Narendra Modi virtually inaugurated five projects in Ladakh worth about ₹3,350 crore. They include:

    On 15 October 2026 PM Narendra Modi virtually inaugurated five projects in Ladakh worth about ₹3,350 crore. They include:

    - the new terminal of Kushok Bakula Rimpochee Airport, Leh (about ₹640 crore), which raises annual capacity from 10 lakh to 35 lakh passengers; - the 298 km Nimmu–Padum–Darcha road, built by the BRO through the Zanskar Valley; - the 9 MW Hanu small hydro project; - India's first Petroglyph Conservation Park at Sindhu Ghat; - 40 water bodies under Project Him Sarovar.

    Exam angle: Ladakh became a Union Territory on 31 October 2019 under the Jammu and Kashmir Reorganisation Act, 2019. The BRO was set up in 1960.

    Read notes:Ladakh →Border Roads Organisation (BRO) →

  2. 16Sankoo becomes Ladakh's eighth districtOn 16 October 2026 Ladakh LG Vinai Kumar Saxena announced Sankoo, carved out of Kargil district, as the UT's eighth district. It comprises four tehsils: Sankoo, GM Pore, TSG and Taisuru. A separate hill development council was also notified. Five districts (Nubra, Sham, Changthang, Zanskar and Drass) had been created earlier in 2026, adding to Leh and Kargil.

    On 16 October 2026 Ladakh LG Vinai Kumar Saxena announced Sankoo, carved out of Kargil district, as the UT's eighth district. It comprises four tehsils: Sankoo, GM Pore, TSG and Taisuru. A separate hill development council was also notified. Five districts (Nubra, Sham, Changthang, Zanskar and Drass) had been created earlier in 2026, adding to Leh and Kargil.

    Exam angle: Sankoo lies in the Suru Valley. Ladakh's hill councils are constituted under the LAHDC Act, 1997.

    Read notes:Ladakh →

  3. 17UDAN regional air connectivity scheme completes 10 yearsThe Regional Connectivity Scheme UDAN ("Ude Desh ka Aam Nagrik") completed ten years on 21 October 2026. The Modified UDAN scheme, launched on 4 July 2026, has an outlay of ₹28,840 crore for FY 2026-27 to FY 2035-36 and aims to add 120 new destinations.

    The Regional Connectivity Scheme UDAN ("Ude Desh ka Aam Nagrik") completed ten years on 21 October 2026. The Modified UDAN scheme, launched on 4 July 2026, has an outlay of ₹28,840 crore for FY 2026-27 to FY 2035-36 and aims to add 120 new destinations.

    Exam angle: UDAN was launched on 21 October 2016 under the National Civil Aviation Policy, 2016. The first flight, Shimla–Delhi, ran on 27 April 2017, and the Airports Authority of India is the implementing agency.

    Read notes:UDAN regional connectivity scheme →

Appointments1

  1. 18SCL Das named chairperson of the reconstituted FSIBOn 16 October 2026 the Appointments Committee of the Cabinet reconstituted the Financial Services Institutions Bureau (FSIB) and appointed Subhas Chandra Lal Das as part-time chairperson for three years. Das is a retired 1992-batch IAS officer of the AGMUT cadre and a former MSME Secretary. He succeeds Bhanu Pratap Sharma, whose tenure ended on 30 June 2026. Six part-time members were also named, including Arijit Basu, Satish Marathe and Ramanathan Subramanian for banks and financial institutions.

    On 16 October 2026 the Appointments Committee of the Cabinet reconstituted the Financial Services Institutions Bureau (FSIB) and appointed Subhas Chandra Lal Das as part-time chairperson for three years. Das is a retired 1992-batch IAS officer of the AGMUT cadre and a former MSME Secretary. He succeeds Bhanu Pratap Sharma, whose tenure ended on 30 June 2026. Six part-time members were also named, including Arijit Basu, Satish Marathe and Ramanathan Subramanian for banks and financial institutions.

    Exam angle: The FSIB replaced the Banks Board Bureau in 2022. It recommends candidates for whole-time directors and non-executive chairpersons of public sector banks, financial institutions and public sector insurers.

    Read notes:Financial Services Institutions Bureau (FSIB) →

Awards & Honours1

  1. 19SBI named "World's Best Consumer Bank 2026" by Global FinanceState Bank of India won Global Finance magazine's World's Best Consumer Bank award for the second year running, as well as Best Bank in India 2026. Chairman C. S. Setty received the awards at a ceremony on the sidelines of the IMF–World Bank Annual Meetings in Bangkok, reported on 17 October 2026.

    State Bank of India won Global Finance magazine's World's Best Consumer Bank award for the second year running, as well as Best Bank in India 2026. Chairman C. S. Setty received the awards at a ceremony on the sidelines of the IMF–World Bank Annual Meetings in Bangkok, reported on 17 October 2026.

    Exam angle: SBI was set up on 1 July 1955 from the Imperial Bank of India and has its headquarters in Mumbai. Global Finance is published from New York.

    Read notes:State Bank of India (SBI) →

International1

  1. 20India rolls over ₹3,000 crore currency swap for the MaldivesOn 16 October 2026 the MEA said India would carry out the first rollover of the ₹3,000 crore currency swap with the Maldives from 23 October 2026, at Malé's request. The facility, between the RBI and the Maldives Monetary Authority, was signed in October 2024 under the SAARC currency swap framework. The initial drawdown was made in April 2026.

    On 16 October 2026 the MEA said India would carry out the first rollover of the ₹3,000 crore currency swap with the Maldives from 23 October 2026, at Malé's request. The facility, between the RBI and the Maldives Monetary Authority, was signed in October 2024 under the SAARC currency swap framework. The initial drawdown was made in April 2026.

    Exam angle: The RBI has run the SAARC currency swap framework since 2012. The Maldives' capital is Malé and its currency is the rufiyaa.

    Read notes:Currency swap arrangements of the RBI →

Agreements & Summits1

  1. 21India–New Zealand Free Trade Agreement comes into force on 20 OctoberThe India–New Zealand FTA, signed on 27 April 2026, came into force on 20 October 2026 (Dussehra). New Zealand eliminates tariffs on all Indian goods. India eliminates or cuts tariffs on 95% of its imports from New Zealand, while keeping dairy and other sensitive sectors protected. The two sides aim to double bilateral trade to nearly ₹35,000 crore in four to five years, and New Zealand has offered to facilitate US$20 bn of investment in India over 15 years.

    The India–New Zealand FTA, signed on 27 April 2026, came into force on 20 October 2026 (Dussehra). New Zealand eliminates tariffs on all Indian goods. India eliminates or cuts tariffs on 95% of its imports from New Zealand, while keeping dairy and other sensitive sectors protected. The two sides aim to double bilateral trade to nearly ₹35,000 crore in four to five years, and New Zealand has offered to facilitate US$20 bn of investment in India over 15 years.

    Exam angle: New Zealand's capital is Wellington and its currency is the New Zealand dollar. Piyush Goyal is the Union Commerce and Industry Minister.

    Read notes:India's free trade agreements →

Science & Technology1

  1. 22Japan launches MMX to bring back samples from Mars's moon PhobosOn 20 October 2026 (Japan time), JAXA launched the Martian Moons eXploration (MMX) spacecraft on its tenth H3 rocket from the Tanegashima Space Center. MMX is due to reach Mars in August 2027, collect at least 10 g of material from Phobos and return it to Earth around 2031. It would be the first sample return from a Martian moon, and NASA, ESA, CNES and DLR are partners.

    On 20 October 2026 (Japan time), JAXA launched the Martian Moons eXploration (MMX) spacecraft on its tenth H3 rocket from the Tanegashima Space Center. MMX is due to reach Mars in August 2027, collect at least 10 g of material from Phobos and return it to Earth around 2031. It would be the first sample return from a Martian moon, and NASA, ESA, CNES and DLR are partners.

    Exam angle: Mars has two moons, Phobos (the larger) and Deimos. JAXA's earlier Hayabusa and Hayabusa2 missions returned samples from asteroids Itokawa and Ryugu.

    Read notes:Missions to Mars and its moons →

Defence3

  1. 23MoD signs ₹4,106 crore contracts for GSAT-7C and Varunastra torpedoesOn 15 October 2026 the Ministry of Defence signed two contracts in New Delhi:

    On 15 October 2026 the Ministry of Defence signed two contracts in New Delhi:

    - ₹2,563 crore with NewSpace India Limited (NSIL), Bengaluru, for the GSAT-7C communication satellite for the IAF; - ₹1,543 crore with Bharat Dynamics Limited (BDL), Hyderabad, for Varunastra heavyweight torpedoes for the Navy.

    GSAT-7C will be the IAF's second dedicated satellite after GSAT-7A, launched in 2018.

    Exam angle: Varunastra is a ship-launched anti-submarine torpedo designed by DRDO's Naval Science and Technological Laboratory (NSTL), Visakhapatnam. NSIL is the commercial arm of the Department of Space.

    Read notes:DRDO (Defence Research and Development Organisation) →

  2. 24INS Samarthak, the Navy's first indigenous multi-purpose vessel, commissioned at KarwarVice-President C. P. Radhakrishnan commissioned INS Samarthak at the Karwar naval base on 16 October 2026. Built by L&T at Kattupalli, Tamil Nadu, the 107-metre vessel has over 75% indigenous content and is the first of four multi-purpose vessels. It will serve as a trials platform for new weapons, sensors and unmanned systems.

    Vice-President C. P. Radhakrishnan commissioned INS Samarthak at the Karwar naval base on 16 October 2026. Built by L&T at Kattupalli, Tamil Nadu, the 107-metre vessel has over 75% indigenous content and is the first of four multi-purpose vessels. It will serve as a trials platform for new weapons, sensors and unmanned systems.

    Exam angle: The Karwar base, INS Kadamba, was developed under Project Seabird. The Chief of the Naval Staff is Admiral Krishna Swaminathan, who attended the ceremony.

    Read notes:Defence shipyards of India →Indian Navy: commands and major bases →

  3. 25AUSTRAHIND 2026 begins in ThiruvananthapuramThe fifth edition of the India–Australia joint army exercise AUSTRAHIND began on 19 October 2026 at the Foreign Training Node in Thiruvananthapuram, Kerala, and runs until 1 November. About 120 troops from each side take part: the Garhwal Rifles for India and 13 Brigade for Australia. The exercise focuses on sub-conventional operations in coastal and island terrain under a UN mandate, and New Zealand sent observers for the first time.

    The fifth edition of the India–Australia joint army exercise AUSTRAHIND began on 19 October 2026 at the Foreign Training Node in Thiruvananthapuram, Kerala, and runs until 1 November. About 120 troops from each side take part: the Garhwal Rifles for India and 13 Brigade for Australia. The exercise focuses on sub-conventional operations in coastal and island terrain under a UN mandate, and New Zealand sent observers for the first time.

    Exam angle: Other India–Australia exercises are AUSINDEX (navy) and Malabar, where India and Australia take part alongside the US and Japan.

    Read notes:India's military exercises with other countries →

Sports1

  1. 26Punam Raut retires from international cricketFormer India batter Punam Raut announced her retirement from all forms of international cricket on 15 October 2026. Between 2009 and 2021 she played 4 Tests, 73 ODIs (2,299 runs, 3 hundreds) and 35 T20Is. She scored 86 in the 2017 Women's World Cup final and shared a record 320-run opening stand with Deepti Sharma against Ireland in 2017.

    Former India batter Punam Raut announced her retirement from all forms of international cricket on 15 October 2026. Between 2009 and 2021 she played 4 Tests, 73 ODIs (2,299 runs, 3 hundreds) and 35 T20Is. She scored 86 in the 2017 Women's World Cup final and shared a record 320-run opening stand with Deepti Sharma against Ireland in 2017.

    Exam angle: India lost the 2017 Women's ODI World Cup final to England at Lord's by 9 runs.

    Read notes:ICC Women's Cricket World Cup →

Important Days3

  1. 27World Students' Day – 15 OctoberWorld Students' Day marks the birth anniversary of Dr. A. P. J. Abdul Kalam, who was born on 15 October 1931 in Rameswaram. 2026 was his 95th birth anniversary.

    World Students' Day marks the birth anniversary of Dr. A. P. J. Abdul Kalam, who was born on 15 October 1931 in Rameswaram. 2026 was his 95th birth anniversary.

    Exam angle: Kalam was India's 11th President (2002–2007) and received the Bharat Ratna in 1997.

    Read notes:Important days in October →

  2. 28World Food Day – 16 OctoberWorld Food Day 2026 was observed on 16 October with the FAO theme "Innovate today. Nourish tomorrow."

    World Food Day 2026 was observed on 16 October with the FAO theme "Innovate today. Nourish tomorrow."

    Exam angle: The day marks the founding of the FAO on 16 October 1945. The FAO is headquartered in Rome.

    Read notes:Important days in October →Food and Agriculture Organization (FAO) →

  3. 29Police Commemoration Day – 21 OctoberOn 21 October 2026 Union Home Minister Amit Shah paid tribute at the National Police Memorial in New Delhi. He also flagged off a "Fight Against Drugs" motorcycle rally that will reach Ekta Nagar, Gujarat, on 31 October. The IB Director said 154 police personnel had died in the line of duty over the past year.

    On 21 October 2026 Union Home Minister Amit Shah paid tribute at the National Police Memorial in New Delhi. He also flagged off a "Fight Against Drugs" motorcycle rally that will reach Ekta Nagar, Gujarat, on 31 October. The IB Director said 154 police personnel had died in the line of duty over the past year.

    Exam angle: The day remembers the ten CRPF personnel killed by Chinese troops at Hot Springs, Ladakh, on 21 October 1959. The National Police Memorial, in Chanakyapuri, New Delhi, was inaugurated in 2018.

    Read notes:Important days in October →

Quick quiz

From which date did the RBI require banks to maintain a minimum of 99% of the prescribed CRR on a daily basis?

  • (a) 1 October 2026
  • (b) 7 October 2026
  • (c) 9 October 2026
  • (d) 16 October 2026
  • (e) 1 November 2026
Show answer

Answer: (d) The circular is dated 9 October 2026, but the 99% floor applies from the fortnight beginning 16 October 2026, up from 90%.

According to the MPC minutes released on 21 October 2026, how did members vote on changing the stance to "calibrated tightening"?

  • (a) 6–0
  • (b) 5–1
  • (c) 4–2
  • (d) 3–3
  • (e) It was not put to vote
Show answer

Answer: (c) Four members backed it. Dr. Nagesh Kumar and Prof. Ram Singh preferred a neutral stance.

The Supreme Court on 15 October 2026 upheld the quashing of the write-off of AT1 bonds worth how much issued by Yes Bank?

  • (a) ₹5,000 crore
  • (b) ₹8,415 crore
  • (c) ₹10,000 crore
  • (d) ₹12,500 crore
  • (e) ₹28,400 crore
Show answer

Answer: (b) ₹8,415 crore of AT1 bonds were written off in March 2020. The Bombay High Court quashed the write-off in January 2023.

Under which provision did the RBI sanction the amalgamation of Emirates NBD's Indian branches with RBL Bank?

  • (a) Section 35A, BR Act
  • (b) Section 45, BR Act
  • (c) Section 44A(4), BR Act
  • (d) Section 42, RBI Act
  • (e) Section 45ZB, RBI Act
Show answer

Answer: (c) Section 44A of the Banking Regulation Act governs voluntary amalgamations. The merger takes effect on 1 December 2026.

Under the RBI's Foreign Exchange Risk Reserve, what share of the notional amount of applicable contracts must Authorised Dealers hold?

  • (a) 5%
  • (b) 10%
  • (c) 15%
  • (d) 20%
  • (e) 25%
Show answer

Answer: (d) It is 20% of the INR equivalent of the notional amount, held interest-free with the RBI.

What were India's forex reserves in the week ended 16 October 2026?

  • (a) US$698.5 bn
  • (b) US$710.4 bn
  • (c) US$721.0 bn
  • (d) US$726.0 bn
  • (e) US$785.7 bn
Show answer

Answer: (c) Reserves fell US$5.01 bn to US$721.02 bn. US$785.7 bn was the record high of 4 September 2026.

What was India's current account deficit for August 2026, according to the RBI?

  • (a) US$3.1 bn
  • (b) US$5.2 bn
  • (c) US$6.1 bn
  • (d) US$18.3 bn
  • (e) US$26.6 bn
Show answer

Answer: (b) The CAD narrowed to US$5.2 bn from US$6.1 bn in August 2025.

How much did core industries' output grow in September 2026?

  • (a) 3.1%
  • (b) 4.8%
  • (c) 5.1%
  • (d) 5.9%
  • (e) 7.9%
Show answer

Answer: (e) Growth was 7.9%, led by iron ore (18.4%) and electricity (11.4%).

Who has been appointed chairperson of the reconstituted Financial Services Institutions Bureau (FSIB)?

  • (a) Bhanu Pratap Sharma
  • (b) Arijit Basu
  • (c) S. C. L. Das
  • (d) Satish Marathe
  • (e) Arunish Chawla
Show answer

Answer: (c) Retired IAS officer Subhas Chandra Lal Das was appointed part-time chairperson for three years.

The India–New Zealand FTA came into force on which date?

  • (a) 27 April 2026
  • (b) 21 September 2026
  • (c) 15 October 2026
  • (d) 20 October 2026
  • (e) 1 November 2026
Show answer

Answer: (d) It was signed on 27 April 2026, ratified in September, and took effect on 20 October 2026.

INS Samarthak, commissioned on 16 October 2026, was built by which shipyard?

  • (a) Mazagon Dock
  • (b) Garden Reach Shipbuilders
  • (c) Cochin Shipyard
  • (d) Goa Shipyard
  • (e) L&T, Kattupalli
Show answer

Answer: (e) L&T built it at Kattupalli, making it the first multi-purpose vessel for the Navy built by a private yard.

The MoD contract for Varunastra heavyweight torpedoes was signed with which company?

  • (a) BEL
  • (b) BDL
  • (c) HAL
  • (d) NSIL
  • (e) Mishra Dhatu Nigam
Show answer

Answer: (b) Bharat Dynamics Limited, Hyderabad, got the ₹1,543 crore order. NSIL got the GSAT-7C contract.

Which new district was created in Ladakh on 16 October 2026?

  • (a) Nubra
  • (b) Zanskar
  • (c) Drass
  • (d) Sankoo
  • (e) Changthang
Show answer

Answer: (d) Sankoo, carved out of Kargil, became Ladakh's eighth district. The other four options were created earlier in 2026.

What is the target of Japan's MMX mission, launched on 20 October 2026?

  • (a) Deimos
  • (b) Phobos
  • (c) Ryugu
  • (d) Itokawa
  • (e) Europa
Show answer

Answer: (b) MMX aims to bring back at least 10 g of material from Phobos, the larger of Mars's two moons, around 2031.

Police Commemoration Day on 21 October honours the personnel killed in 1959 at which place?

  • (a) Galwan
  • (b) Hot Springs
  • (c) Nathu La
  • (d) Rezang La
  • (e) Doklam
Show answer

Answer: (b) Ten CRPF personnel were killed by Chinese troops at Hot Springs, Ladakh, on 21 October 1959.

SourcesShow

Sources

(accessed 24 October 2026)