Banking Awareness of 25, 26 and 27 September 2025

Topic: RBI

1. RBI has reaffirmed its commitment to the FX Global Code by signing an updated Statement of Commitment.

• The FX Global Code sets out internationally accepted best practices.
• These practices aim to ensure transparency and efficiency in the wholesale foreign exchange market.
• The code was developed through a collaboration between global central banks and market participants. It was first introduced in 2017.
• RBI has reviewed the code carefully. It recognises the code as a widely accepted standard for ethical conduct in the FX market.
• The RBI has stated that it acts as a participant in the foreign exchange market.
• It is committed to following the principles laid out in the code.
• The bank has taken appropriate steps to align its FX operations with the code.
• These steps reflect the size, nature, and complexity of its market activities.
• The Global Foreign Exchange Committee (GFXC) oversees the code. It is responsible for maintaining, promoting, and updating it.
• The code was revised by the GFXC in July 2021. It was updated again in December 2024.

Topic: RBI

2. RBI has released final guidelines for digital payment authentication.

• These guidelines aim to enhance transaction security. They also promote innovation in fraud prevention methods.
• The new rules will take effect from April 1, 2026. Issuers are allowed to introduce extra authentication steps.
• These steps can be based on the risk level of each transaction.
• This goes beyond the mandatory two-factor authentication.
• The RBI encourages the use of new authentication technologies.
• However, it does not require the removal of SMS-based one-time passwords.
• Card issuers must perform additional checks for specific cases.
• This applies to non-recurring, cross-border, card-not-present transactions.
• It is required when requested by overseas merchants or acquirers.
• Starting April 2026, two-factor authentication will be mandatory for all digital payments.
• For card-not-present transactions, at least one factor must be dynamically generated or verified.
• Authentication factors may include passwords, SMS OTPs, passphrases, or PINs.
• They may also include hardware or software tokens, fingerprints, or other biometrics.
• Biometrics can be device-based or Aadhaar-based. These rules apply to all payment system participants.
• This includes both banks and non-bank entities. The guidelines cover all domestic digital payments. Exceptions will apply only if specifically stated.

Topic: Reports and Indices

3. The HSBC flash Composite PMI for India dropped to 61.9 in September from 63.2 in August.

• Even with the decline, the reading marked the second-fastest expansion in over two years.
• It remained well above 50, which indicates growth.
• The flash manufacturing PMI fell to 58.5 from 59.3. The services business activity index decreased to 61.6 from 62.9.
• New orders continued to increase sharply, but the pace slowed. Heightened competition among firms was a key reason for this slowdown.
• Growth in new export orders was the weakest in six months. This was mainly due to a slowdown in the services sector.
• Job growth also slowed from August. Only 3% of manufacturers and 5% of service providers reported increased staffing.
• Overall input cost inflation eased. However, manufacturers raised their selling prices at the fastest rate in nearly 13 years.
• This was driven by rising costs of materials like cotton and steel.
• Meanwhile, price inflation in the services sector slowed. This helped balance out overall inflation pressures.
• Business confidence hit a seven-month high.

Topic: Taxation

4. Goods and Services Tax Appellate Tribunal (GSTAT) officially inaugurated by Union Finance and Corporate Affairs Minister Nirmala Sitharaman in New Delhi on 24 September 2025.

• The establishment of GSTAT marks a major advancement in the GST system.
• It strengthens the country’s framework for resolving indirect tax disputes.
• Several dignitaries attended the event. These included Union Minister of State for Finance Shri Pankaj Chaudhary and GSTAT President Justice Shri Sanjaya Kumar Mishra.
• In her address, the Finance Minister called GSTAT an important institutional development.
• She said it reflects the progress GST has made over the past eight years.
• The Revenue Secretary stated that GSTAT would bring fairness and uniformity to the appeals process.
• It would also improve predictability in tax dispute outcomes.
• GSTAT is a statutory appellate body set up under GST laws.
• It provides an independent platform to hear appeals against decisions made by GST Appellate Authorities.
• The Tribunal will operate from a Principal Bench in New Delhi.
• It will also have 31 State Benches located across 45 cities in India.
• This ensures wide accessibility for taxpayers across the country.
• Each bench will have two Judicial Members. It will also include one Technical Member from the Centre and one from the State.
• This composition brings together legal and technical expertise from both levels of government.
• It reflects the spirit of cooperative federalism and aims to deliver balanced and impartial decisions.

Topic: Appointments

5. Ms. Vandana Gupta assumed charge as CGCA.

• Ms. Vandana Gupta was appointed as the Controller General of Communication Accounts in New Delhi on 22 September 2025.
• The charge was assumed by her after elevation to the Apex Grade.
• She is a 1990 batch officer of the Indian Post & Telecommunication Accounts and Finance Service (IP&TAFS).
• Important positions were earlier held by her across the Maharashtra, Delhi, Tamil Nadu, and Gujarat Circles.
• She also served at the Department of Telecommunications (DoT) Headquarters and in the Department of Posts.
• On central deputation, she worked as Principal Director, GASAB, in the office of the CAG, Delhi.
• She also served as Joint Secretary in the Ministry of Women and Child Development.

Topic: Appointments

6. Sudhanshu Vats has been appointed as the new chairman of the Advertising Standards Council of India (ASCI).

• Ms. Vandana Gupta was appointed as the Controller General of Communication Accounts in New Delhi on 22 September 2025.
• The charge was assumed by her after elevation to the Apex Grade.
• She is a 1990 batch officer of the Indian Post & Telecommunication Accounts and Finance Service (IP&TAFS).
• Important positions were earlier held by her across the Maharashtra, Delhi, Tamil Nadu, and Gujarat Circles.
• She also served at the Department of Telecommunications (DoT) Headquarters and in the Department of Posts.
• On central deputation, she worked as Principal Director, GASAB, in the office of the CAG, Delhi.
• She also served as Joint Secretary in the Ministry of Women and Child Development.
• He is the Managing Director of Pidilite Industries Limited.
• The announcement was made at ASCI’s 39th annual general meeting.
• His appointment comes as ASCI prepares to celebrate its 40th anniversary in October.
• S. Subramanyeswar from MullenLowe Global has been appointed as vice-chairman.
• Paritosh Joshi, Principal at Provocateur Advisory, has been named honorary treasurer.
• ASCI is India’s independent self-regulatory body for advertising.
• To mark its 40th year, ASCI will launch several new initiatives over the next year.

Topic: Summits/Conferences/Meetings

7. PM Modi chaired the 49th meeting of the PRAGATI platform in New Delhi.

• During the meeting, the Prime Minister assessed the progress of eight major infrastructure projects.
• These projects cover key sectors such as mining, rail transport, water management, industrial development, and electricity.
• They are spread across 15 different States and Union Territories.
• Together, the projects involve investments exceeding ₹65,000 crore.
• These initiatives are seen as essential to boosting economic progress and enhancing public services.
• The review focused on enforcing strict deadlines and improving collaboration among departments.
• Special attention was given to addressing obstacles that delay implementation.
• PM Modi stressed that project delays not only inflate costs but also postpone critical benefits to citizens.
• He encouraged government officials at all levels to prioritize outcomes and deliver tangible improvements.
• The broader aim is to raise living standards and make it easier to do business across the country.
• The PRAGATI mechanism fosters collaboration between central and state governments to fast-track major projects.
• It is intended to eliminate delays and ensure that infrastructure and services are delivered on schedule.
• PRAGATI is the ICT-enabled multi-modal platform for Pro-Active Governance and Timely Implementation.
• It is a digital, multi-layered governance tool designed to accelerate decision-making and ensure timely execution of major initiatives.

Topic: MoUs/Agreements

8. The government partnered with Zepto to increase youth employment on the NCS portal.

• The quick commerce platform Zepto has been partnered with by the Government to enhance employment opportunities and youth employability through the National Career Service (NCS) Portal.
• On 24 September, an MoU was signed in the presence of Union Minister Dr. Mansukh Mandaviya.
• The NCS platform has been recognized as a unique bridge connecting employers and job-seekers.
• Since its inception, over 52 lakh employers have been registered and nearly 7.5 crore vacancies have been mobilized on NCS.
• The collaboration between the Ministry and Zepto has been welcomed as a new opportunity for young people while providing Zepto access to a talent pool.
• Under this partnership, Zepto will provide 10,000 job postings during the MoU period.
• Urban employment opportunities for youth, women, and first-time job seekers are expected to be structured and predictable through this initiative.
• Gig workers will be linked with e-Shram registration, social security schemes, and upskilling opportunities under the partnership.
• The initiative is designed to create a bridge to formal employment and enhance future employability.
• The MoU has been positioned as a significant step in strengthening the NCS platform’s role as a comprehensive employment solution.