Tariffs pressure currency markets as steep US import duties and drug tariffs intensify capital outflows and volatility.
The rupee weakened to a fresh low as sustained foreign capital outflows and FPI selling pressured the currency while the RBI provided dollars; an impending Monetary Policy Committee decision occurs amid geopolitical tensions and trade measures. Trade policy impacts include steep tariffs on Indian shipments and a US measure imposing full tariffs on branded or patented drug imports, with an exception for firms building manufacturing capacity domestically, which together are cited as factors intensifying exchange-rate volatility and market stress.

Payments regulatory board constituted to supervise national payment systems, integrating government nominees with central bank leadership.
The Reserve Bank constituted a Payments Regulatory Board to supervise national payment systems, replacing the prior Board for Regulation and Supervision of Payment and Settlement System. The PRB is chaired by the Governor, combines RBI members with three central government nominees, designates the Principal Legal Adviser as a permanent invitee, and sets ordinary meeting frequency for oversight of payment and settlement systems.

Investment commitment under TEPA secures enhanced FDI facilitation and employment creation alongside broad market access measures.
The India-EFTA TEPA, effective 1 October 2025, creates a comprehensive framework granting extensive market access for goods and services, product specific rules of origin and trade facilitation measures; it includes a binding EFTA commitment to promote substantial long term foreign direct investment into India and facilitate significant direct employment, excludes portfolio investment, and establishes an India EFTA Desk to assist investment facilitation, joint ventures, SME collaboration and technology partnerships.

Foreign fund outflows drive continued equity declines as markets await central bank rate decision and increased sectoral volatility.
Sustained foreign institutional selling and pre-decision caution ahead of the Reserve Bank's Monetary Policy Committee produced an eighth consecutive session of equity declines, with benchmark indices slipping and mixed sectoral performance. Exchange data showed net outflows by foreign institutional investors partially offset by domestic institutional purchases, highlighting cross-border capital flow effects on market liquidity and short-term volatility as participants awaited the RBI's rate decision.

Exchange rate pressure: rupee weakens to record low amid FPI outflows, awaiting RBI policy decision.
The rupee fell to an all time low of 88.79 against the US dollar due to sustained foreign portfolio investor selling, with the Reserve Bank supplying dollars in the interbank market to steady the currency; falling crude prices and a weaker dollar limited the decline as markets awaited the RBI Monetary Policy Committee decision amid geopolitical tensions and newly imposed US tariffs on Indian exports.

Monetary policy deliberations spur market rebound as indices recover and institutional flows shift ahead of the policy announcement.
Benchmark equity indices recovered in early trading after a seven day decline, led by buying in bank stocks while some heavyweight shares lagged. Domestic institutional investors were net buyers as foreign institutional investors sold equities, and global factors including a drop in Brent crude and mixed Asian markets influenced sentiment. Market participants awaited the outcome of ongoing Monetary Policy Committee deliberations, which were a proximate influence on trading activity.

US tariff on pharmaceutical imports tightens trade restrictions while exempting companies building manufacturing facilities domestically.
The rupee's marginal early appreciation was supported by lower crude prices and equity gains but limited by FII selling and a firmer dollar, with markets awaiting the central bank's Monetary Policy Committee decision. Separately, the US announced heightened tariffs on branded or patented pharmaceutical imports while exempting projects that build manufacturing capacity on US soil, including sites already under construction.

Rupee weakness persists amid capital outflows and policy uncertainty, pressuring forex and bond markets and crude oil gains.
Rupee depreciation pressure persisted as the currency settled lower amid sustained foreign capital outflows, month end import dollar demand and elevated risk off sentiment. Market commentary identified tactical USD/INR support and resistance levels and anticipated continued volatility ahead of a key central bank rate setting decision, with external trade measures and crude oil dynamics cited as additional influences on exchange rate movements.

Interest rate decision uncertainty weighs on markets, driving foreign fund outflows and pressuring banking shares ahead of MPC.
Equity benchmarks fell marginally in a volatile session as selling in banking shares and persistent foreign institutional outflows, compounded by caution ahead of the Reserve Bank interest rate decision and MPC meeting, sustained a multi day downtrend despite mixed sectoral gains and domestic institutional buying.

NBFC deposit-taking registration enables consumer Easy EMI financing and zero down payment options for festive purchases, with pre-approved offers.
Bajaj Finance Ltd., a deposit-taking entity registered with the Reserve Bank of India and classified as an NBFC-Investment and Credit Company, offers point of sale consumer financing through Easy EMI loans, zero down payment options, pre approved offers, and an EMI Network Card conversion facility; these are distributed via a large partner-store network and supported by an online savings calculator and instant eligibility checks.

RBI policy outlook may sway rupee amid capital outflows and trade-related tariff risks affecting currency.
Rupee closed at a record low driven by foreign capital outflows, risk-off sentiment, trade and tariff uncertainties, month-end import dollar demand, and elevated crude prices, while market participants awaited the RBI Monetary Policy Committee decision and the possibility of central bank intervention to influence currency and bond movements.

RBI Deputy Governor appointment elevates Executive Director to a fixed term, replacing the outgoing deputy governor.
Appointment of Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India for a three year fixed term, approved by the Appointments Committee of the Cabinet and effective from joining on or after October 9, replacing the incumbent whose extended tenure ends October 8; Murmu is an RBI Executive Director overseeing the Department of Supervision.

Deputy Governor appointment: Shirish Chandra Murmu approved as RBI Deputy Governor for a three-year term.
Appointment of a senior central bank official: Deputy Governor position at the Reserve Bank of India has been filled by Shirish Chandra Murmu following approval by the Appointments Committee of the Cabinet for a three-year term; the appointee is currently an Executive Director at the Reserve Bank.

Currency intervention may be used to stabilise the rupee amid capital outflows and trade-policy shocks.
Rupee weakness is attributed to sustained foreign fund outflows, risk-off sentiment and trade-policy shocks, with the Reserve Bank's upcoming policy meeting and the prospect of currency intervention expected to influence exchange-rate and bond-market dynamics; forex reserves movements, equity outflows and international commodity prices are noted as interacting indicators informing market expectations and potential central bank action.

US tariffs threaten Indian export competitiveness and investment, while domestic demand and RBI easing may offset growth pressures.
High US tariffs on Indian goods are identified as a principal external risk that can reduce exports and investment, whereas domestic demand-supported by lower inflation, stronger agricultural output, and expected additional RBI rate easing-should partially offset growth headwinds; the RBI has cut rates recently and is likely to implement one more cut this fiscal before pausing to assess transmission.

IFSC regulatory alignment could position GIFT City to attract global banking operations and cross-border capital flows.
GIFT City is being positioned as a jurisdictional platform to attract global banking and capital flows by aligning regulation, digital public infrastructure, and liquidity to develop IFSC banking unit operations across wholesale banking, treasury, and retail wealth, enabling cross-border lending, remittance integration, and relocation of treasury functions to the centre.

Claims settlement timelines: banks must resolve deceased customers' account and locker claims promptly and pay compensation for delays.
Banks must settle claims for deceased customers' deposit accounts, safe deposit lockers and articles in safe custody within 15 calendar days of receiving all required documents; payment to a nominee or survivor under a nomination or survivorship clause is a valid discharge. Where no nomination exists, banks must apply a simplified procedure for claims below threshold limits and may seek succession documents for larger claims. Compensation is prescribed for delays: interest on delayed deposit settlements and a fixed per-day amount for delayed locker or safe custody claims.

Issuance calendar for government dated securities: scheduled auctions with retail non-competitive access and issuance flexibility.
The Government of India, with the Reserve Bank of India, issues an indicative calendar for dated securities auctions (Oct 1, 2025-Mar 31, 2026) detailing weekly security-wise allocations including Sovereign Green Bonds; all auctions will offer a non-competitive bidding facility reserving five per cent for specified retail investors. The calendar may be modified and the Government may issue varied instrument types, exercise a greenshoe option to accept additional subscriptions, and conduct switches/buybacks, all subject to the controlling general notification and market notice.

Government borrowing plan sets auction schedule and maturity mix, includes sovereign green bonds and WMA limit for H2.
The Government's H2 borrowing programme will be executed through dated securities across a specified maturity spectrum and weekly auctions, including issuance of Sovereign Green Bonds and a reserved greenshoe option for additional subscriptions; switching and buyback operations will be used to smooth the redemption profile. Short term liquidity is managed via weekly Treasury Bill issuance in Q3 and a fixed Ways and Means Advances (WMA) limit for the half year to address temporary mismatches in payments and receipts.

Foreign exchange reserves decline as foreign currency assets fall while gold and SDR holdings partially offset the weekly decrease.
The weekly RBI data records a net decline in foreign exchange reserves for the week ended September 19, 2025, driven primarily by a fall in foreign currency assets, while gold reserves, SDRs and the reserve position with the IMF increased and partly offset the overall decrease.