Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya, highlighted India’s historic expansion in social security coverage from 19% in 2015 to 64.3% in 2025, covering over 940 million citizens, as recognised by the International Labour Organisation (ILO).
Dr. Mansukh Mandaviya was addressing the World Social Security Forum (WSSF) 2025 in Kuala Lumpur, Malaysia, where India has been conferred with the prestigious International Social Security Association (ISSA) Award 2025 for ‘Outstanding Achievement in Social Security’.
Further, after increase in social protection coverage, India’s share in the General Assembly of ISSA has reached thirty (30) which is highest vote share for any country.
This triennial award recognizes India’s exceptional progress in social protection systems globally.
The award ceremony was a highlight of the WSSF, a premier global gathering of over 1,200 social security policymakers and professionals from 163 countries. Being the fifth recipient of this award since its inception, India joins the leading countries across the globe in the field of Social Protection coverage.
Hon’ble Union Minister of Railways, Electronics and Information Technology, and Information and Broadcasting Shri Ashwini Vaishnaw inaugurated the NIELIT Digital University (NDU) platform in New Delhi. The platform has been designed to democratize access to high-quality digital education.
The platform will offer industry-focused programs in niche technologies such as AI, Cybersecurity, Data Science, Semiconductors, and allied fields. It will provide flexible digital learning modes and virtual labs to equip youth with future-ready skills.
The Reserve Bank of India (RBI) released its Monetary Policy Report (October 2025) following the 57th meeting of the Monetary Policy Committee held from September 29 to October 1, 2025. RBI has kept the repo rate unchanged at 5.50% with a neutral stance. It signals a balanced approach that supports economic momentum while ensuring financial stability.
The report further highlights resilient domestic demand, supportive financial conditions, and a stable external sector, reflecting a cautiously optimistic outlook for the Indian economy.
Banks must offer customers a “basic savings bank deposit” (BSBD) account, including free facilities and without having to maintain a minimum balance, the Reserve Bank of India (RBI), in a draft circular, has said.
“The ongoing (digitisation) of the banking sector requires a BSBD account that is in sync with the customer’s evolving requirements.
These directions are issued to improve customer service for BSBD account holders and enhance the usage thereof to deepen financial inclusion and (digitisation),” the RBI said.
The Reserve Bank of India (RBI) has proposed easing restrictions on operating transaction accounts — Current Accounts, Cash Credit Accounts and Overdraft Accounts — of bank borrowers, based on experience and feedback from stakeholders.
The central bank had earlier imposed curbs on operating these accounts to enforce credit discipline and improve monitoring. The draft guidelines have now been placed in the public domain for comments.
According to RBI, banks will be granted greater flexibility in managing such accounts, particularly in cases where borrowers are entities regulated by a financial sector regulator.
The Reserve Bank of India will release a draft of a revised framework for External Commercial Borrowings (ECBs) aimed at simplifying and easing existing regulations, Governor Sanjay Malhotra announced.
The proposed framework includes expanding the scope of eligible borrowers and recognised lenders, relaxing borrowing limits and maturity requirements, removing cost restrictions, reviewing end-use norms, and simplifying reporting processes.
“With an objective to rationalise and simplify the regulations governing External Commercial Borrowings (ECB), the Reserve Bank of India has undertaken a review of the existing provisions under the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018.
Based on the review, a revised framework that provides for expansion of eligible borrower and recognized lender base,rationalization of borrowing limits, rationalization of restrictions on average maturity period,removal of restrictions on the cost of borrowing for ECBs,review of end-use restrictions and simplification of reporting requirements,is proposed to be introduced.
The draft Framework will be issued shortly,” the RBI said.
Separately, the RBI extended the repatriation timeline to three months for such accounts maintained with IFSC Banking Units in India. The move is expected to encourage exporters to use IFSC accounts and enhance foreign exchange liquidity within the International Financial Services Centre.
The necessary regulatory amendments will be notified shortly.
In January 2025, the RBI allowed Indian exporters to open foreign currency accounts with banks outside India for the realisation of export proceeds. Funds held in these accounts could be used for import payments or were required to be repatriated within one month from the date of receipt.
The Government of India has appointed Asheesh Pandey as the Managing Director and Chief Executive Officer of Union Bank of India for a tenure of three years. Pandey, currently serving as the Executive Director of Bank of Maharashtra, will assume charge of his new role with immediate effect.
His appointment was approved by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, following a recommendation by the Financial Services Institutions Bureau (FSIB).
Simultaneously, Kalyan Kumar has been appointed as the MD and CEO of Central Bank of India for a three-year term.
Kumar, who is currently Executive Director at Punjab National Bank (PNB), will take over leadership after the superannuation of the incumbent M. V. Rao in July 2025. These appointments were made to fill vacancies following the retirement of the previous chiefs at both banks earlier this year.
The selection panel for these top banking positions included respected industry veterans such as Animesh Chauhan, former Chairman and MD of Oriental Bank of Commerce, Deepak Singhal, former RBI Executive Director, and Shailendra Bhandari, ex-MD of ING Vysya Bank. Their collective recommendation was instrumental in the appointment process.
Bank of Baroda and IIFL Finance have formed a co-lending partnership to boost gold loan access for underserved and unbanked customers in rural and semi-urban regions of India. The alliance was announced, reflecting a growing trend of traditional banks collaborating with non-banking finance companies,
to expand credit delivery to segments that remain outside the formal financial mainstream. Through this partnership, both institutions aim to deliver quicker, simpler, and more affordable loans to small borrowers, particularly those engaged in agriculture and allied occupations.
IIFL Finance, a leading NBFC in the gold loan sector, will originate and service the gold loans while Bank of Baroda will provide the funding and jointly underwrite the loans. This model ensures compliance with Reserve Bank of India guidelines and combines the strengths of both organisations:
the extensive outreach and operational expertise of IIFL and the robust capital base and low-cost funding of Bank of Baroda.
According to Bank of Baroda, the partnership also aligns with its objective to deepen rural credit and accelerate financial inclusion, using technology and co-lending models to reach customers previously excluded from formal banking avenues.
TATA AIG General Insurance Company Limited has entered a strategic bancassurance partnership with Equitas Small Finance Bank (SFB). The collaboration will provide Equitas’ customers access to a wide portfolio of non-life insurance products, including motor, health, personal accident, and travel, through the Bank’s extensive distribution network.
With over 22 years of operations in India, TATA AIG, backed by the TATA Group and American International Group (AIG), has built a reputation for delivering innovative insurance solutions. The company operates across 150+ locations with a service network of 10,000+ hospitals, 6,500+ workshops, and a dedicated team of 1,100+ claims experts,
offering seamless protection to both individuals and businesses.
The alliance is set to deepen insurance penetration across underserved markets, reinforcing both institutions’ vision of driving inclusive financial growth in India.
In Dubai, the 11th World Green Economy Summit (WGES) opened today at World Trade Centre, drawing more than 3,300 participants from over 30 countries. Policymakers, business leaders, investors, and innovators are attending the two-day gathering under the theme “Innovating for Impact: Accelerating the Future of the Green Economy.”
The focus reflects Dubai’s positioning as a global hub for sustainable development and climate action.
Co-located with the Water, Energy, Technology, and Environment Exhibition (WETEX 2025), the summit highlights collaborative efforts to achieve net-zero targets and advance green transformation.
Featuring nearly 80 international speakers from government, industry, and academia, WGES 2025 offers a comprehensive agenda aimed at forging partnerships and actionable commitments. Key topics include renewable energy, circular economies, and equitable climate strategies, with a particular emphasis on accountability and transparency in sustainability pledges.
The Union Public Service Commission (UPSC) marks a century of its establishment on October 1. Envisioned by the nation’s founders as a guardian of meritocracy, the UPSC has played a pivotal role in the recruitment, the promotion and the disciplining of officials of the Central Civil Services.
Its journey over the past 100 years is not just an institutional history but also a testament to India’s enduring faith in fairness, trust and integrity in governance.
The idea of an independent commission to recruit higher civil servants took root well before Independence.
The Government of India Act, 1919, first provided for such a body, and in October 1926, the Public Service Commission was set up, following the recommendations of the Lee Commission (1924) which observed.
Ajay Kumar - Chairman, Union Public Service Commission (UPSC).
The Union Cabinet (October 1, 2025) approved a six-year central scheme aimed at achieving self-sufficiency in pulses production, with a financial outlay of ₹11,440 crore.
The "Mission for Aatmanirbharta in Pulses", approved by the Union Cabinet chaired by Prime Minister Narendra Modi, will be for the period from 2025-26 to 2030-31.
The mission follows Finance Minister Nirmala Sitharaman's announcement in the 2025-26 Budget.
The Union Cabinet (October 1, 2025) increased Dearness Allowance (DA) and Dearness Relief (DR) by 3% for about 49.19 lakh central government employees and 68.72 lakh pensioners.
The DA/DR increase of 3% over the existing rate of 55% of the basic pay/pension to compensate against the price rise is effective July 1, 2025.
The combined impact on the exchequer on account of an increase in DA and DR will be ₹10,083.96 crore per annum, I&B Minister Ashwini Vaishnaw said while briefing on decisions taken in the Cabinet meeting.
The increase is in accordance with the accepted formula based on the recommendations of the 7th Central Pay Commission.
The International Day of Non-Violence is observed on 2 October, the birthday of Mahatma Gandhi, leader of the Indian independence movement and pioneer of the philosophy and strategy of non-violence.
According to General Assembly resolution A/RES/61/271 of 15 June 2007, which established the commemoration, the International Day is an occasion to "disseminate the message of non-violence, including through education and public awareness".
Gandhi, who helped lead India to independence, has been the inspiration for non-violent movements for civil rights and social change across the world. Throughout his life, Gandhi remained committed to his belief in non-violence even under oppressive conditions and in the face of seemingly insurmountable challenges.
