The Reserve Bank of India (RBI) allowed banks to exclude positions arising from its newly announced foreign-currency swap facilities for foreign currency non-resident (bank) deposits, external commercial borrowings, and overseas foreign-currency borrowings from the calculation of their net overnight open position in rupee (NOP-INR) limits.
Policy measures announced by the RBI and the government to attract foreign capital into government securities and banking channels are expected to bring in $40–50 billion in inflows.
On March 27, the central bank directed banks to maintain their net open position in rupee (NOP-INR) in the onshore deliverable market within $100 million at the end of each business day,
with compliance required by April 10. The move marked the first time since 2011 that the RBI had explicitly prescribed an NOP limit, a parameter that had earlier been set by banks’ boards.
The measure was aimed at curbing the buildup of arbitrage positions between the onshore market and the offshore non-deliverable forward market. Market participants had estimated that positions worth around $40 billion would need to be unwound following the directive.
Subsequently, on April 1, the RBI tightened rules governing offshore foreign exchange derivative transactions and barred banks from undertaking certain transactions with related parties. Market participants said the clarification came after some banks sought to transfer positions to clients instead of unwinding them on their own books.
On April 20, the RBI partially rolled back some of these restrictions, allowing the cancellation and rollover of existing contracts, as well as certain transactions through the back-to-back route. However, the central bank retained the $100 million cap on NOP-INR positions and continued restrictions on related-party transactions.
The Reserve Bank of India (RBI) on June 5, 2026 announced several measures to attract foreign capital
For government securities under the Fully Accessible Route (FAR), the RBI said it was expanding the universe of ‘specified securities’ by including all new issuances of 15-, 30- and 40-year tenor G-secs.
The Central Government has reappointed Swaminathan J. as Deputy Governor of the Reserve Bank of India for a further period of two years, effective June 26, 2026, or until further orders, whichever is earlier.
Swaminathan, who joined the central bank as Deputy Governor on June 26, 2023, was originally appointed for a three-year term after serving as managing director at the State Bank of India.
The RBI currently has four deputy governors, including Swaminathan.
Swaminathan replaced MK Jain, former MD of IDBI Bank.
According to the RBI Act, 1934, the central bank should have four deputy governors, two from within the ranks, one commercial banker and an economist to head the monetary policy department.
The other three deputy governors are Poonam Gupta, Shirish Chandra Murmu and Rohit Jain.
Reserve Bank Governor Sanjay Malhotra on June 5, 2026 announced the decision of the Monetary Policy Committee which kept the repo rate unchanged at 5.25%, as the central bank adopts a cautious approach in view of the West Asia conflict posing challenges for inflation as well as economic growth.
The Reserve Bank of India (RBI) recognised Sahamati Foundation as the self-regulatory organisation (SRO) for the Account Aggregator (AA) ecosystem.
The AA ecosystem has 1,120 live regulated financial entities, 176 Financial Information Providers (FIPs), 1,020 Financial Information Users (FIUs), and 17 operational Account Aggregators.
Sahamati claims that the AA framework has facilitated over 450 million fulfilled consent requests, enabled more than 294 million linked accounts, and now supports over 290 million monthly data shares across lending, insurance, wealth management and personal finance use cases.
Account Aggregators (AAs) use technology to assist in the simple and secure exchange of data between financial institutions such as banks, insurance agencies and mutual fund companies. This information cannot be shared without consent, according to Sahamati.
Fitch Ratings lowered its GDP growth projections for the current fiscal to 6.4 per cent from the earlier estimate of 6.7 per cent, saying that the US-Iran war will slow down the economy in the September and December quarters.
Fitch said it expects a slowdown in economic growth in FY27 from the 7.4 per cent clocked in FY26 as rising prices erode real incomes and dampen consumer spending, amid resilient capital expenditure.
For FY28, Fitch expects GDP growth to pick up as the energy shock unwinds, with stronger consumer spending and investment translating to a growth rate of 6.7 per cent for the full financial year, and ease towards trend growth of 6.4 per cent in FY29.
Fitch has also lowered its 2026 forecast for global growth by 0.2 pp to 2.4 per cent as world growth prospects have been hurt by the oil crisis prompted by the US-Iran war.
Fitch has revised its 2026 average price assumption for Brent crude oil to $87 per barrel (bbl), up from the $70/bbl estimated in March.
The Centre has reduced the number of subsidised LPG cylinders available annually under the Pradhan Mantri Ujjwala Yojana (PMUY) from nine to four, while retaining the subsidy at Rs. 300 per 14.2-kg cylinder.
With the latest revision, PMUY beneficiaries will receive the Rs. 300 subsidy on only the first four refills in a year, translating into an annual benefit of Rs. 1,200 per household.
The PMUY, launched in May 2016, initially provided beneficiaries with subsidy support on up to 12 LPG cylinders annually.
The move comes at a time when rising international LPG prices have increased the financial burden on public sector oil marketing companies (OMCs). Disruptions around the Strait of Hormuz have pushed up benchmark Saudi Contract Prices (CP), taking the cost of a domestic LPG cylinder to more than Rs. 1,600 and resulting in under-recoveries of about ₹700 per cylinder for OMCs.
In tennis, Germany’s Alexander Zverev clinched his maiden Grand Slam title, defeating Italy’s Flavio Cobolli in a thrilling five-set final to win the French Open crown at Roland Garros. The world number three prevailed 6-1, 4-6, 6-4, 6-7, 6-1 in a four-hour-and-20-minute contest on Court Philippe-Chatrier.
he victory ended Zverev’s long wait for a major title after runner-up finishes at the US Open in 2020, the French Open in 2024, and the Australian Open in 2025.
The 29-year-old became the first German man to win the French Open since Henner Henkel in 1937.
He has also become the first German man to capture a Grand Slam title since Boris Becker’s Australian Open triumph in 1996. Despite the defeat, Cobolli reached his first Grand Slam final and securing a place in the world’s top ten for the first time.
Indian wrestlers continued their impressive run at the Ulaanbaatar Open in Mongolia, winning two gold and two bronze medals in the men’s freestyle category. Deepak clinched the gold medal in the 61kg category, defeating Kazakhstan’s Assyl Aitakyn 6-Nil in the final. Dinesh struck gold, beating Kazakhstan’s Yedige Kassimbek 2-Nil in the 125kg final.
Meanwhile, Mohit Kumar secured a bronze medal in the 65kg category after registering a commanding 17-6 victory over Kazakhstan’s Ossimzhan Dastanbek. In the 97kg category, Vicky bagged bronze, defeating Mongolia’s Gankhuyag Ganbaatar 4-Nil.
Asian Games-bound Sagar Jaglan and teenager Kajal Dhochak clinched golds in their respective categories as India secured six more medals on the third day of the Ulaanbaatar Open 2026 wrestling tournament in Mongolia. The 21-year-old Sagar Jaglan topped the podium in the men’s freestyle 74kg category with a 3-2 win over Tamir Eshinimaev in the final.
The 22-year-old Jaideep, meanwhile, recovered through repechage to claim the bronze after a 15-4 technical superiority win over Munkhbat in the medal bout.
In women’s wrestling, U23 Asian champion Kajal struck gold in the 76kg category after defeating Nigeria’s Damola Ojo – an African champion – 8-0 in the final.
She then defeated Kazakhstan’s Elmira Syzdykova by fall in the semi-finals to enter the gold medal match.
Asian Games-bound wrestler Priya Malik settled for a bronze medal in the same category after beating Mongolia’s Tuvshinjargal Tarav 8-0. Priya had lost 5-1 against Damola Ojo in the semis to enter the bronze medal bout.
India’s Hansika Lamba also secured bronze in the women’s 55kg category after registering a 10-0 technical superiority win over Mongolia’s Ariunzaya Odonchimeg. Mansi Ahlawat, part of India’s Asian Games 2026 wrestling squad, also bagged a bronze in the women’s 62kg category.
In the SAFF Women’s Championship 2026 final, India defeated the defending champions, Bangladesh, 3-1 to win the title for a record sixth time. The match was played in Madgaon, Goa. After seven years, the Blue Tigresses have once again lifted the trophy.
In the SAFF Women’s Championship 2026 final played in Madgaon, Goa, India defeated Bangladesh 3-1 to win the title for a record sixth time. With this victory, the Indian women’s team has brought the prestigious trophy back after seven years.
In the first half, India took the lead through a goal by Pyari Xaxa. However, Bangladesh equalised with a goal from Ritu Porna Chakma. At half-time, the score was 1-1. In the second half, India dominated the game. Sanfida scored a brilliant goal to put India ahead once again, and Linda Kom added the third goal to seal the win.
After that, Bangladesh could not make a comeback, and India won the match 3-1. Throughout the tournament, the Indian team showed excellent performance, and they continued their strong form in the final. The Blue Tigresses ended their campaign with a memorable victory.
In the World Yogasana Sports Championship 2026, India’s Rohan Tayde won gold medal at Ahmedabad. He achieved this achievement in the boys’ sub-junior artistic single competition. India’s sub-junior boys’ traditional group team defeated Nepal to win the gold medal.
India concluded the inaugural World Yogasana Championships with a total of 114 medals, including a remarkable 102 golds, underlining its overwhelming dominance at the event held at the EKA Arena in Ahmedabad, Gujarat, on June 8, 2026.
Nineteen-year-old Savitha Shri Baskar has won the 2026 Women’s Asian Individual Chess Championship in Ulaanbaatar, Mongolia. With the win, she also secured qualification for the 2027 FIDE Women’s World Cup.
The Chennai-based International Master finished with 7.5 points from nine rounds, edging Afruza Khamdamova of Uzbekistan on tie-breaks.
Song Yuxin from China took bronze with 6.5 points.
The triumph is the biggest achievement of Savitha’s career and gives India its 13th Women’s Asian Championship title, with the country now winning three of the last four editions.
