NATIONAL NEWS

Prime Minister Launches Bihar’s Mukhyamantri Mahila Rojgar Yojana

Prime Minister Shri Narendra Modi launched Bihar’s Mukhyamantri Mahila Rojgar Yojana via video conferencing.

During the programme, ₹10,000 was directly transferred via Direct Benefit Transfer (DBT) to the bank accounts of 75 lakh women beneficiaries, amounting to ₹7,500 crore.

The scheme ensures one woman beneficiary per family with initial support of ₹10,000, expandable up to ₹2 lakh based on enterprise success.

Beneficiaries can start livelihood activities such as shops (groceries, utensils, cosmetics, toys, stationery), cattle rearing, poultry farming, tailoring, weaving, handicrafts, agriculture, and animal husbandry.

Training and support will be provided by Self Help Groups (SHGs) and community resource persons.

To aid marketing, Gramin Haat-Bazaars will be further developed across Bihar.

Bihar has a strong SHG ecosystem with 11 lakh groups functioning; the scheme will integrate with the recently launched Jeevika Nidhi Credit Cooperative Society.

The programme directly supports the Central Government’s Lakhpati Didi campaign, targeting 3 crore Lakhpati Didis nationwide, of which over 2 crore are already achieved.

Bihar is projected to become the state with the highest number of Lakhpati Didis.

 

INTERNATIONAL NEWS

Pakistan to Host Shanghai Cooperation Organisation Summit 2027

Pakistan Prime Minister Shehbaz Sharif announced that Pakistan will host the Shanghai Cooperation Organisation (SCO) Summit in 2027 in Islamabad and directed authorities to begin preparations.

The next SCO Summit will be held in 2026 in Bishkek, Kyrgyzstan.

The Shanghai Cooperation Organisation (SCO) is a permanent intergovernmental regional organisation focusing on political, economic, and security cooperation in Eurasia.

Pakistan last hosted the SCO in 2024 for the Council of Heads of Government Summit.

The SCO was founded in June 2001 in Shanghai and has expanded from 6 founding members into a 26-nation family (10 members, 2 observers, 14 dialogue partners).

The SCO Headquarters is in Beijing, China, and its RATS (Regional Anti-Terrorist Structure) is located in Tashkent, Uzbekistan.

The 10 full members are China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Iran, and Belarus (latest).

The 2 observer states are Afghanistan and Mongolia, and there are 14 dialogue partners spanning Asia, Europe, and Africa.

 

SCIENCE & TECHNOLOGY

India Nominates IIT-Madras as United Nations Artificial Intelligence CoE

India nominated the Indian Institute of Technology (IIT) Madras as a United Nations (UN) Centre of Excellence (CoE) for Artificial Intelligence (AI).

The nomination was announced by the Ministry of Electronics and Information Technology (MeitY) at a high-level UN event in New York.

The recognition is under the United Nations Office for Digital and Emerging Technologies (ODET) initiative to build a global network of AI hubs.

IIT-Madras, an Institute of Eminence, has been at the forefront of AI research, skilling, and innovation in India.

As a CoE, IIT-Madras will address the AI skills gap, promote ethical AI governance, and enhance inclusive access to AI technologies globally, especially across the Global South.

India aims to share open-source AI models, collaborate on skilling programs, and support AI-driven innovations in healthcare, agriculture, education, and governance.

This move strengthens India’s role in AI governance, capacity building, and inclusive digital development.

 

BANKING

Reserve Bank Of India Issues Revised Guidelines For Settlement Of Claims Of Deceased Bank Customers

The Reserve Bank of India (RBI) issued revised norms for settlement of claims on deceased customers’ accounts and lockers, requiring settlement within 15 calendar days.

The revised rules are titled “Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025” and must be implemented no later than March 31, 2026.

The directions cover deposit accounts, safe deposit lockers, and articles in safe custody of deceased customers.

In nominated accounts or accounts with survivorship clauses, payment to nominee(s)/survivor(s) shall be treated as a valid discharge of the bank's liability.

For accounts without nominee/survivorship clause, banks must follow a simplified procedure if the aggregate claim is below the threshold limit.

The threshold limit is ₹5 lakh for co-operative banks and ₹15 lakh for other banks (or higher if fixed by the bank).

If the claim is above the threshold limit, banks may seek additional documents such as a succession certificate or legal heir certificate.

For safe deposit lockers/articles in safe custody, banks must process claims and fix a date for inventory within 15 calendar days of receiving documents.

If claims are not settled within 15 days, banks must communicate reasons for delay to claimants.

Compensation norms:

For deposit accounts: Bank must pay interest at Bank Rate + 4% per annum on delayed settlement.

For lockers/articles: Bank must pay ₹5,000 per day of delay beyond the stipulated timeline.

New Development Bank To Launch Debut Rupee Bond In India

The New Development Bank (NDB), backed by BRICS countries, plans to issue its first Indian rupee-denominated bond in the domestic market before March 2026.

NDB aims to raise $400–500 million through 3–5 year bonds in the first tranche.

The bond issuance is in advanced discussions with the Reserve Bank of India (RBI), with final approvals pending.

NDB had earlier planned a rupee bond issue two years ago, but it was delayed due to lack of approvals from the government and RBI.

NDB has previously raised funds in Chinese yuan and South African rand, but this is its debut rupee issuance.

The move aligns with China and India’s push for greater international acceptance of their currencies and supports the de-dollarisation trend.

The onshore Indian bond market has greater depth and will help in better price discovery and liquidity diversification.

Multilateral agencies like the World Bank’s IFC have earlier issued rupee-denominated bonds, attracting strong investor interest.

NDB’s five-year strategy (2022–26) targets 30% of total financing in national currencies of member countries.

The issuance supports rupee internationalisation, despite the recent weakness in the rupee due to US trade and tariff pressures.

Government Of India Floating Rate Bond 2033 Sets Interest Rate At 6.82%

The rate of interest on Government of India Floating Rate Bond 2033 (GOI FRB 2033) for the period September 22, 2025 to March 21, 2026 is 6.82% per annum.

GOI FRB 2033 carries a coupon linked to the average of the Weighted Average Yield (WAY) of the last three auctions (from the rate fixing day).

Floating Rate Bonds (FRBs) are RBI-issued bonds with a dynamic interest rate that changes every six months.

The interest rate on FRB 2033 is 0.35% higher than the current rate on National Savings Certificates (NSC).

These bonds have a lock-in period of seven years.

The minimum investment in FRBs is ₹1,000, and investments can be made in multiples of ₹1,000.

The new interest rate on FRBs is announced every July and January.

 

DEFENCE

Defence Ministry Launches Updated Manual To Simplify Revenue Procurement

Defence Minister Rajnath Singh approved Defence Procurement Manual (DPM) 2025, replacing the 2009 manual, to govern revenue procurements (spares, ammunition).

The manual focuses on self-reliance, innovation, and indigenisation in defence procurement.

It encourages in-house design and development through collaboration with public/private industries, academia, IITs, IISc, and other institutions, leveraging young talent.

A 15% upfront growth provision introduced to minimise downtime and maintain advanced naval and aerial platforms.

For specialised goods with limited suppliers, limited tendering up to ₹50 lakh is permitted, with flexibility in exceptional cases.

 

APPOINTMENTS & RESIGNATIONS

Anand Piramal Named Chairman of Piramal Finance following Piramal Enterprises merger

Anand Piramal has been appointed as Chairman of Piramal Finance, succeeding his father Ajay Piramal after the merger of Piramal Enterprises.

The leadership change was ratified during the first board meeting post-merger, approved by the National Company Law Tribunal (NCLT) on September 10.

Ajay Piramal resigned as Non-Executive Chairman of Piramal Finance but remains Chairman of Piramal Group.

Swati A. Piramal resigned as Non-Executive Director, while Jairam Sridharan was appointed MD & CEO of Piramal Finance.

New board appointments (pending shareholder approval) include Shikha Sharma as Non-Executive Director and Rajiv Mehrishi, Asheet Mehta, Anjali Bansal as Independent Directors for a 5-year term.

The transition marks a generational leadership shift and aligns with the group’s vision of digital-first financial services and innovation-driven growth in the NBFC sector.

 

SPORTS

Ahmedabad to Host 11th Asian Aquatics Championship 2025

Ahmedabad, Gujarat will host the 11th Asian Aquatics Championship from September 28 to October 11, 2025, marking India’s debut as host for this prestigious continental event.

The venue is the newly inaugurated Veer Savarkar Sports Complex in Narangpura, an international-standard sports facility.

The event is organized under the aegis of Asia Aquatics, with the Swimming Federation of India managing operations and support from the Sports Authority of Gujarat.

Competitions will be held in Swimming, Diving, Artistic Swimming, and Water Polo.

More than 900 athletes from 29 Asian countries are expected to participate.

The championship will also act as a qualifier for the 2026 Asian Games, giving Indian athletes the advantage of competing at home.

This is the first time India is hosting the Asian Aquatics Championship.

The event strengthens India’s aspirations to host the 2030 Commonwealth Games and bid for the 2036 Olympic Games.

 

IMPORTANT DAYS

World Rabies Day

World Rabies Day is celebrated on 28th September of every year.

Rabies is a deadly virus that spreads to people from the saliva of infected animals.

The 2025 theme for World Rabies Day “Act Now: You, Me, Community,”

The Global Alliance for Rabies Control (GARC) established World Rabies Day in 2007. This day was recognized by the World Health Organization (WHO).

They chose the date 28th September to observe World Rabies Day in order to remember the French Scientist Louis Pasteur.

In 1895, the French Scientist Louis Pasteur passed away on this day (28th September) created the vaccination for rabies

World Rabies Day is observed in order to raise awareness about the impact of rabies on animals and humans.