NCDRC Orders SBI Refund of ₹12.93 Lakh Under RBI's 'Zero Liability' Rule for 2019 Digital Fraud

UPI@10 Years: 86% of Digital Transactions, Government Allows Merchant Fees Under PSS Act Amendment

UPI completes 10 years with 86% of India's digital transactions, but the zero-MDR model is ending. The government has amended the PSS Act to allow merchant fees, aiming to fund the next growth phase in rural areas and cross-border payments. Key challenge: balancing inclusion with sustainability.

SC Mandates SOPs to Curb Digital Arrests, Orders Time-Bound Refunds via I4C-RBI Portal

The Supreme Court has directed the Centre, States, RBI, and telecom authorities to implement standard operating procedures (SOPs) to combat 'digital arrest' scams. The order mandates time-bound grievance redressal, zero FIR registration, and money restoration mechanisms. The I4C report shows a 86% reduction in complaints from 2024 to June 2026.

SC Stays HC Order Declaring NSEI as 'Public Authority' Under RTI Act Section 2(h)

The Supreme Court has stayed a Delhi High Court order that declared the National Stock Exchange of India (NSEI) a 'public authority' under Section 2(h) of the RTI Act. This means citizens cannot currently enforce their right to information from NSEI. The case challenges whether a stock exchange, though controlled by the government, should be treated as a public authority.

Bankers' Books Evidence Act, 2026 Passed in Lok Sabha: Digital Records Now Admissible Evidence

Lok Sabha passed the Bankers' Books Evidence Act, 2026, replacing the 1891 Act, to make digital and virtual records admissible as evidence in courts. The bill was passed by voice vote without debate amid Opposition protests. This reform updates colonial-era banking evidence law for the digital age.

Govt Proposes Gold Monetisation via Jewellers: 20,000 Tonne Idle Gold, Demat Deposits, Interest Income

The government is planning a new gold monetisation scheme where jewellers, not banks, will collect physical gold deposits from households, issue demat receipts, and pay interest. This aims to unlock over 20,000 tonnes of idle gold, improve India's trade balance, and reduce import dependence — a key reform for economic stability and current account management.

MoSPI Considers Diary-Based HCES for High-Income Households to Tackle 9.8% Urban Non-Response Rate

To counter rising non-response from affluent households in gated societies, MoSPI is piloting a 'diary-based' self-reporting method for the next Household Consumption Expenditure Survey (HCES) in 2027-28. This shift is critical because the HCES data directly impacts CPI basket weights, inflation targeting by RBI, and policy making, but raises concerns about data comparability due to differential recall errors between survey methods.

DGCA Orders One-Time Drug Test for All 14,000 Pilots by July 2027 under CAR

Following an Air India pilot testing positive for drugs after a Phuket-Delhi flight lost altitude, the DGCA has ordered a one-time drug test for all ~14,000 Indian airline pilots by July 2027, replacing the current random 10% annual testing. This marks a major regulatory tightening with potential UPSC prelims focus on DGCA functions and CAR provisions.

RBI Issues Comprehensive Loan Recovery Rules: Phone Lock Allowed After 60 Days, Compensation ₹250/hr for Delayed Restoration

RBI has issued a consolidated framework for loan recovery by commercial banks, effective January 1, 2027. For the first time, it regulates technology-based restrictions on financed devices (smartphones/laptops) — allowing phone locking after 60 days of default, but with strict safeguards including ₹250/hour compensation for delayed restoration. This is a high-impact regulatory reform for Banking exams and UPSC GS3.