• The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.According to RBI statement, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, reporting of frauds, and on the need for discipline at the time of opening of current accounts". 
  • As per the RBI, India's external debt declined 2.8% to USD 514.4 billion at June-end over the previous quarter on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits.
  • Economic Affairs Secretary SC Garg has announced a reduction in gross borrowing estimate for the current fiscal by 70,000 crore rupees and maintained that the government will contain fiscal deficit target at 3.3%. Mr Garg announced that the government would be borrowing around 2 lakh 50,000 crore rupees as compared to 2 lakh 88,000 crores during April-September of 2018-19. 
  • The government of India and the Asian Development Bank (ADB) signed $240 million loan for providing safe and sustainable drinking water to about 1.65 million people in three districts of the state of West Bengal affected by arsenic, fluoride, and salinity. Cleanest Residential Campuses of 'Private Universities':
  • State Bank of India has slashed the daily withdrawal limit on its classic debit card from Rs 40,000 to Rs 20,000. There is no change in the daily withdrawal limits on other cards. The new limit will be effective from October 31st 2018
  • On the occasion of Birth Anniversary of Mahatma Gandhi, Small Industries Development Bank of India (SIDBI), had launched a National Level Entrepreneurship Awareness Campaign, Udyam Abhilasha in 115 Aspirational Districts identified by NITI Aayog in 28 States and reaching to around 15,000 youth. 
  • Alibaba and SoftBank-backed Paytm registered over 137 million UPI transactions in September, becoming the leading contributor to Unified Payments Interface (UPI) payments with over 33% of the overall market share.
  • Asian Development Bank (ADB) and the Government of India signed a $150 million Loan Agreement in New Delhi to establish a Global Skills Park (GSP) in Madhya Pradesh, the First Multi-Skills Park in India, to enhance the quality of Technical and Vocational Education And Training (TVET) System in the State and create a more skilled workforce.
  • The Reserve Bank of India (RBI) has allowed state-owned oil companies to borrow long-term working capital from overseas. RBI relaxed the policy on borrowing up to 10 billion US dollar from the overseas by the state-owned fuel retailers. 
  •  The government of India and Asian Development Bank (ADB) signed a $110 million loan to finance the upgrade of 2,800 kilometers all-weather rural roads in the State of Madhya Pradesh under the Prime Minister's Rural Roads Program (PMGSY). 
  • The Reserve Bank of India has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5%. Consequently, the reverse repo rate under the LAF remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.  Growth projection for 2018-19 has also been retained at 7.4%. 
  • Reliance Health Insurance, a wholly-owned subsidiary of Reliance Capital,  has received final approval from IRDAI for its new health insurance business. The new company will commence operations by the December quarter of 2018. Reliance Capital has designated Ravi Viswanath, who has over two decades of global experience in health insurance, as CEO of the new health insurance company. 
  • Apple displaced Google to become the top brand in the world in 2018 while Facebook, mired in data breach controversies, fell to ninth place in the top 100 brands globally. According to global brand consultancy Interbrand's "Best 100 Global Brands 2018" report, Amazon achieved a 56% growth to become the third top brand globally. 
  • The Reserve Bank of India issued guidelines for operating Electronic Trading Platforms (ETPs) to transact in eligible instruments. Trading on electronic platforms is being encouraged across the world as it enhances pricing transparency, processing efficiency and risk control. 
  • As per the IMF's latest report, India is projected to grow at 7.3% in 2018 and 7.4% in 2019. The report predicted India to regain the tag of the world's fastest-growing major economy this year, crossing China with more than 0.7 percentage points.
  • Google will shut down Google+ for consumer use over the next 10 months after a bug exposed the personal data of up to 5 lakh users. Google stated that it discovered and immediately patched the bug in March 2018 but found "no evidence" that any data was actually misused. 
  • The Centre in consultation with the Reserve Bank of India has decided to issue Sovereign Gold Bonds 2018-19. The 2018-19 Series II tranche will be issued on 23rd of October and the period of submission is 15th to 19th of October. The Bonds will be sold through banks, Stock Holding Corporation of India Limited, designated post offices and recognised stock exchanges National Stock Exchange of India Limited and Bombay Stock Exchange Limited. 
  • National Housing Bank (NHB) has decided to increase the Refinance Limit from Rs. 24,000 crore to Rs.30,000 crore for the Current Year (July 2018-June 2019) towards refinancing eligible institutions. Till date, Rs.8835 crore has been sanctioned.  
  • State Bank of India has signed an MoU with Kathmandu-based National Banking Institute (NBI) for the development of human resources of the latter. Under the MoU, the strategic training unit of SBI will impart education, training and development to facilitate transformation of NBI's HR department. 
  • Minister of State for Textiles, Ajay Tamta has stated that the Ministry will release 7.8 crore rupees for the construction of a textile tourism complex in Nongpoh, Ri-Bhoi district of Meghalaya.
  • Inflation-based wholesale prices rose to a two-month high of 5.13% in September, mainly due to the hardening of food prices and the rise in the cost of petrol and dieselThe Wholesale Price Index (WPI)-based inflation stood at 4.53% in August and 3.14% in September last year.
  •  The government has announced 100 crore rupee award for states that would complete the household electrification early under the Saubhagaya scheme.Apart from discoms, employees would also collectively get 50 lakh rupees award for completing the task of electrifying households .
  • The government has increased the rate of interest for General Provident Fund (GPF) and other related schemes by 0.4% points to 8% for the October-December quarter. 
  • An ATM for deposit and withdrawal of money for cryptocurrencies has been installed in Bengaluru's Kemp Fort Mall by virtual currency exchange Unocoin. Users can deposit money to buy currencies like Bitcoin and Ethereum using an OTP received on their registered numbers. In order to withdraw money, a request has to be first made on the Unocoin website. 
  • Mukesh Ambani’s Reliance Industries made it official that it is entering a strategic investment partnership with Den Networks Limited and Hathway Cable and Datacom Limited, which will be a ‘win-win’ outcome for customers, local cable operators, content producers, and the companies. 
  • Tata Consultancy Services (TCS) Ltd’s quarterly earnings from the financial sector have edged past that of Accenture Plc, which is nearly double its size, making company the world’s largest pure-play information technology (IT) and consulting firm servicing megabanks and insurers. 
  • In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. According to the notification issued by the RBI, inter-operability among mobile wallets, and between bank account and e-wallet would be enabled through the UPI system. Currently, a mobile wallet does not allow customers to send or receive money from a wallet run by another company. 
  • The Reserve Bank of India announced more measures to increase liquidity flows to the (NBFCs).The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet liquidity coverage ratio requirements. The move will help provide liquidity to(HFCs) and (NBFCs) which have come under pressure following series of default by IL&FS group companies. 
  •  IFC, International Finance Corporation, the World Bank’s lending arm, has launched its $1 billion masala bond programme in the US and Europe. These bonds are aimed at funding the rapidly expanding investment activities of IFC in India.Masala bonds are rupee-denominated borrowings issued overseas. IFC uses them to raise rupee funds overseas and brings the proceeds to India for investments. 
    • Tata Consultancy Services (TCS) is the only Indian company among top 10 firms to get foreign labour certification for the H-1B visas for the fiscal year 2018, The H-1B visas are the most sought-after among Indian IT professionals.
    • Paytm has launched a QR-based smartphone payment settlement service in Japan in collaboration with SoftBank and Yahoo Japan Corporation.  it is a smartphone-based settlement service that allows users to store money from a bank account in their 'PayPay' wallet and make payments with it. 
    • Fino Payments Bank, one of India's first payments banks, has been allowed to open new accounts by RBI after it submitted a compliance report.  An RBI audit revealed that some Fino accounts had deposits in excess of the stipulated amount of INR 1 lakh.
    • Life insurer PNB Metlife has unveiled an Artificial Intelligence (AI)-powered customer service app Khushi’.The app is designed to be a one-stop shop providing insurance-related information, anytime, anywhere, such as policy features, premium due details besides providing fund value and portfolio details. 
    • IDFC Bank proposed to change its name to 'IDFC First Bank Ltd' in the wake of its amalgamation with the non-banking financial company Capital First. The decision was taken during the meeting of the Board of Directors of IDFC Bank. 
    • The Reserve Bank of India has announced that it will inject Rs 40,000 crore into the system in November through the purchase of government securities as it looks to meet festive season demand for funds.
    • America's IBM has acquired software company Red Hat in a $34 billion cash and debt deal, marking its biggest ever acquisition till date. Founded 25 years ago, Red Hat was valued at about $20.5 billion at the end of trading.
    • Country's largest lender State Bank of India (SBI) and payments solution provider Hitachi Payment Services India has entered into an agreement to form a joint venture for establishing a card acceptance and digital payment platform.