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The Indian Economy in an Ever More Volatile and Complex World - Special Address by Dr. Poonam Gupta, Deputy Governor
RBI Deputy Governor Dr. Poonam Gupta: India Weathered Every Global Shock at Once — And Came Out Structurally Stronger
RBI Deputy Governor Dr. Poonam Gupta told SBI's Sept 23, 2026 Banking & Economics Conclave that India absorbed tariff, oil, El Niño and AI-outflow shocks simultaneously yet posted 7.8% growth, while the rupee has depreciated 13.1% since March 2025.
The Indian Economy in an Ever More Volatile and Complex World - Special Address by Dr. Poonam Gupta, Deputy Governor
23 September 202610 min
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
RBI Withdraws Seven Superseded FEMA Circulars, Mostly on External Commercial Borrowings
RBI's September 8, 2026 circular withdraws seven A.P. (DIR Series) circulars under FEMA, 1999 — five on External Commercial Borrowings, one on Money Transfer Service Scheme sub-agents, and one on rupee borrowing by non-residents — as part of an ongoing review of circulars issued since June 2000.
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
9 September 2026Eff. 8 September 202611 min
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2026
MandatoryFEMA 395(4)/2026-RB: NRI/OCI Investment Payment Rules Amended — NRO Accounts Permitted for NPS, Designated Rupee Account Mandated
RBI issued FEMA 395(4)/2026-RB on June 13, 2026 amending Mode of Payment for NRI/OCI investments. Key changes: NRO accounts now permitted for NPS subscriptions, designated repatriable rupee account required for Schedule III, and LEC (IFI) reporting updated.
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2026
23 June 2026Eff. 13 June 202615 min
RBI
RBI Grants CRR & SLR Exemption on Fresh FCNR(B) Deposits: Five June 2026 Notifications Explained
The RBI has issued five Amendment Directions dated June 8, 2026 granting CRR and SLR exemptions on fresh US Dollar FCNR(B) deposits of 3–5 year tenor mobilised between June 8 and September 30, 2026. The measure aims to attract NRI deposits, strengthen forex reserves, and support rupee stability.
10 June 202625 min