Banking and RBI
Forex swap facility draws US$ 1,36,377 million till 31 August 2026
2 September 2026 | Reserve Bank of India
RBI said the special USD-INR Forex Swap facility covering FCNR(B) deposits, ECB and OFCB inflows was introduced on 8 June 2026. As announced on 14 August 2026, it was open till 31 August 2026 for FCNR(B) deposits and will remain open up to 31 December 2026 for ECBs and OFCBs.
Provisional inflows reported by Authorised Dealer banks till 31 August 2026 were US$ 1,27,226 million via FCNR(B) deposits, US$ 5,260 million via OFCBs and US$ 3,891 million via ECBs, a total of US$ 1,36,377 million.
Key facts- Facility introduced: 8 June 2026
- FCNR(B) inflows: US$ 1,27,226 million
- Total inflows: US$ 1,36,377 million
- ECB and OFCB window: up to 31 December 2026
Exam takeaway: OFCB means Overseas Foreign Currency Borrowing and ECB means External Commercial Borrowing.
Quick revision: Swap facility inflows till 31 August (RBI, 2 September 2026).
Reserve Bank of India original sourceEconomy and Finance
Overnight VRRR auction of 2 September 2026 accepts Rs 4,59,843 crore
2 September 2026 | Reserve Bank of India
In the overnight (1-day) Variable Rate Reverse Repo auction held on 2 September 2026, against a notified amount of Rs 5,00,000 crore, offers of Rs 4,59,843 crore were received and all accepted at a cut-off rate of 5.24 per cent.
RBI also announced a further overnight VRRR auction for 3 September 2026 with a notified amount of Rs 6,00,000 crore, reversing on 4 September. This is an announcement; the result is a separate release.
Key facts- Notified amount: Rs 5,00,000 crore
- Accepted: Rs 4,59,843 crore
- Cut-off rate: 5.24%
- Announced for 3 September: Rs 6,00,000 crore
Exam takeaway: Acceptance equalled offers received, so there was no partial acceptance.
Quick revision: Overnight VRRR result of 2 September (RBI).
Reserve Bank of India original source Announcement of 3 September VRRR (RBI)Economy and Finance
Ministry releases additional information on the new GDP series with base year 2022-23
2 September 2026 | Press Information Bureau
PIB said the Ministry released the Updated Series of Annual and Quarterly GDP estimates with base year 2022-23 on 31 August 2026, using the new Output Producer Price Index (PPI) and Banking Services Price Index (BkSPI) with the same base year and updated administrative data.
The additional information released on 2 September relates mainly to the adoption of the double deflation methodology and resulting negative implicit deflators, comparison with CPI and WPI, and comparison of new and old series growth rates, as a set of questions and answers.
Key facts- New GDP base year: 2022-23
- Series released: 31 August 2026
- Methodology: double deflation
- New price indices: PPI and BkSPI
Exam takeaway: Double deflation deflates output and input values separately.
Quick revision: GDP new series Q&A (PIB, 2 September 2026).
Press Information Bureau original source