NATIONAL NEWS UPDATES
Economic and Banking Sector
GST Rate Reforms Take Effect from September 22, 2025: Finance Minister Nirmala Sitharaman announced major GST rate cuts effective from September 22, implementing a simplified two-tier structure with rates at 5% and 18%, plus 40% for luxury goods
Banking Sector Growth: President Droupadi Murmu highlighted India’s banking sector role in fostering economic growth and supporting MSMEs, with industrial credit growth accelerating to 8.5% in FY24
SEBI Policy Updates: Securities and Exchange Board of India implemented new expiry day realignment from September 1, 2025, with NSE derivatives expiring on Tuesdays and BSE on Thursdays
Jane Street Investigation: SEBI continues investigation into Jane Street trading practices despite initial surveillance department recommendations, with Securities Appellate Tribunal hearing scheduled for September 9
Bank Holiday Schedule: September 2025 features 15 banking holidays across different regions, with Id-e-Milad observed on September 5 in most states except Maharashtra which shifted it to September 8
Agricultural Development
Record Wheat Production: India achieves record wheat production of 117.5 million tonnes in 2025-26, supported by attractive domestic prices and government incentives
Monsoon Update: India experiences above-normal monsoon rainfall at 108% of Long Period Average, benefiting Kharif crop planting across 39.9 million hectares for paddy and 9.3 million hectares for maize
Agricultural Crisis: Punjab faces flood damage affecting 4 lakh acres of farmland, with Agriculture Minister requesting central relief package increasing compensation from ₹6,800 to ₹50,000 per acre
GST Relief for Farmers: New GST structure reduces rates on tractors from 12% to 5%, tractor tyres from 18% to 5%, and agricultural machinery including drip irrigation systems from 12% to 5%
Crop Disease Alert: Madhya Pradesh reports Yellow Mosaic Virus outbreak in soybean crops affecting Mandsaur and neighboring districts
Government Policy Initiatives
Immigration Law Update: Immigration and Foreigners Act, 2025 comes into force, replacing four outdated laws and establishing Bureau of Immigration with statutory backing
Semicon India 2025: Prime Minister Modi inaugurated Semicon India 2025 conference at Yashobhoomi, New Delhi, attracting 20,750 participants from 48 countries to position India as global semiconductor hub
Digital India Progress: PM Modi receives first set of Made-in-India chips, marking significant milestone in semiconductor manufacturing under Electronics and IT Ministry
Unified Pension Scheme: Central government employees have until September 30 to opt for UPS from NPS, with deadline extended considering employee response
Income Tax Relief: ITR filing deadline extended to September 15, 2025, providing additional 46 days for taxpayers whose accounts don’t require auditing
INTERNATIONAL NEWS
Celestial Events
Total Lunar Eclipse: September 7-8 witnesses rare 82-minute Blood Moon visible across India, Asia, Europe, and Australia, with eclipse beginning at 8:58 PM IST and totality lasting from 11:01 PM to 12:22 AM
Global Visibility: Eclipse marks first India-wide total lunar eclipse since July 2018, with next occurrence scheduled for December 31, 2028
Environmental Updates
Air Quality Report: World Meteorological Organization releases Air Quality and Climate Bulletin highlighting global pollution trends, with improvements noted in eastern China and Europe but degradation in wildfire-affected regions
Climate Action: WMO emphasizes integrated approach needed for air quality and climate change, with wildfires contributing to cross-border pollution affecting multiple continents
Trade Relations
US-India Trade: Agriculture remains defining fault line in India-US trade negotiations, with America pressing for expanded access for farm exports under President Trump’s administration
Tariff Impact: US imposes 50% tariffs on Indian exports affecting textile, apparel, gems, jewelry, and marine products sectors, potentially impacting $48 billion worth shipments
SPORTS UPDATES
Tennis Championships
US Open Women’s Final: Aryna Sabalenka defeats Amanda Anisimova 6-3, 7-6(3) to win second consecutive US Open title, becoming first woman since Serena Williams (2013-14) to achieve back-to-back victories
Men’s Final Setup: Carlos Alcaraz and Jannik Sinner reach US Open final, marking third consecutive Grand Slam final between the duo in 2025, with match determining world number one ranking
Hockey Asia Cup 2025
India Dominates: Indian hockey team crushes China 7-0 in Super 4s match at Rajgir Hockey Stadium, Bihar, securing final berth after eight-year gap
Final Matchup: India faces defending champions South Korea in final on September 8, with winner earning direct qualification to FIH Hockey World Cup 2026
Goal Scorers: Shilanand Lakra, Dilpreet Singh, Mandeep Singh, Raj Kumar Pal, Sukhjeet Singh, and Abhishek (2 goals) contribute to comprehensive victory
Cricket Updates
India A Squad: Shreyas Iyer returns as red-ball captain for Australia series after being dropped from England Test tour, leading 15-member squad
World Athletics: Neeraj Chopra prepares for World Athletics Championships in Tokyo with potential clash against Pakistan’s Arshad Nadeem in javelin throw
TECHNOLOGY AND INNOVATION
Semiconductor Development
Manufacturing Milestone: India receives first batch of domestically manufactured semiconductor chips, marking achievement under PM Modi’s vision for self-reliant technology sector
Investment Attraction: Semicon India 2025 conference features 150+ speakers, 350+ exhibitors, and country pavilions showcasing India’s semiconductor ecosystem development
Green Energy Initiatives
Hydrogen Project: Union Minister Sarbananda Sonowal inaugurates India’s first port-based Green Hydrogen Pilot Project at V.O. Chidambaranar Port, Tamil Nadu, costing ₹3.87 crore
Critical Mineral Recycling: Cabinet approves ₹1,500 crore scheme for critical mineral recycling targeting 40 kilo tonnes of minerals and creating 70,000 jobs
FINANCIAL SECTOR DEVELOPMENTS
Market Performance
Equity Market Trends: Indian equity markets face challenges with foreign investors withdrawing $15 billion in 2025, including $4 billion in August amid US tariff concerns
GDP Growth: India maintains world-beating economic growth at 7.8% in Q1 FY26, though nominal GDP growth expected at 8.5-9%, lowest in two decades excluding COVID-19
Banking Updates
Credit Growth: Banking sector shows industrial credit growth of 8.5% in FY24, with credit growth outpacing deposit mobilization creating structural liquidity pressures
Digital Banking: Punjab National Bank plans credit card business revamp with enhanced IT infrastructure and improved digital tools by November 2025
EXAMINATION IMPORTANT POINTS
Key Dates to Remember
September 7-8, 2025: Total Lunar Eclipse visible from India
September 15, 2025: Extended ITR filing deadline
September 22, 2025: New GST rates implementation
September 30, 2025: UPS option deadline for central employees
Important Numbers
India’s wheat production: 117.5 million tonnes (record)
Monsoon rainfall: 108% of Long Period Average
GST relief: Two-tier structure (5% and 18%)
US tariff impact: 50% on $48 billion exports
Hockey Asia Cup: India wins 7-0 against China
Key Personalities
Finance Minister Nirmala Sitharaman: GST reforms announcement
PM Narendra Modi: Semicon India inauguration, semiconductor vision
President Droupadi Murmu: Banking sector growth highlighting
Aryna Sabalenka: US Open women’s champion (consecutive title)
Schemes and Policies
Unified Pension Scheme (UPS): Alternative to NPS for government employees
Critical Mineral Recycling Scheme: ₹1,500 crore investment
Immigration and Foreigners Act 2025: Replaces four outdated laws
GST 2.0 Reform: Simplified taxation structure
This comprehensive update covers all major developments relevant for banking and competitive examination preparation, ensuring candidates stay informed about current national and international affairs affecting India’s economic, political, and social landscape.
