Banking and Financial Updates
Income Tax Filing Extended Deadline: The deadline for filing Income Tax Returns (ITR) for individuals and HUFs who do not need account auditing has been extended till September 15, 2025, for FY 2024-25 (AY 2025-26). Originally scheduled for July 31, 2025, this extension provides additional time for taxpayers to complete their filings.
NPS to UPS Switch Deadline Extended: Central government employees have until September 30, 2025, to switch from the National Pension System (NPS) to the newly introduced Unified Pension Scheme (UPS). The government extended the deadline by three months following stakeholder requests, covering eligible existing employees, past retirees, and legally wedded spouses of deceased past retirees.
Special Fixed Deposit Schemes Deadline: Several banks, including Indian Bank and IDBI Bank, are offering attractive special FD schemes with deadline September 30, 2025. Indian Bank’s 444-day and 555-day special FDs and IDBI Bank’s 444-, 555-, and 700-day special FDs provide higher interest rates for investors.
Jan Dhan Account Re-KYC Campaign: The Reserve Bank of India has mandated re-KYC for Jan Dhan accounts completing 10 years. Public sector banks are conducting doorstep re-KYC camps at panchayat level from July 1 to September 30, 2025, providing convenient services to account holders.
ATM Dispensing Rule Changes: Banks must ensure 75% of ATMs dispense Rs 100 or Rs 200 denomination notes from at least one cassette by September 30, 2025, and 90% by March 31, 2026. This RBI directive aims to enhance public access to frequently used lower denominations.
GST Council Meeting Significance: The 56th GST Council meeting scheduled for September 3-4, 2025, is expected to discuss major reforms, including potential rationalization of GST structure to two slabs of 5% and 18%, following Prime Minister Modi’s August 15 announcement.
Registered Post Merger: The Department of Posts has merged domestic Registered Post and Speed Post services effective September 1, 2025. All registered posts within India will now be delivered as Speed Post, streamlining postal services.
SBI Credit Card Changes: From September 1, 2025, SBI credit cardholders will not earn reward points on digital gaming platforms, certain merchant categories, and government-related transactions. Additionally, Credit Card Protection Plan customers will be migrated to updated plan variants from September 16, 2025.
Government Initiatives and Policy Updates
SEMICON India 2025: Prime Minister Narendra Modi inaugurated SEMICON India 2025 on September 2 at New Delhi, marking India’s push to become a global semiconductor hub. The event features over 350 exhibiting companies from 33 countries, showcasing India’s semiconductor mission under the ₹76,000 crore Production Linked Incentive scheme.
Semiconductor Manufacturing Milestone: India launched its first end-to-end Outsourced Semiconductor Assembly and Test (OSAT) Pilot Line Facility in Sanand, Gujarat, on August 28, 2025. CG-Semi is expected to roll out the first ‘Made in India’ chip from this facility.
Design Linked Incentive Success: Under the Design Linked Incentive (DLI) scheme, 23 chip design projects have been sanctioned, supporting startups and innovators in creating advanced chips for defense, aerospace, electric vehicles, and energy systems.
CAA Extension: The Government has extended the cut-off entry date into India under the Citizenship Amendment Act (CAA) till December 31, 2024, providing additional time for eligible applicants.
National Rural Livelihood Mission: Various states are receiving enhanced funding under NRLM, with Haryana allocated ₹8.99 crore and other states receiving proportionate amounts to boost rural employment and livelihood opportunities.
Weather and Disaster Management
Severe Weather Warnings: The India Meteorological Department (IMD) has issued red alerts for Delhi-NCR, Punjab, Himachal Pradesh, and Jammu & Kashmir due to heavy rainfall, flash flood risks, and landslide warnings.
Punjab Flood Crisis: Punjab faces its worst floods in decades with over 3.5 lakh residents affected, 29 deaths reported, and 1,400 villages submerged. Schools and colleges remain closed till September 7, 2025, as rescue and relief operations continue.
Delhi-NCR School Closures: Educational institutions remain closed in Delhi-NCR due to heavy rainfall and potential flight disruptions. Airlines have issued advisories for passengers to check flight status.
Yamuna River Flood Alert: The Yamuna River in Delhi has crossed the danger mark at 207.43 meters, the third-highest level since 1963. Around 12,000 people have been displaced, and operations at Nigambodh Ghat crematorium have been suspended due to flooding.
Extended School Holidays: Multiple states have extended school holidays due to adverse weather conditions – Punjab till September 7, Himachal Pradesh till September 7, Jammu division till September 5, and several districts in Haryana, Uttarakhand, and Uttar Pradesh.
Banking Holiday Update
September 4 Bank Holiday: Today, banks in Kochi (Kerala) are closed on account of First Onam, while all other cities across India have banks operating normally. The RBI calendar shows 15 total bank holidays scheduled for September 2025.
International News and Diplomacy
US-India Tariff Dispute: President Donald Trump has imposed 50% tariffs on Indian imports, combining a 25% base tariff with an additional 25% levy related to India’s Russian oil purchases. Trump claims India has offered “no tariffs” deal, describing the relationship as “totally one-sided.”
Shanghai Cooperation Organization Summit: The 25th SCO Summit was held in Tianjin, China, from August 31 to September 1, 2025. Prime Minister Modi participated alongside leaders from 10 member nations, adopting the Tianjin Declaration and approving a Development Strategy until 2035.
China-Russia Partnership: At the SCO Summit, Chinese President Xi Jinping and Russian President Vladimir Putin outlined plans for a new multipolar world order, with China announcing ₹2 billion yuan in free aid and ₹10 billion yuan in loans for member states.
Trump’s India Criticism: US President Trump continues to criticize India’s trade policies, citing high tariffs on American goods, particularly Harley Davidson motorcycles, and India’s purchase of Russian military equipment and oil.
Putin’s Global Order Vision: Russian President Vladimir Putin advocated for ending the “unipolar world” and establishing a multipolar global order where all nations are equal without any “hegemons” dominating politics or security.
Sports Updates
Asia Cup 2025 Squad: India’s T20 Asia Cup squad has been announced with Suryakumar Yadav as captain and Shubman Gill as vice-captain. The 15-member squad includes key players like Hardik Pandya, Jasprit Bumrah, and Sanju Samson, with the team set to depart for Dubai on September 4.
Asia Cup Tournament Details: The tournament runs from September 9-28, 2025, in UAE, featuring eight teams in T20 format. India is in Group A with Pakistan, UAE, and Oman, while defending their title as eight-time champions.
Afghanistan Cricket Success: Afghanistan defeated Pakistan by 18 runs in the tri-series warm-up, with Seddiqullah Atal (64) and Ibrahim Zadran (65) putting up a crucial 113-run partnership, setting the stage for their Asia Cup campaign.
Hockey Asia Cup: India settled for a 2-2 draw against South Korea in the Super 4 match, with Hardik Singh and Mandeep Singh scoring for India. The tournament continues in Rajgir with India facing Malaysia next.
IOC Funding Restored: The International Olympic Committee has restored ₹15 crore annual funding to India under the Olympic Solidarity Programme after the Indian Olympic Association resolved governance disputes and implemented corrective measures.
FIDE Grand Swiss Chess: The prestigious tournament begins in Samarkand, Uzbekistan, with India’s strong contingent led by Praggnanandhaa, alongside World Champion Gukesh, Arjun Erigaisi, and Vidit Gujrathi.
Economy and Business
India GDP Growth: India’s real GDP growth for Q1 2025-26 came at 6.5%, with nominal GDP growth of 8.8%, driven primarily by manufacturing, services, and construction sectors. The strong performance provides fiscal flexibility for government spending.
Morgan Stanley Forecast: India is projected to remain the fastest-growing major economy, with Morgan Stanley forecasting 5.9% growth in 2025 and 6.4% in 2026, despite expected global economic slowdown.
RBI CRR Reduction: The Reserve Bank of India announced a phased 100 basis points reduction in Cash Reserve Ratio (CRR) starting September 2025, to be implemented in four equal tranches of 25 basis points each to enhance banking system liquidity.
Trade Relations Impact: Trump’s 50% tariffs on Indian goods are affecting thousands of small exporters and jobs across India, particularly in Gujarat, potentially hindering growth in the world’s fastest-growing major economy.
Global Events
FIFA World Cup 2026 Tickets: FIFA announced that the first phase of ticket sales for the 2026 World Cup will open September 10, 2025, with Visa Presale Draw. Group-stage tickets start at $60, while final tickets can cost up to $6,730, using dynamic pricing for the first time.
Lisbon Streetcar Accident: A tragic accident occurred when an electric streetcar derailed in Lisbon, Portugal, killing 15 people and injuring 18 others. The incident involved one of Lisbon’s landmark tourist attractions.
Google Privacy Settlement: A federal jury ruled that Google must pay $425 million in a class action lawsuit for continuing to collect user data even after users had switched off tracking features in their Google accounts.
Ukraine-Russia Developments: President Putin expressed willingness to negotiate with Ukraine if “common sense prevails,” while also being prepared to end the conflict by force if necessary. Trump hinted at potential new Russia sanctions if dissatisfied with progress.
US Economic Warning: Moody’s Chief Economist warned that US state-level data indicates the country is “on the edge of recession,” raising concerns about economic stability.
Supreme Court and Legal Updates
Foreign Nationals Detention: The Ministry of Home Affairs has empowered Foreigners Tribunals to send unauthorized foreigners to detention centers, strengthening enforcement mechanisms for immigration violations.
TET Mandatory Examination: The Odisha government will examine the Supreme Court judgment on making Teacher Eligibility Test (TET) mandatory for all teachers, potentially affecting educational recruitment policies.
Civil Rights Enforcement: Various states are receiving enhanced funding for strengthening machinery to enforce the Protection of Civil Rights Act 1955 and Prevention of Atrocities Act 1989.
Education and Competitive Exam Updates
ICAI Exam Postponement: The Institute of Chartered Accountants of India postponed CA Final and Intermediate examinations in Punjab and Jammu centers (including Amritsar, Bathinda, Jalandhar, Ludhiana, Pathankot, Patiala) due to continuous rainfall.
Scribes Rules Tightened: The Centre has tightened rules regarding scribes for disabled candidates in competitive examinations to ensure fair assessment and prevent misuse.
SC/ST Toppers Felicitation: The Centre felicitated 1,490 SC/ST toppers of Class 10 and Class 12 examinations, encouraging educational excellence among marginalized communities.
NEET Counselling Update: The Bombay High Court struck down sports quota admissions in Goa under NEET UG Counselling 2025, affecting medical college admission procedures.
