India's Forex Reserves Hit All-Time High of $740.80 Billion for Week Ended 28 August 2026

4 September 2026National

India's foreign exchange reserves rose by $11.475 billion to an all-time high of $740.803 billion for the week ended 28 August 2026, according to RBI data, up from $729.33 billion a week earlier. This was the ninth consecutive weekly increase, adding nearly $75 billion over that stretch. Foreign Currency Assets, the largest component, rose $9.337 billion to $600.67 billion, while gold reserves gained $2.191 billion to $116.409 billion. The surge was driven largely by inflows under RBI's special dollar-deposit mobilisation programmes, which drew more than $136 billion between 5 June and 31 August 2026.

Static GK

The RBI was established on 1 April 1935 under the RBI Act, 1934 and is headquartered in Mumbai; Sanjay Malhotra is the Governor | India's forex reserves have four components — Foreign Currency Assets, Gold, SDRs and the Reserve Tranche Position with the IMF | The RBI publishes weekly reserve data in its Weekly Statistical Supplement, released every Friday

ShareWhatsApp Telegram

More Economy Current Affairs

RBI Allows LIC to Raise Its Stake in ICICI Bank to Up to 9.99%

The Reserve Bank of India has approved Life Insurance Corporation of India (LIC) to acquire up to 9.99% of the paid-up share capital or voting rights of ICICI Bank. ICICI Bank said it received the RBI approval letter on 4 September 2026; the approval is valid for one year and lapses if the acquisition is not completed within that window. LIC held 4.35% in the bank as of 30 June 2026, so the nod roughly doubles its permitted headroom. Under the RBI's directions on acquisition of shareholding in banks, prior approval of the central bank is mandatory for any acquisition taking a holding to 5% or more.

GK ByteLIC was established on 1 September 1956 under the LIC Act, 1956 and is headquartered in Mumbai | ICICI Bank was incorporated in 1994 and was the first Indian bank listed on the New York Stock Exchange | The RBI, established on 1 April 1935, regulates bank shareholding under the Banking Regulation Act, 1949

📅 7 Sept 2026EconomyRead complete →

SEBI and ESMA Sign MoU to Strengthen Cooperation on Central Counterparties

The Securities and Exchange Board of India (SEBI) and the European Securities and Markets Authority (ESMA) signed a Memorandum of Understanding to deepen cooperation and information exchange on Central Counterparties (CCPs) regulated by SEBI. Signed by SEBI Chairman Tuhin Kanta Pandey and ESMA Chair Verena Ross, it replaces their earlier 2017 agreement. The MoU lets SEBI-supervised Indian CCPs re-apply for ESMA recognition under Article 25 of the European Market Infrastructure Regulation (EMIR), and allows ESMA to rely on SEBI's supervision of those clearing houses. A CCP interposes itself between buyer and seller to manage counterparty risk and settle trades, making the pact important for India–EU cross-border clearing.

GK ByteSEBI was established in 1988 and given statutory powers by the SEBI Act, 1992; it is headquartered in Mumbai | ESMA, the EU's securities markets regulator, was established in 2011 and is headquartered in Paris | India's main CCPs include NSE Clearing Ltd, Indian Clearing Corporation and the Clearing Corporation of India

📅 6 Sept 2026EconomyRead complete →

Razorpay and IndusInd Bank Launch AI Account Manager 'RAY' on WhatsApp

Razorpay, in partnership with IndusInd Bank, launched 'RAY', a conversational Artificial Intelligence account manager on WhatsApp for businesses. RAY lets MSMEs manage payments, analyse transactions, generate payment links, issue refunds and resolve queries through simple chat messages, executing actions directly without a dashboard while tracking payment health and pushing alerts, insights and recommendations. Bajaj Finserv is among the first live users, and the platform has already recorded over 20,000 conversations, signalling a shift towards AI-led, real-time business support in Indian fintech. Razorpay, founded in 2014 by Shashank Kumar and Harshil Mathur, is headquartered in Bengaluru, Karnataka.

GK ByteIndusInd Bank was incorporated in 1994 as one of the first new-generation private banks and is headquartered in Mumbai | Razorpay was founded in 2014 and is headquartered in Bengaluru, Karnataka | MSMEs in India are classified under the revised composite criteria of investment and turnover

📅 6 Sept 2026EconomyRead complete →

Axis Bank and Scapia Launch Co-Branded Travel Credit Card

Axis Bank and travel fintech Scapia launched the co-branded 'Scapia Axis Bank Credit Card' aimed at digitally native Indian travellers. It is issued on both the Mastercard and RuPay networks and carries zero joining and annual fees, zero forex mark-up on international transactions and a Smart Forex feature for overseas spending. Cardholders get unlimited domestic airport lounge access on spending Rs 20,000 in the preceding month and a 1% fuel surcharge waiver. Rewards run at 10% on the Mastercard variant and 5% on the RuPay variant for eligible spends of Rs 500 or more, and 20% on bookings made through the Scapia app.

GK ByteScapia was incorporated in 2022, is headquartered in Bengaluru, Karnataka, and was founded by Anil Goteti | Axis Bank, headquartered in Mumbai, began in 1993 as UTI Bank and was renamed Axis Bank in 2007 | RuPay is the domestic card network operated by the National Payments Corporation of India (NPCI), launched in 2012

📅 5 Sept 2026EconomyRead complete →

See all Banking & Economy →All Current Affairs