Source: TH Context: The Union Ministry of Labour and Employment released the draft National Labour and Employment Policy (NLEP) titled Shram Shakti Niti, 2025 for public consultation on October 8, 2025. The policy envisions a fair, inclusive, and future-ready world of work, aligned with India’s aspiration to become a developed nation by 2047. Key Objective To establish a universal and portable social security system by integrating major national and state-level welfare and employment databases. Universal Social Security Framework The policy proposes creating a universal account integrating: This aims to ensure portability of social security benefits across sectors and geographies, covering formal and informal workers. Core Vision and Principles Major Policy Proposals
Fino Payments Bank Settles SEBI Case for ₹5.8 Lakh
Context: Fino Payments Bank has settled a securities law violation case with the Securities and Exchange Board of India (SEBI) by paying a settlement amount of ₹5.8 lakh. Details of the Case
PayPal Launches “PayPal World” – Global Interoperable Wallet Platform
Context: At the Global Fintech Fest 2025 in Mumbai, PayPal CEO Alex Chriss announced the launch of “PayPal World”, a globally interoperable digital wallet platform that connects domestic digital wallets across countries. The platform’s first payments partner is India’s Unified Payments Interface (UPI). About PayPal World A cross-border payment interoperability platform that lin
PhonePe and Utkarsh Small Finance Bank Launch “Wish Credit Card”
Context: Digital payments platform PhonePe and Utkarsh Small Finance Bank (SFB) have jointly launched the “Wish Credit Card”, aimed at providing affordable and accessible credit to a wider section of users, especially those new to formal credit. About the “Wish Credit Card” Issuer: Utkarsh Small Finance BankPowered by: Visa NetworkDistributed through: PhonePe app Objective:To expand credit inclusion by offering customised, flexible, and digital-first credit card solutions for both urban and semi-urban users. Key Features
RBI Draft Ombudsman Scheme 2025
Source: TOI Context: The Reserve Bank of India (RBI) has released the draft Ombudsman Scheme 2025, aimed at strengthening grievance redressal mechanisms for customers of regulated entities. The draft seeks to provide a cost-effective, non-adversarial, and comprehensive platform for resolving disputes. Key Highlights: Significance
SEBI to Review ‘Fit and Proper Person’ Rule
Context: The Securities and Exchange Board of India (SEBI) informed the Bombay High Court that it will review a controversial provision in its ‘fit and proper person’ criteria that disqualifies key managerial personnel (KMPs) and directors at market intermediaries merely for having a chargesheet filed against them. This development follows petitions filed in 2023 by leading brokerage firms, including Motilal Oswal Financial Services and Anand Rathi Shares and Stock Brokers, challenging the rule as unconstitutional. About the ‘Fit and Proper Person’ Criteria Background The Controversial Clause SEBI’s Stand
RBI Prioritises Use Cases Over Mass Rollout of Digital Rupee
Source: Mint Context: At the Global Fintech Fest 2025, Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said that the central bank is prioritising the development of new use cases for the Central Bank Digital Currency (CBDC), or e-rupee, rather than expanding its user base immediately. Key Highlights: New Functionalities Announced
RBI Draft Frameworks on Bank Provisioning and Capital Requirements
Source: BS Context: On 7 October 2025, the Reserve Bank of India (RBI) released two important draft frameworks aimed at strengthening prudential regulation and improving credit risk management in banks: Expected Credit Loss (ECL) Framework Objective To replace the current incurred-loss-based provisioning system with a more forward-looking ECL-based model, aligning Indian banking standards with IFRS 9 and global best practices. Key Features
World Bank Upgrades India’s Growth Outlook to 6.5%
Source: ET Context: The World Bank, in its South Asia Development Update (October 2025), has revised India’s GDP growth forecast upward to 6.5% for FY2025-26, up from the earlier 6.3%, citing strong domestic demand and the positive impact of GST rate cuts. Key Highlights:
Nobel Prize in Physics 2025
Context: The 2025 Nobel Prize in Physics has been awarded to John Clarke, Michel Devoret, and John Martinis for their pioneering experiments that deepened scientific understanding of the quantum world, particularly the phenomenon of quantum tunnelling. About the Nobel Prize in Physics 2025 Laureates Name Institution Country Key Contribution John Clarke University of California, Berkeley USA Developed experimental methods to detect quantum effects in macroscopic systems Michel H. Devoret Yale University USA Advanced understanding of superconducting circuits and quantum coherence John Martinis University of California, Santa Barbara USA Built one of the first practical superconducting qubits for quantum computation Scientific Contribution About Quantum Tunnelling
