1. Banking, RBI & Financial Awareness

RBI Extends Supersession of Abhyudaya Co-operative Bank & Issues SGB Redemption Notice

• Abhyudaya Co-operative Bank Supersession: The Reserve Bank of India (RBI) extended the supersession of the Board of Directors of Mumbai-based Abhyudaya Co-operative Bank Ltd. for an additional period of one year to safeguard depositor interests and restore governance stability.
• Sovereign Gold Bond (SGB) Final Redemption: RBI announced the final redemption price for the SGB 2018-19 Series-III tranche, scheduled for final maturity on November 13, 2026, based on the simple average closing price of 999 purity gold published by the India Bullion and Jewellers Association (IBJA).
• Liquidity Operations: Under the Liquidity Adjustment Facility (LAF), RBI announced a 3-day Variable Rate Reverse Repo (VRRR) auction alongside an underwriting auction for Government Securities worth ₹34,000 crore.
• Static Banking Hook: Supersession of Urban Co-operative Bank (UCB) boards is exercised by the RBI under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949.

Tamilnad Mercantile Bank (TMB) Celebrates 105th Foundation Day

• Key Highlight: Vice President Shri C. P. Radhakrishnan graced the 105th Foundation Day celebrations of Tamilnad Mercantile Bank (TMB) in Thoothukudi, Tamil Nadu, urging the lender to expand credit support to MSMEs, farmers, and women-led enterprises toward Viksit Bharat @2047.
• Static Banking Hook: Founded in 1921 (originally as Nadar Bank), TMB is headquartered in Thoothukudi, Tamil Nadu.

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2. Economy, Fiscal & Tax Updates

Net Direct Tax Collections Jump 11.76% to ₹14.42 Lakh Crore in FY27

According to latest data released by the Central Board of Direct Taxes (CBDT), India’s net direct tax mop-up recorded robust double-digit growth:

• Net Collections: Rose 11.76% year-on-year to stand at ₹14.42 lakh crore.
• Budget Target Progress: The government has achieved approximately 53.5% of the full-year FY27 direct tax collection target of ₹26.97 lakh crore.
• STT & Refunds: Securities Transaction Tax (STT) collections surged 51.56% to ₹54,077.90 crore, while tax refunds issued rose 25.91% to ₹3.08 lakh crore.

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3. National Schemes & Cabinet Approvals

Cabinet Approves Continuation of Credit Guarantee Fund for Micro Units (CGFMU)

The Union Cabinet approved the extension of the Credit Guarantee Fund for Micro Units (CGFMU) to provide credit default protection for collateral-free micro-enterprise loans:

• Duration & Cycle: Extended for the 16th Finance Commission Cycle (FY 2026–27 to FY 2030–31).
• Corpus & Credit Target: Approved a dedicated corpus of ₹5,000 crore, projected to facilitate ₹12.6 lakh crore in Pradhan Mantri Mudra Yojana (PMMY) loans over the next five years.
• Guarantee Fee Cut: The annual guarantee fee for applicable non-SHG loans has been reduced from 1% to 0.75% (SHGs continue at 0.25% in Year 1 and 0.50% in subsequent years).
• Coverage Scope: Covers eligible loans under PMMY, Pradhan Mantri Jan Dhan Yojana (PMJDY) overdrafts, and Self-Help Groups (SHGs).

Cabinet Extends Stand-Up India Scheme Until March 2031

• Extension Timeline: The Union Cabinet extended the Stand-Up India Scheme up to March 2031 to promote grassroots entrepreneurship among SC, ST, and women borrowers.
• Static Scheme Hook: Launched in April 2016, Stand-Up India facilitates bank loans between ₹10 lakh and ₹1 crore to at least one SC/ST borrower and one woman borrower per bank branch for setting up greenfield enterprises in manufacturing, services, trading, or agri-allied sectors.

India Simplifies e-Visa System Across 172 Countries

• The Government of India reduced visa application form fields by 65–70% to streamline inbound travel. India’s e-Visa facility currently covers nationals of 172 countries, with the upgraded system slated for full rollout by end-2026.

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4. Fast-Track Wire: Defence, Appointments & State News

Category	Key Event & Exam Fact
Coastal Defence	Exercise Sea Vigil-26 (5th Edition): Coordinated by the Indian Navy across India’s coastline (conceptualised in 2018 post-26/11 attacks; acts as a precursor to TROPEX).
Bilateral Navy	IMNEX-26 (8th Edition): India–Myanmar Naval Exercise commenced in Visakhapatnam featuring Harbour and Sea phases to advance India’s MAHASAGAR maritime vision.
Defence Contract	MoD – Cochin Shipyard Deal: Ministry of Defence signed a ₹498.58 crore contract with Cochin Shipyard Limited (CSL) for the normal refit and re-powering of Brahmaputra-class frigate INS Betwa.
NBFC Appointment	Tata Investment Corporation: Approved the appointment of Abizer Shabbir Diwanji as an Independent Director for a 5-year term.
State & Metro	Noida Metro Expansion & Odisha Fund: Noida–Greater Noida active Metro network to reach 71.878 km via Blue Line interchange at Noida Sector-61; Odisha proposed the Odisha Bovine Genetic Improvement Fund ahead of its Winter Session.

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5. The Daily Exam Drill (Mains-Level MCQs)

Click on each question below to reveal the correct option and statutory explanation.

Q1. With reference to the Union Cabinet’s November 2026 approval for the continuation of the Credit Guarantee Fund for Micro Units (CGFMU), consider the following statements:
1. The scheme has been extended for the 16th Finance Commission cycle from FY 2026–27 to FY 2030–31.
2. A corpus of ₹5,000 crore has been approved to facilitate Pradhan Mantri Mudra Yojana (PMMY) loans worth ₹12.6 lakh crore.
3. The annual guarantee fee for applicable non-SHG loans has been reduced from 1% to 0.75%.
Which of the statements given above is/are correct?

A) 1 and 2 only
B) 2 and 3 only
C) 1 and 3 only
D) 1, 2 and 3
E) 1 only

Correct Answer: D) 1, 2 and 3

Exam Note: All three statements are correct. CGFMU covers loans under PMMY, PMJDY overdrafts, and Self-Help Groups (SHGs). While non-SHG annual guarantee fees were lowered from 1% to 0.75%, SHGs continue paying 0.25% in the first year and 0.50% in subsequent years.

Q2. Under the Stand-Up India Scheme—which was recently extended by the Union Cabinet until March 2031—what is the permissible composite bank loan range per branch for greenfield enterprises?

A) ₹5 lakh to ₹50 lakh
B) ₹10 lakh to ₹1 crore
C) ₹20 lakh to ₹2 crore
D) ₹10 lakh to ₹5 crore
E) ₹50,000 to ₹10 lakh

Correct Answer: B) ₹10 lakh to ₹1 crore

Exam Note: Launched in April 2016, Stand-Up India facilitates bank loans between ₹10 lakh and ₹1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch.

Q3. As per CBDT’s November 2026 fiscal data, India’s net direct tax collections grew by 11.76% to reach ₹14.42 lakh crore. What is the government’s full-year direct tax collection target for FY27?

A) ₹22.50 lakh crore
B) ₹24.80 lakh crore
C) ₹26.97 lakh crore
D) ₹28.15 lakh crore
E) ₹30.00 lakh crore

Correct Answer: C) ₹26.97 lakh crore

Exam Note: With ₹14.42 lakh crore collected so far, roughly 53.5% of the ₹26.97 lakh crore FY27 direct tax target has been realized, bolstered by a 51.56% surge in Securities Transaction Tax (STT) collections.

Q4. Where was the 8th edition of the bilateral India–Myanmar Naval Exercise (IMNEX-26) conducted in November 2026?

A) Kochi, Kerala
B) Port Blair, Andaman & Nicobar Islands
C) Visakhapatnam, Andhra Pradesh
D) Karwar, Karnataka
E) Paradip, Odisha

Correct Answer: C) Visakhapatnam, Andhra Pradesh

Exam Note: IMNEX-26 commenced in Visakhapatnam with Harbour and Sea phases aimed at enhancing maritime interoperability under India’s MAHASAGAR vision.