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The RBI was established on April 1, 1935, and was nationalized in 1949. It acts as the banker's bank and lender of last resort.

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Public Examination (Prevention of Unfair Means) Amendment Bill, 2026

The Public Examinations (Prevention of Unfair Means) Amendment Bill, 2026, is a legislative proposal introduced in the Lok Sabha on July 27, 2026, that became an Act after receiving the President's assent on July 31, 2026. Its purpose is to amend the Public Examinations (Prevention of Unfair Means) Act, 2024, to strengthen the legal framework against malpractices and uphold the integrity of public examinations. The original Act of 2024 was created to curb issues like paper leaks, organized cheating, and impersonation. The 2026 Amendment was a direct response to widespread public outrage following the leak of the NEET-UG question paper.

The Amendment significantly enhances penalties and streamlines procedures. For individuals using unfair means, the maximum fine is increased to ₹50 lakh, up from the ₹10 lakh provision in the original Act. For organized offences, the maximum fine is raised substantially to ₹10 crore (from ₹1 crore), and the maximum imprisonment is increased to seven years. The period for debarring a service provider found guilty of unfair means is extended from four years to eight years. Procedurally, the Amendment mandates that the investigation of an offence must be completed within two months. It also proposes the formation of Special Fast Track Courts to conduct daily hearings and complete trials within three months of filing the charge sheet. This legislation connects directly to the Act of 2024, which covers examinations conducted by bodies like the UPSC, SSC, Railway Recruitment Board, and NTA.

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