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Today, the Reserve Bank released the October 2026 issue of its monthly Bulletin. The Bulletin includes two speeches, four articles and current statistics. The four articles are: I. State of the Economy; II. Transmission to Lending Rates of SCBs: Price versus Composition Effects in WALR; III. Performance of the NBFC Sector: Review for 2025; and IV. Nowcasting State-Level Economic Activity in India with Night-Time Light and Google Trends. I. State of the Economy Renewed geopolitical frictions in W