This document is the October 2026 issue of the Reserve Bank of India's monthly Bulletin. It contains two speeches and four detailed articles covering the current state of the Indian economy, the transmission of monetary policy to lending rates, the performance of the Non-Banking Financial Company (NBFC) sector in 2025, and a new method for nowcasting state-level economic activity using satellite data and Google Trends. This Bulletin is useful for economists, financial analysts, policymakers, and anyone interested in India's economic landscape.