Electronic trading platform regulation: draft master directions issued, inviting public consultation and feedback on operational and compliance standards.
Release of draft master directions proposes a regulatory framework for electronic trading platforms, specifying supervisory and operational requirements including governance, risk management, data integrity, reporting obligations and alignment with financial markets regulation. A public consultation invites comments from platform operators, banks, market participants and other interested parties to the Financial Markets Regulation Department by the stated deadline via postal submission or designated email.

Government securities auction: re-issue of multiple dated securities via price-based multiple-price method with non-competitive allotment.
A re-issue auction of three Government securities will be conducted by the Reserve Bank of India using the price-based multiple price method with reserved allotment of up to five percent for the Non-Competitive Bidding Facility; the Government may retain additional subscriptions up to a stated limit for each security. Bids must be submitted electronically on E-Kuber within specified windows on the auction date, with the auction result and payment scheduled on designated subsequent dates, and the securities eligible for When Issued trading under RBI guidelines.

Transparency in aggregation of loan products: draft circular open for consultation, stakeholders invited to submit comments by deadline.
The Reserve Bank has issued a draft circular proposing requirements to ensure transparency in aggregation of loan products by lending service providers aggregating offerings from multiple lenders, and has invited stakeholder comments by the specified deadline as part of a consultative rule making process.

Government securities auction: re-issue using multiple-price method with non-competitive allocation and when-issued trading eligibility.
Re-issue auctions for two dated Government securities will be held using a price based multiple price method, with the Government reserving the option to retain additional subscriptions. Up to 5% of each notified amount is reserved for allocation under the Non-Competitive Bidding Facility for eligible individuals and institutions. Bids-competitive and non-competitive-must be submitted electronically on the designated core banking auction platform within specified time windows; auction results, payment/settlement dates, and eligibility for When Issued trading follow the central bank's applicable guidelines.

Acquisition approval: additional shareholding in Thyssenkrupp Industries India by Protos and Paharpur cleared, subject to detailed order.
Approval was granted for acquisition of additional shareholding in Thyssenkrupp Industries India by Protos and Paharpur. Protos, the Target's sole selling agent, identifies customers (including in the sugar industry) and provides inspection and certification services. Paharpur manufactures industrial cooling systems, generates wind power and offers non-banking financial services; its group also engages in real estate and manufacture of packaging, valves and pumps. The Target conducts EPC turnkey projects, manufactures industrial products, and provides aftersales and plant operation and maintenance. A detailed order will follow.

Regulation of Payment Aggregators expands to cover physical point-of-sale operations and updates KYC and escrow requirements.
Regulation of Payment Aggregators is proposed via two draft directions: a new direction for Physical Point of Sale activities covering offline, proximity/face to face payments, and amendments to existing PA directions updating merchant KYC and due diligence, escrow account operations, and related operational standards; public comments are invited to the Reserve Bank of India by the stated deadline.

Government securities auction opens with price- and yield-based bids; non-competitive facility, when issued trading, results and settlement scheduled.
The Government announced auctions for two government securities using multiple price methods-one price-based and one yield-based-with government option to retain additional subscriptions, up to five percent allocation to eligible bidders under the Non-Competitive Bidding Facility, mandatory electronic bid submission on the RBI E-Kuber system with specified non-competitive and competitive windows, scheduled announcement of results and payment dates, and eligibility of the securities for When Issued trading per RBI guidelines.

Market liberalisation expands access and instruments, strengthening funding, hedging and market infrastructure for deeper financial markets.
The Reserve Bank has advanced statutory amendments, market rules and organisational reforms to deepen funding and hedging markets, broaden participant access and modernise market infrastructure. Reforms include benchmark issuance strategies, liberalised trading and securities lending in government securities, the Fully Accessible Route for foreign investor access, the RBI Retail Direct scheme for retail participation, legal recognition for bilateral netting, revamped credit-derivative and repo frameworks, expanded access to money markets, and principle-based OTC derivative rules coupled with enhanced market integrity, transparency and margining requirements.

Government securities auction: new and reissued bonds offered via price and yield auctions with non-competitive allocation available.
Sale of three Government of India securities will be conducted by the Reserve Bank of India using the multiple price method; specified issues will be price based or yield based as announced and the Government may retain additional subscriptions against each security. Up to five percent of each notified amount is reserved for eligible participants under the Non Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on E Kuber within prescribed time windows on the auction date; results and payment will follow as notified. The securities are eligible for When Issued trading per RBI guidelines.

Policy repo rate decision unchanged; MPC emphasizes withdrawal of accommodation to align inflation with target.
The MPC decided to keep the policy repo rate unchanged and maintain related facility rates, while remaining focused on withdrawal of accommodation to ensure CPI inflation converges to the medium term target of 4 per cent 2 per cent, supporting growth. Real GDP for 2024-25 is projected at 7.0 per cent and CPI inflation for 2024-25 at 4.5 per cent, with risks from food price volatility, climate shocks, geopolitical tensions and financial market volatility. The majority voted to keep rates and pursue withdrawal of accommodation; one member dissented in favour of a rate reduction and neutral stance.

Prudential regulation: RBI outlines principles to balance fintech innovation with financial stability and strengthened governance.
RBI sets four guiding principles-Prudence, Proportionality, Proactiveness and a harmonised approach-to guide regulation: prudence through capital, provisioning and supervision; proportionality via scale and tier based rules; proactiveness by identifying emerging risks and using tools like regulatory sandboxes; harmonisation by applying "same activity, same risk, same regulation" while tailoring requirements to entity risk profiles. The framework supports a shift toward principle based regulation contingent on strengthened compliance, and prioritises regulatory responses to technology, conduct, governance and procyclicality to preserve financial stability.

Acquisition approval: competition authority clears Mirae Asset's takeover of Sharekhan and its holding company, detailed order to follow.
CCI approved the acquisition of 100% equity stake in Sharekhan Ltd. and Human Value Developers Pvt. Ltd. by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively, constituting a single proposed combination under merger control; a detailed CCI order will follow.

Competition approval for acquisition of convertible preference shares permits foreign investor entry with specified governance rights.
The CCI authorised the International Finance Corporation's acquisition of Compulsorily Convertible Preference Shares in Northern Arc Capital Limited, which constitute a minority economic interest on a fully diluted basis and carry specific affirmative voting and board nomination rights; a detailed CCI order will follow.

Competition approval for subscription of compulsorily convertible preference shares enabling investors to acquire stake in manufacturing target.
Competition authority approval was granted for a subscription whereby an AIF, an NBFC, an investment trust and two individuals will subscribe to compulsorily convertible preference shares of Pritam International Private Limited, which operates in contract manufacturing and formulations; the AIF is SEBI-registered and managed by ICICI Venture, HCL Corp is an NBFC, and Mirabilis is a registered trust, with a detailed order to follow.

Competition approval: acquisition of shareholding and debenture subscription by Piramal Alternatives Trust in Annapurna Finance.
Competition approval was granted for the acquisition of a minority shareholding and subscription to certain debentures in Annapurna Finance Private Limited by Piramal Alternatives Trust, a fund management vehicle operating credit and distressed-asset investment platforms; Annapurna Finance is an RBI-registered non-deposit-taking NBFC classified as an NBFC micro finance institution providing microfinance, MSME lending and affordable housing finance. A detailed CCI order will follow.

Competition approval: bank's subscription to insurer equity permitted, enabling strategic investment, distribution synergies, and market expansion.
Approval of a proposed equity subscription under competition law: The Competition Commission granted approval for a bank's proposed subscription to equity shares of an insurance company, treating the transaction as a notifiable investment requiring clearance and noting potential distribution or vertical linkages between banking and insurance services.

Government securities auction for multiple maturities via price- and yield-based methods; non-competitive facility available, submitted electronically on E-Kuber platform.
Announcement of auctions for three Government Securities to be conducted by the Reserve Bank of India using multiple price auctions (price based for two securities and yield based for one). The Government may retain additional subscription up to a notified limit for each security. Up to five percent of each notified amount is earmarked for eligible bidders under the Non-Competitive Bidding Facility. Competitive and non competitive bids must be submitted electronically on the E Kuber system within prescribed time windows; auction results and the payment date will follow the announced schedule. Securities will be eligible for When Issued trading under RBI guidelines.

Flexible Inflation Targeting strengthens price stability while guiding central bank policy for resilient economic growth and stability.
The Reserve Bank has evolved into a full-service central bank supporting a market economy and pursuing proactive policies to maintain a robust, resilient financial sector. Key structural and policy measures-notably the Insolvency and Bankruptcy Code and Flexible Inflation Targeting-are identified as instrumental in strengthening the banking system and improving price stability. The Bank emphasises continuous evaluation of technological and innovation trends to anticipate risks and act pre-emptively, and attributes coordinated monetary and fiscal responses for preserving macroeconomic and financial stability following major global shocks.