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    ICoAS fraternity reaffirms commitment to cost optimisation for Atmanirbhar Bharat on ICoAS day 2026
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    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
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August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
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Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
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Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
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Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
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Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
August 8, 2026
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Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
August 8, 2026
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Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
August 8, 2026
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Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
August 7, 2026
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Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
August 7, 2026
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Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
August 7, 2026
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Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
August 7, 2026
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Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
August 7, 2026
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BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
August 7, 2026
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Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
August 7, 2026
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Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.

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Disposal of Complaints received by bank Ombudsman

August 1, 2017

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The. Bank-wise details regarding number of complaints received by Banking Ombudsmen (BO) and disposed of in the last three years i.e. 2014-15, 2015-16 and 2016-17 are given in Annexure.

Majority of the complaints received under the Banking Ombudsman Scheme are resolved through conciliation and mediation of BO. In very few cases, where conciliation and mediation fails to achieve mutually agreeable settlement, BO passes an Award or rejects the complaint.

Bank-wise details of Complaint received/disposed/pending at  the Offices of Banking Ombudsmen

Bank Name

2014-15

2015-16

2016-17

Public Sector Banks

Received

Disposed

Pending

Received

Disposed

Pending

Received

Disposed

Pending

STATE BANK OF INDIA

24113

22750

1363

25611

25635

1339

30581

28610

3310

STATE BANK OF BIKANER & JAIPUR

1199

1186

13

1267

1197

83

2033

2039

77

STATE BANK OF HYDERABAD

642

625

17

777

744

50

862

882

30

STATE BANK OF MYSORE

316

296

20

351

361

10

450

449

11

STATE BANK OF PATIALA

530

497

33

760

767

26

1167

1109

84

STATE BANK OF TRAVANCORE

790

766

24

819

837

6

849

782

73

ALLAHABAD BANK

1143

1095

48

1218

1167

99

1413

1326

186

ANDHRA BANK

682

680

2

1051

1023

30

1307

1285

52

BANK OF BARODA

3038

2907

131

3916

3701

346

5043

4889

500

BANK OF INDIA

2808

2660

148

3210

3127

231

4191

3972

450

BANK OF MAHARASHTRA

590

561

29

652

645

36

845

758

123

CANARA BANK

2992

2866

126

3838

3737

227

5248

5029

446

CENTRAL BANK OF INDIA

2095

1974

121

2295

2262

154

2716

2540

330

CORPORATION BANK

792

754

38

804

790

52

1254

1143

163

DENA BANK

718

683

35

784

774

45

1140

1085

100

INDIAN BANK

1246

1217

29

1369

1345

53

1673

1654

72

INDIAN OVERSEAS BANK

1534

1494

40

2376

2313

103

2633

2616

120

ORIENTAL BANK OF COMMERCE

834

788

46

1080

1039

87

1522

1456

153

PUNJAB AND SIND BANK

390

374

16

554

539

31

690

661

60

PUNJAB NATIONAL BANK

4454

4265

189

4735

4577

347

6227

5919

655

SYNDICATE BANK

1195

1146

49

1225

1193

81

1416

1383

114

UCO BANK

1262

1223

39

1406

1370

75

1747

1709

113

UNION BANK OF INDIA

2141

2013

128

2249

2249

128

2559

2308

379

UNITED BANK OF INDIA

953

937

16

733

700

49

958

972

35

VIJAYA BANK

411

398

13

489

481

21

690

666

45

IDBI BANK LIMITED

854

808

46

10

9

47

2079

2033

93

Bhartiya Mahila Bank

2

2

0

1453

1410

43

16

16

43

 

57724

54965

2759

65032

63992

3799

81309

77291

7817

CATHOLIC SYRIAN BANK LTD

82

81

1

80

78

3

66

66

3

CITY UNION BANK LIMITED

120

119

1

124

120

5

136

136

5

FEDERAL BANK LTD

331

327

4

387

376

15

503

467

51

JAMMU AND KASHMIR BANK LTD

157

146

11

168

168

11

140

133

18

KARNATAKA BANK LTD

163

162

1

140

138

3

222

207

18

KARUR VYSYA BANK LTD

195

191

4

242

238

8

298

299

7

LAKSHMI VILAS BANK LTD

102

100

2

166

167

1

120

116

5

NAINITAL BANK LTD

15

12

3

45

45

3

25

23

5

RATNAKAR BANK LTD

127

121

6

224

219

11

417

388

40

SOUTH INDIAN BANK LTD

165

163

2

195

191

6

206

204

8

TAMILNAD MERCANTILE BANK LTD

133

133

0

122

118

4

144

144

4

THE DHANALAKSHMI BANK LTD

89

88

1

71

72

0

64

61

3

AXIS BANK LIMITED

3242

3080

162

4966

4861

267

6748

6506

509

BANDHAN BANK LIMITED

0

0

0

26

23

3

102

100

5

DEVELOPMENT CREDIT BANK LTD.

131

128

3

263

252

14

316

301

29

HDFC BANK LTD.

5684

5542

142

7712

7815

39

9885

9331

593

ICICI BANK LIMITED

6379

6097

282

7897

7707

472

9541

9331

682

IDFC BANK LIMITED

0

0

0

1

1

0

29

24

5

INDUSIND BANK LTD

824

785

39

1214

1188

65

1436

1393

108

KOTAK MAHINDRA BANK LTD.

1576

1512

64

2394

2287

171

3711

3608

274

YES BANK LTD.

342

322

20

496

481

35

969

935

69

 

19857

19109

748

26933

26545

1136

35078

33773

2441

AMERICAN EXP. BANKING CORP.

106

88

18

156

171

3

187

175

15

BARCLAYS BANK PLC

92

87

5

95

96

4

55

57

2

CITIBANK N.A

813

789

24

890

881

33

1242

1173

102

DBS BANK LTD.

11

10

1

13

11

3

28

28

3

DEUTSCHE BANK AG

63

58

5

90

89

6

105

94

17

HONGKONG AND SHANGHAI BANKING CORPN.LTD.

298

288

10

403

385

28

415

408

35

ROYAL BANK OF SCOTLAND

197

190

7

181

175

13

126

132

7

STANDARD CHARTERED BANK

2012

1945

67

1558

1557

68

1086

1075

79

Others Foreign Banks

18

17

1

27

28

0

42

40

2

 

3610

3472

138

3413

3393

158

3286

3182

262

RRBs/SCBs/Others

7247

7116

131

7516

7188

459

11315

11082

692

Grand Total

88438

84662

3776

102894

101146

5524

130988

125330

11182

* Complaints disposed includes those pending at the end of the previous year

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

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