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    A Vision for Responsible AI, Resilient Banking - Keynote Address [Contributions by RBI colleagues Ms. Chandni Trehan Saluja and Ms. Kavita Gangwal, De...
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August 20, 2026
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Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
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Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
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Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
August 20, 2026
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Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
August 20, 2026
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Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
August 20, 2026
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Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
August 20, 2026
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Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.
August 19, 2026
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Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
Alleged misuse of Ayushman health-scheme cards involved collecting identity and ration-card details by promising free treatment, then creating forged beneficiary cards with false particulars. The alleged scheme enabled treatment for ineligible persons and purported claims of government health-scheme funds. Police arrested five persons, recovered purported forged identity and beneficiary cards, and are investigating possible involvement of hospital and medical-office personnel, the scale of card forgery, and alleged diversion of public funds.
August 19, 2026
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MSME competitiveness requires affordable credit, technology adoption, formalisation, sustainable trade and stronger export-market access for inclusive growth.
MSME development is identified as central to employment generation, exports, entrepreneurship, economic resilience and self-reliance. Key priorities include affordable credit, technology upgradation, supply-chain integration, market access, brand-building and reduced red tape. Formalisation of micro industries is emphasised to expand institutional credit access, while sustainable trade is promoted through green technologies and renewable energy. Export competitiveness is to be strengthened through regional production capabilities and the "One District, One Export Hub" initiative.
August 19, 2026
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Supply-side inflation risks support a policy pause pending evidence of broad-based, persistent price pressures and de-anchored expectations.
Monetary policy calibration remained on hold because food and fuel inflation had not yet produced broad-based or persistent price pressures. The policy pause was supported by limited pass-through of supply-side shocks, contained core inflation and no clear demand-driven overheating. Recalibration depends on incoming evidence of persistent inflation, entrenched supply-side pressures, de-anchored expectations and the evolving growth-inflation dynamic. Geopolitical disruption, volatile oil prices, monsoon conditions and El Nin o-related agricultural risks remain material inflation risks.
August 19, 2026
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Examination irregularities investigation examines alleged answer-sheet cheating, managed centres and suspected solver-gang involvement by a biometric operator.
Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.
August 19, 2026
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Trade restrictions on Iran halt commercial and financial exchanges as regional security threats disrupt maritime commerce and re-export access.
UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.
August 19, 2026
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Inflation persistence and expectations guide continued rate hold amid supply shocks and uncertainty over broader price pressures.
Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.
August 19, 2026
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Online credit card applications streamline comparison, eligibility screening and e-KYC, while approval remains subject to issuing-bank criteria.
Online credit card applications through the JioFinance app combine card comparison, eligibility checks, electronic verification, application submission and status tracking. Eligibility screening may occur without affecting the applicant's credit score, but approval remains subject to the issuing bank's criteria and internal policies. Aadhaar-based e-KYC or other accepted electronic verification may be used where applicable. Applicants should provide accurate Aadhaar, PAN and mobile details. Eligible approved applicants may receive a virtual card before physical-card delivery, subject to applicable terms and conditions.
August 19, 2026
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Comprehensive strategic partnership drives ministerial and business engagements on investment, market access, technology collaboration, skills and agri-food trade.
India-Singapore economic engagement is being advanced through ministerial and business roundtables under the Comprehensive Strategic Partnership. A multidisciplinary business delegation is undertaking business-to-business, government-to-business and institutional engagements focused on partnerships, investment, market access, technology collaboration and talent development. Agricultural trade cooperation includes promotion of Indian agri-food exports through a retail initiative. The engagement seeks to strengthen trade, investment, digitalisation, advanced manufacturing, skills development, green-economy cooperation and people-to-people ties.
August 19, 2026
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International senior notes issuance diversifies the bank's funding sources and expands access to global debt capital markets.
IDFC FIRST Bank accessed international debt capital markets through its IFSC Banking Unit at GIFT City by issuing inaugural fixed-rate senior notes with a three-year tenor, due in 2029. The notes were offered to investors outside the United States under the Regulation S format. The issuance followed an investment-grade long-term issuer credit rating with a stable outlook, diversifies the bank's funding sources, and creates an avenue for access to global capital markets in support of long-term growth.
August 19, 2026
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Closing auction session safeguards market transparency through pooled order matching, backed by immediate action against manipulation and stronger monitoring.
Closing auction session (CAS) improves transparency and reduces manipulation in end-of-trading price formation by pooling buy and sell orders during a designated closing window for auction-style matching. Manipulation intended to undermine CAS is subject to prompt and stringent action, supported by enhanced monitoring. Responsible use of artificial intelligence and machine learning requires tiered accountability and governance, including kill-switch, human-in-the-loop and data controls. Regulated entities remain responsible for privacy, security and integrity of investor data used by every AI tool they deploy.
August 19, 2026
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Foreign exchange market movement shows rupee pressure from elevated crude prices, moderated by reserves, intervention and FCNR(B) inflows.
Foreign exchange market movement saw the rupee depreciate marginally against the US dollar amid higher global crude oil prices, heightened West Asia tensions, a stronger dollar environment and weaker domestic equity markets. Central-bank intervention and foreign fund inflows provided support. Adequate foreign-exchange reserves and stronger-than-expected FCNR(B) scheme inflows were identified as factors limiting the scope for sharp depreciation.
August 19, 2026
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AI reliability engineering expands through an enterprise hub supporting AI assurance, agentic engineering, observability and trusted AI deployment.
QualityKiosk Technologies has established a Hyderabad engineering hub to expand AI reliability engineering, AI assurance and agentic engineering capabilities. The centre supports engineering, marketing, branding, analyst-relations and advisory functions, while serving enterprise demand for AI reliability, product engineering, CloudOps and automation. It advances an AI reliability operating framework covering AI for reliability, reliability of AI, agentic engineering, shift-right engineering, frontier-system reliability, observability and platform-based delivery to promote governance, resilience, operational trust and assurance in AI-powered systems.
August 19, 2026
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Money laundering investigation examines alleged diversion of government contract funds and their use in creating trust and university assets.
Money-laundering investigation under the Prevention of Money Laundering Act led to searches of premises associated with the Maulana Mohammad Ali Jauhar Trust, its university, linked companies, promoters and a chartered accountant. The inquiry concerns alleged diversion of government contract funds through private contractors and their alleged subsequent use, including for creating assets of the Trust and university. Separate planning-law issues concern allegations that most university buildings were constructed without approved plans.

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NITI Aayog Budget Allocation Increased by More than 20%

February 21, 2018

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NITI Aayog Budget Allocation Increased by More than 20%

Budget 2018 enhances NITI’s role in the national policy, frontier technologies

The New India Budget presented by the  Finance Minister has cemented NITI Aayog’s role as a driver of transformational change in the country, said Hon’ble MoS (IC) for Planning Shri Rao Inderjit Singh, addressing a press conference today highlighting the budget allocations, achievements and programmes of NITI Aayog.

Allocations for the Ministry of Planning, which is embodied by the NITI Aayog, have increased by more than 20% over last year i.e. to ₹ 339.65 crore in 2018-19 from ₹ 279.79 crore in 2017-18.

Further, the budget envisages a defined role for NITI Aayog in critical areas of artificial intelligence and agriculture policy, apart from reiterating a shared vision for national development in line with NITI Aayog’s Three Year Action Agenda, the Seven Year Strategy and the 15 Year Vision Document.                        

NITI in the Budget

NITI Aayog, in consultation with Central and State Governments, will put in place a fool-proof mechanism so that farmers will get adequate price for their produce.

NITI Aayog, in consultation with State Governments, will evolve a suitable mechanism to enable access of lessee cultivators to credit without compromising the rights of the land owners.

NITI Aayog will initiate a national program to direct our efforts in the area of artificial intelligence, including research and development of its applications.

Apart from the above mentions, NITI Aayog through its officers, advisers and policy shaping role has been predominant in the planning of Ayushman Bharat, the world’s largest health insurance scheme.

NITI: Learning from the past, shaping the future

Since its inception NITI Aayog has occupied a niche space in India’s policy environment. Through ambitious recommendations and dynamic initiatives, NITI has mobilized its expertise as the ‘think-tank’ of the government, in areas such as:

  • Envisaging a roadmap for revitalizing Indian agriculture and doubling farmer’s income
  • Framing of new guidelines for devolution of dedicated funds for SC/ST community
  • National Energy Policy
  • National Nutrition Strategy
  • National Medical Council Bill
  • National Medical Strategy
  • Recommendations on strategic disinvestment of CPSEs
  • Formulation of Model Land Leasing Bill
  • Development support to the North East through North East Industrial Development Scheme (NEIDS) 2017
  • Employment task force
  • Appraisal of the 12th Five Year Plan
  • Evolving policy on shared and connected mobility
  • Holistic development of Islands

NITI Aayog is also directly involved in on-ground policy interventions through various programmes and schemes. Some of these are outlined below.

  1. Atal Innovation Mission:

Spurring innovation through Atal Tinkering Labs in schools and Atal Incubation Centres across the country, AIM has been a widely popular programme of NITI. Atal Grand Challenges and Tinkering Marathons have encouraged young entrepreneurs across the country to learn, innovate and engage with cutting-edge technology.

  • 2441 ATL Schools selected as on Date:
    • 941 Selected in Phase 1 announced from the applications invited in 2016.
    • 1500 Selected in Phase 2 announced on 25-Dec-2017 i.e. on Atal Ji’s 93rd Birthday from applications invited in 2017.
    • Grant-in-aid including one-time establishment cost of ₹ 10 lakh and operational expenses of ₹ 10 lakh for maximum of 5 years for each ATL
    • All States are covered as of now in ATL Selections
  • Incubation Centres:
    • Established Incubation Centre: 6 EIC Supported in 16-17. Around 8-10 are in pipeline for approval during 2017-18.
    • Funding support for scaling up of operations of ₹ 10 crore for EICs,  to be paid in installments
    • Atal Incubation Centre: 13 selected in 16-17, around 20-25 in pipeline for consideration during 17-18. Funding support upto ₹ 10 crore for maximum of 5 years
  1. Cooperative Federalism
  • Sub-groups of Chief Ministers on critical subjects(April 2017):
  • Restructuring of Centrally sponsored schemes
  • Skill development
  • Swachh Bharat
  • Promotion of Digital Payments
  • National consultations with Chief Secretaries of all states and Finance secretaries
  • Programme to transform Aspirational Districts by engaging with DMs and Prabhari officers of 115 districts across the country
  • Representations made to NITI by groups of Secretaries, creating cross ministry interactions and collaborations
  1. Competitive federalism
  • Introduction of Digital Transformation Index and Innovation Index for ranking states
  • Launch of the Health Index, which is to become an annual exercise across the country evaluating health outcomes.       
  • Organized extensive workshops for consultation with States and UTs on indices
  • Sustainable Action for Transforming Human Capital (SATH): handholding for states to develop key indicators across areas of health and education
  • School Education Quality Index (SEQI), Composite Water Management Index
  1. Sustainable Development Goals
  • As nodal body for monitoring implementation of SDGs, KPI created by NITI Aayog to assess progress of states
  • Draft mapping of goals with measurable indicators
  1. Outcome based evaluation and monitoring across 15 key sectors of the economy
  • Extensive data-based, performance evaluation of states through DMEO dashboard and progress tracker
  • A rigorous exercise to bring qualitative improvement in the Output-Outcome Framework by
    • reviewing and identifying relevant outputs and outcomes
    • quantifiable and measurable indicators to monitor
    • Strategic Outcomes Verification Process (SOVP) for performance monitoring
    • Program Evaluation
      • 12 programs evaluated
      • Evaluation report finalised for
        • Prime Minister Employment Generation Programme
        • National Scheduled Caste Finance Development Corporation
        •  
        • Harmonized Sarv Siksha Abhiyaan
        • PMAY (Urban)
  • Compiling, transmitting and emulating best practices across states.
  • SAMAVESH: enabling cooperation between NITI and knowledge, research partners and institutions
  1. National and International Partnerships:
  • NITI Lecture Series: 3 lectures held so far by luminaries on governance
  • NITI-DRC dialogue: China Cell constituted at NITI to foster cooperation
  • Global Entrepreneurship Summit 2017: US India summit with over 2500 top entrepreneurs, investors, and ecosystem players
  • Champions of Change: Facilitated Hon’ble Prime Minister’s stakeholder consultation with start-ups and industry for policy inputs across 12 sectors
  1. Adoption of Frontier Technologies
  • NITI Aayog working on a position paper on blockchain technology, AI and its applications in governance
  • Partnering with state governments/UTs to run pilots on land records, Electronic health records, etc.
  • Working on a concept paper for “IndiaChain” – a shared, India specific blockchain infrastructure
  • Implementation of MIS database for NITI Aayog
  • Arbitration and enforcement in India Conference.
  • Digital Hub for Govt. Best Practices for NITI Aayog
  1.  Research, Study and Collaborations
  • 5 Research Studies completed
  • 7 National Seminars and 2 International Seminars Approved
  • 10 New Research Studies approved and 1st instalment Released
  • Release of 2nd instalment for 9 Research studies
  • 15 Logo support proposals approved
  1. Strengthening Arbitration and Legal Reforms
  • Global Conference on ‘Strengthening Arbitration and Enforcement in India’
  • Law Day Conference on ‘Balancing Roles of Three Wings of the State’ in association with Law Commission of India
  • Participation of over 1500 participants each day including Hon’ble President, Speaker, Lok Sabha; PM, other Ministers, Judges of Supreme Court, High Court, legal fraternity and academia.

NITI Aayog, as the premier ‘think-tank’ of the Government of India has been crucial in navigating and charting the course of the country in matters of national and international importance on the economic front, dissemination of best practices from within the country and from other nations, the infusion of new policy ideas and specific issue-based support.

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