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    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
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    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
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    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.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".

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      News and Press Release

      Revolutionizing Digital Commerce: The ONDC Initiative

      January 6, 2025

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      Digital commerce reimagined for inclusivity and innovation

      “ONDC has contributed to empowering small businesses and revolutionising e-commerce, thus playing a vital role in furthering growth and prosperity.”

      - Prime Minister Narendra Modi

      Introduction

      The Open Network for Digital Commerce (ONDC) is a transformative initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India aimed at democratizing digital commerce. Launched in April 2022, ONDC is an initiative aiming at promoting open networks for all aspects of exchange of goods and services over digital or electronic networks. ONDC is based on open-sourced methodology, using open specifications and open network protocols independent of any specific platform. It envisions creating a level playing field for sellers, buyers, and service providers across India, particularly small and medium enterprises (MSMEs). It serves as a unified platform where stakeholders can interact freely without the constraints of exclusive ecosystems. By fostering open protocols and reducing dependency on monopolistic platforms, ONDC aims to catalyze innovation and inclusivity in the digital commerce landscape.

      With the vision to create an organization with a startup mindset supported by government, ONDC was incorporated as a non-profit, Section-8 company and incubated at the Quality Council of India. QCI was joined by Protean as the co-founder for incorporation of ONDC. With an authorized capital of Rs500 crore, any public and private banks and financial institutions have contributed equity to ONDC till now.

      Investors of ONDC

      Objectives of ONDC Initiative

      The ONDC initiative has several key objectives:

      1. Democratization of Commerce: Break the dominance of large e-commerce platforms by enabling interoperability across networks.
      2. Inclusivity: Empower small businesses, retailers, and local artisans to access the digital marketplace.
      3. Cost Efficiency: Lower the cost of customer acquisition and transaction processing for sellers.
      4. Market Expansion: Bridge regional and linguistic gaps, bringing untapped markets into the fold of digital commerce.
      5. Customer Empowerment: Increase options for buyers by providing access to a broader array of sellers.

      How Does It Work?

      ONDC employs open network protocols to facilitate seamless interaction between participants. The network enables buyers and sellers from different platforms to transact with each other using standardized APIs. The key components include:

      1. Decentralized Architecture: Unlike traditional platforms, ONDC does not own or operate e-commerce services. It acts as an enabler for interconnectivity.
      2. Open Protocols: Based on open standards, ONDC ensures that any seller or buyer platform adhering to these protocols can participate.
      3. Role Segregation: Participants are classified into roles such as Buyer Applications, Seller Applications, and Logistics Providers, ensuring clear delineation of responsibilities.

      Domains on the ONDC Network

      S. No.

      Domain Name

      Service Name

      1

      Food & Beverage

      Continental, Middle Eastern, North Indian, Regional Indian, South Indian, Pan-Asian, Tex-Mexican, Healthy Food, World Cuisines, Desserts, Beverages, Fast Food

      2

      Grocery

      Baby Care, Bakery, Cakes & Dairy, Beauty & Hygiene, Beverages, Cleaning & Household, Eggs, Meat & Fish, Foodgrains, Fruits & Vegetables, Snacks & Branded Foods

      3

      Fashion & Footwear

      Men's Accessories, Men's Apparel, Women's Apparel, Women's Footwear, Kid's Apparel

      4

      Home & Kitchen

      Home Decor, Furniture, Cookware and Dining

      5

      Electronics

      Audio, Cameras, Laptops, Mobile Phones, Televisions

      6

      Beauty & Personal Care

      Health, Kitchen Appliances, Lighting

      7

      Health & Wellness

      Pain Relief, Nutrition and Fitness Supplements, Covid Essentials, Diabetes Control, Healthcare & Fitness Devices, Ayurvedic, Homeopathy, Unani and Siddha, Elder Care, Baby Care, Orthopedic Care, Mobility Aids, Medicated Hair Care, Medicated Skin Care, Face Cleansers, Gastric Care, ENT Care, Eye Care, Cold and Cough, Sexual Wellness, Feminine Care, Maternity Care, etc.

      8

      Gift Cards

      Retail and Enterprise Gift Cards

      9

      Mobility

      Auto, Cabs, Flights, Metro Rail, Charter

      10

      Financial Services

      Credit, Insurance and Investments

      11

      Services

      Skilled and Subscription Based

      12

      Agriculture

      Agricultural Input, Output and Services

      13

      ONEST

      Education and Training

      Roles on the ONDC Network

      Participants play various roles to ensure efficient functioning:

      1. Buyer Applications: Platforms enabling customers to access sellers on the ONDC network.
      2. Seller Applications: Interfaces for businesses to list and manage their offerings.
      3. Logistics Providers: Facilitators for the movement of goods across regions.
      4. Technology Enablers: Providers of IT infrastructure and tools.

      Benefits of ONDC

      Impact of ONDC

      The implementation of ONDC is having a profound impact on India’s economy:

      1. Market Democratization: Ensuring that businesses of all sizes can thrive.
      2. Economic Growth: Increased digital commerce activity contributing to GDP.
      3. Job Creation: Expanding opportunities in technology, logistics, and ancillary services.
      4. Consumer Empowerment: Offering diverse options and competitive pricing.

      Collaborations with Government Departments/Ministries

      ONDC actively collaborates with multiple government bodies to expand its reach and effectiveness:

      1. Ministry of MSME: To onboard small businesses and local artisans, enhancing their digital presence, for example, the MSME-TEAM Initiative.
      2. Ministry of Commerce and Industry: For policy alignment and fostering international trade through the ONDC network.
      3. Digital India Program: Leveraging digital infrastructure to ensure widespread access.
      4. Startup India: Promoting entrepreneurship and innovation by integrating startups into the ONDC ecosystem.
      5. Quality Council of IndiaDigiReady Certification (DRC) portal, launched in February 2024, aim to assess and certify digital readiness of MSME entities.
      6. Department of Fisheries: To provide a digital platform and empower all stakeholders including traditional fishermen, fish farmers producer organization, entrepreneurs from fisheries sector to buy and sell their products through e-market place, i.e., ONDC.
      7. Ministry of Agriculture & Farmers Welfare and NABARD: Onboarding Farmer Producer Organizations (FPOs) and farmers to the network.

      ONDC for MSMEs

      Micro, Small, and Medium Enterprises (MSMEs) form the backbone of India’s economy. ONDC provides them with a unique opportunity to overcome challenges such as limited digital reach and high platform costs. Key benefits include:

      1. Increased Visibility: MSMEs gain access to a nationwide customer base.
      2. Reduced Costs: Interoperable protocols eliminate dependency on expensive platform services.
      3. Skill Development: Training programs to familiarize MSMEs with digital tools.
      4. Fair Competition: Equal opportunities to compete with larger players.

      ONDC protocols would standardize operations like cataloguing, inventory management, order management and order fulfilment. Thus, small businesses would be able to use any ONDC compatible applications instead of being governed by specific platform centric policies. This will provide multiple options to small businesses to be discoverable over network and conduct business. It would also encourage easy adoption of digital means by those currently not on digital commerce networks.

      The Ministry of MSME launched a sub-scheme “MSME Trade Enablement and Marketing Initiative” (MSME-TEAM Initiative), which aims at assisting five lakh MSMEs to onboard the ONDC platform, through awareness workshops which will include hand-holding assistance for onboarding onto ONDC. MSME TEAM scheme aims to provide financial assistance to micro and small enterprises (MSEs) through Seller Network Participants, for catalogue preparation, account management, logistics and packaging material & design. Of the total five lakh MSEs to be benefited, two and a half lakh MSEs would be women owned MSEs. The scheme is valid from 2024 to 2027. However, awareness workshops will be conducted preferably in Tier 2 and Tier 3 cities and MSME Clusters for greater outreach, especially among women and SC/ ST owned MSMEs.

      ONDC Startup Mahotsav

      Department for Promotion of Industry and Internal Trade (DPIIT) organised the ‘ONDC Startup Mahotsav’, a first of its kind event, on 17th May 2024 in New Delhi. The event symbolized the celebration and collaboration of two of DPIIT’s flagship initiatives – the Startup India initiative and ONDC. The event witnessed participation of around 5,000 startups in hybrid mode. Over 125 ecosystem stakeholders including startups, unicorns and high growth businesses such as EaseMyTrip, Livspace, Pristyn Care, Cars24, and Zerodha, signed Letter of Intent (LoI) during the event. These LoIs signify the potential of ONDC and the eagerness of leading startups of the country to collaborate with the platform. Insightful panel discussions on subjects as ‘Building a collaborative future of Indian E-Commerce’, ‘ONDC - Startup Success Story’ and ‘Driving Startup Growth through ONDC’ dwelled on the areas of mutual collaboration and the immense potential for startups and emerging businesses to expand and scale-up harnessing the network of ONDC.

      Government Initiatives to Increase Awareness, Adaptation and Training among Small Businesses

      ONDC has taken various initiatives to increase awareness, adaptation and training among small businesses for fully leveraging the benefits of ONDC and become ONDC compliant. These include:

      • ONDC has been conducting awareness workshops in collaboration with various industry associations across the country to educate the small sellers and businesses about ONDC and its benefits. Multiple joint workshops are being organised in collaboration with RAI, PHDCCI, FICCI, NASSCOM and FHRAI.
      • ONDC has delivered virtual training & technical training through open digital sessions, which was attended by large number of startups, students, business leaders, bureaucrats etc.
      • ONDC has developed a Handbook to help sellers (especially first-time sellers) succeed in digital commerce in 14 languages and are being distributed widely.
      • ONDC is in collaboration with Bhashini to improve app development and e-commerce in Indic languages.
      • ONDC has launched a Feet on Street program to support the Network Participants (NPs) in identifying and educating sellers about the benefits of ONDC and how to join through Seller Applications, hand-holding support to sellers to onboard on Seller Applications and creating a first-level basic catalogue.
      • To connect every village in India to the national digital market, CSC-Common Services Centers have gone live on ONDC.
      • WhatsApp Bot “ONDC Sahayak” launched in 5 languages, to help sellers and buyers get information about ONDC.
      • ONDC has launched an Academy, which is a repository of educational and informative textual and video content. ONDC Academy is providing a curated learning experience providing guidance and best practices for a successful e-commerce journey for each and every participant of the ONDC network.

      Key Achievements of ONDC

      Since its inception, ONDC has recorded notable milestones:

      1. Pilot Programs: Successful implementation in select cities like Bengaluru and Delhi.
      2. First ONDC Fair Price Shop: As a step towards Digital India, the Department of Food and Public Distribution, Government of India launched a pilot to on-board the Fair Price Shops (FPSs) in Una and Hamirpur districts of Himachal Pradesh on the Open Network Digital Commerce (ONDC).
      3. Expansion of Services and Products available on ONDC platforms: The ONDC Network started with two categories (F&B and Grocery) and have expanded to numerous other categories such as Mobility, Fashion, Beauty and Personal Care, Home & Kitchen, Electronics and Appliances, Health & Wellness and B2B.
      4. Wide Geographical Coverage: As on January 2, 2024, the sellers and service providers are spread across 616+ cities expanding the geographical coverage of the ONDC network.

      Awards and Recognition

      Year

      Award

      Awarding Organisation

      2024

      Application of Emerging Technologies for providing Citizen Centric Services

      National Awards for e-Governance

      2024

      Challenger (Brand)

      e4m Pitch Top 50 Brands

      2024

      Tech Disrupter

      Republic Business Emerging Technology Awards

      2024

      Start-up of the Year

      14th India Digital Awards (IDA)

      2023

      FinTech Company of the Year

      Global Fintech Awards

      2023

      The Disrupters

      Indian Business Leader Awards (IBLA)

      2023

      The Disruptive Technology Award

      Global IP Convention (GIPC)

      Conclusion

      ONDC represents a bold step towards creating a fair, open, and inclusive digital commerce ecosystem in India. By addressing the challenges of monopolistic practices and empowering smaller players, it has the potential to transform the e-commerce landscape. The initiative is not just a technological framework but a vision for a more equitable digital future.

      References:-

      https://ondc.org/

      https://x.com/narendramodi/status/1874668637891781118

      https://pib.gov.in/Pressreleaseshare.aspx?PRID=1814143

      https://pib.gov.in/PressReleasePage.aspx?PRID=1884249

      https://pib.gov.in/PressReleasePage.aspx?PRID=2020896

      https://pib.gov.in/PressReleasePage.aspx?PRID=2035082

      https://pib.gov.in/PressReleasePage.aspx?PRID=2051330

      https://pib.gov.in/PressReleseDetailm.aspx?PRID=1984081

      https://pib.gov.in/PressReleasePage.aspx?PRID=2003348

      https://pib.gov.in/PressReleasePage.aspx?PRID=2003914

      https://pib.gov.in/PressReleasePage.aspx?PRID=2007083

      https://sansad.in/getFile/loksabhaquestions/annex/1715/AU816.pdf?source=pqals

      https://sansad.in/getFile/annex/265/AU531_uRPdIv.pdf?source=pqars

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