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    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
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    Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth
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    Raymond Limited reports a healthy Q1 FY27 performance
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    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
    Ministry of Agriculture, Food and Rural Affairs and aT Host '2026 K-Food Fair in New Delhi, India'
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    Technology, transparency key for urban cooperative banks to stay competitive: Shah
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    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      16 dead, 16 missing as fire crews try to corral Los Angeles blazes before winds return this week

      January 12, 2025

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      Los Angeles, Jan 12 (AP) Firefighters scrambled Sunday to make further progress against wildfires that have killed 16 people in the Los Angeles area as forecasters again warned of dangerous weather with the return of strong winds this week.

      At least 16 people were missing, and authorities said that number was expected to rise.

      The National Weather Service issued red flag warnings for severe fire conditions through Wednesday, with sustained winds of 50 mph (80 kph) and gusts in the mountains reaching 70 mph (113 kph). The most dangerous day will be Tuesday, said weather service meteorologist Rich Thompson.

      “You're going to have really strong gusty Santa Ana winds, a very dry atmosphere and still very dry brush, so we still have some very critical fire weather conditions out there,” Thompson said at a community meeting Saturday night.

      Fierce Santa Ana winds have been largely blamed for turning the wildfires sparked last week into infernos that levelled entire neighbourhoods around the city where there has been no significant rainfall in more than eight months.

      Twelve people were missing within the Eaton Fire zone and four from the Palisades Fire, Los Angeles County Sheriff Robert Luna said Sunday morning.

      Meanwhile, the death toll rose to 16 over the weekend. Five of the deaths were attributed to the Palisades Fire and 11 resulted from the Eaton Fire, the Los Angeles County coroner's office said in a statement Saturday evening.

      The previous number of confirmed fatalities before Saturday was 11, but officials said they expected that figure to increase as teams with cadaver dogs conduct systematic grid searches in levelled neighbourhoods. Authorities have established a centre where people can report the missing.

      Joseph Everett, assistant chief of the Los Angeles Fire Department's west bureau, said it has been difficult to see such destruction in an area where he, his father and grandfather all have worked as firefighters.

      “It resonates with me heavily,” he said. “Please be patient as we are up there … we're still aggressively fighting fire out there.” By Sunday morning, Cal Fire reported the Palisades, Eaton, Kenneth and Hurst fires had consumed more than 62 square miles (160 square kilometres), an area larger than San Francisco. The Palisades Fire was 11 per cent contained and containment on the Eaton Fire reached 27 per cent. Those two blazes accounted for 59 square miles (nearly 153 square kilometres).

      In a briefing posted online Saturday evening, Michael Traum of the California Office of Emergency Services said 150,000 people in Los Angeles County were under evacuation orders, with more than 700 people taking refuge in nine shelters.

      Crews from California and nine other states are part of the ongoing response that includes 1,354 fire engines, 84 aircraft and more than 14,000 personnel, including newly arrived firefighters from Mexico, he said.

      With Cal Fire reporting containment of the Palisades Fire at 11 per cent and the Eaton Fire at 15 per cent on Saturday night, the fight is set to continue.

      “Weather conditions are still critical and another round of strong winds is expected starting Monday,” Traum said.

      Fighting to save public and private areas After a fierce battle Saturday, firefighters managed to fight back the flames in Mandeville Canyon, home to Arnold Schwarzenegger and other celebrities near Pacific Palisades not far from the Pacific coast, where swooping helicopters dumped water as the blaze charged downhill. Firefighters on the ground used hoses in an attempt to beat back leaping flames as thick smoke blanketed the chaparral-covered hillside.

      The fire also briefly threatened to jump over Interstate 405 and into densely populated areas in the Hollywood Hills and San Fernando Valley.

      Arrests for looting Looting continues to be a concern, with authorities reporting more arrests as the devastation grows. Michael Lorenz, a captain with the Los Angeles Police Department, said seven people have been arrested in the last two days.

      “We even made arrests of two individuals that were actually posing as firefighters coming and in and out of houses, so we're paying very, very close attention to everybody,” Lorenz said at Saturday evening's community meeting.

      Asked exactly how many looters have been arrested, Lorenz said he couldn't give a precise number but that officers were detaining about 10 people a day. California National Guard troops arrived Friday to help guard properties.

      California Gov. Gavin Newsom posted on X Saturday that “California will NOT allow for looting.” Historical cost The fires that began Tuesday just north of downtown LA have burned more than 12,000 structures.

      Firefighters for the first time made progress Friday afternoon on the Eaton Fire north of Pasadena, which has burned more than 7,000 structures, a term that includes homes, apartment buildings, businesses, outbuildings and vehicles. Most evacuation orders for the area were lifted, officials said.

      No cause has been determined for the largest fires and early estimates indicate the wildfires could be the nation's costliest ever. A preliminary estimate by AccuWeather put the damage and economic losses so far between USD 135 billion and USD 150 billion.

      In an interview that aired Sunday on NBC, Gov. Gavin Newsom said the fires could end up being the worst natural disaster in US history.

      “I think it will be in terms of just the costs associated with it, in terms of the scale and scope,” he said.

      Overflowing kindness Volunteers overflowed donation centres and some had to be turned away at locations including the Santa Anita Park horse racing track, where people who lost their homes sifted through stacks of donated shirts, blankets and other household goods.

      Altadena resident Jose Luis Godinez said three homes occupied by more than a dozen of his family members were destroyed.

      “Everything is gone,” he said, speaking in Spanish. "All my family lived in those three houses and now we have nothing.” Officials warn against returning Los Angeles County Sheriff Robert Luna warned residents against venturing back to destroyed homes to sift through rubble for keepsakes.

      “We have people driving up and around trying to get in just to look. Stay away,” Luna said, urging people to abide by curfews.

      Officials on Saturday warned the ash can contain lead, arsenic, asbestos and other harmful materials.

      “If you're kicking that stuff up, you're breathing it in,” said Chris Thomas, a spokesman for the unified incident command at the Palisades Fire who warned the material was "toxic.” Residents will be allowed to return with protective gear after damage teams evaluate their properties, Thomas said.

      Rebuilding will be a challenge The level of devastation is jarring even in a state that regularly confronts massive wildfires. Traum of the state Office of Emergency Services said those impacted by the fires can apply online for immediate government assistance.

      Newsom issued an executive order Sunday aimed at fast-tracking the rebuilding of destroyed property by suspending some environmental regulations and ensuring that property tax assessments are not increased.

      “California leads the nation in environmental stewardship. I'm not going to give that up. But one thing I won't give into is delay,” he said. “Delay is denial for people: lives, traditions, places torn apart, torn asunder.” “We've got to let people know that we have their back,” he said. “Don't walk away because we want you to come back, rebuild, and rebuild with higher quality building standards, more modern standards. We want to make sure that the associated costs with that are not disproportionate, especially in a middle-class community like this.” Leadership accused of skimping LA Mayor Karen Bass faces a critical test of her leadership during the city's greatest crisis in decades, but allegations of leadership failures, political blame and investigations have begun.

      Newsom on Friday ordered state officials to determine why a 117 million-gallon (440 million-litre) reservoir was out of service and some hydrants had run dry.

      Los Angeles Fire Chief Kristin Crowley said city leadership failed her department by not providing enough money for firefighting. She also criticized the lack of water.

      “When a firefighter comes up to a hydrant, we expect there's going to be water,” Crowley said. (AP)   GRS GRS GRS

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