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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    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
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    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".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
    Show AI Summary
    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      Davos beyond WEF: Skiing to Sherlock to Sanatorium

      January 19, 2025

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      Davos, Jan 19 (PTI) As the rich and powerful of the world debate here the 'collaboration in an intelligent age' over the next five days, this small Swiss ski resort town will also offer them its own history to ponder over.

      Be it the menace of misinformation and disinformation posed by deepfakes and other forms of artificial intelligence, conflicts in Ukraine and Gaja or climate change threats from Delhi to Dallas, problems are plenty and all have suddenly reached Davos.

      Once known for health tourism, always frequented by skiing enthusiasts and also home to the Sherlock Homes creator who moved here to help his ailing wife live longer, Davos is also home to the annual week-long pow-wow of global elite in sub-zero temperatures and that has made it into a host for a talkfest for all problems plaguing or facing the world.

      For now, it teems with huge billboards atop buildings and buses, promoting governments and companies, including from India, while the narrow roads made even narrower by heavy snowfall are full of lounges set up by the private and public sectors from multiple countries.

      The five-day World Economic Forum (WEF) Annual Meeting will begin on Monday evening and will continue till Friday, where approximately 3,000 leaders from over 130 countries will discuss innovative strategies to revitalize growth, harness transformative technologies, empower individuals and communities, protect the planet and drive collaboration amid economic fragmentation and geopolitical polarization.

      More than 350 government leaders, including over 60 heads of state and government, will attend the Annual Meeting 2025, sharing their priorities for the year ahead.

      They will be joined by over 1,600 business leaders, as well as civil society representatives, prominent changemakers and key experts to foster inclusive dialogue and forge new partnerships to deliver better outcomes for people, economies and the planet.

      Giving them company in full strength, the heavy snowfall has led to several roads getting closed and serpentine traffic elsewhere and a similar situation is expected throughout the week.

      Flush with nearly three times its usual population, the Swiss resort of Davos is teeming with black business suits for the WEF annual gathering, but it still cannot deter skiing enthusiasts and those coming for medical tourism.

      There are warnings that the snow-laden town in the Swiss Alps can see snow storms and rains with temperatures expected to continue in sub-zero degrees and a lot worse at the higher altitudes.

      But that does not seem to have dampened the spirits of those having come to the annual talkathon of the rich and powerful from across the world -- something that has become synonymous with this place for over five decades now.

      The event has also brought thousands of army, police and other security personnel from across Switzerland and some neighbouring countries as well to secure the summit being attended by nearly 60 heads of states and governments.

      But it has a much older and fascinating history of its own, being a place of eminence for medical tourism as also winter sports.

      Arthur Conan Doyle, creator of the famous detective character Sherlock Holmes, moved to this town along with his ailing wife that reportedly helped her live longer.

      Once famous for being a summer health resort, Davos has gradually emerged as a major winter sports hub on the Alps, but its biggest claim to fame for the past four decades has been the World Economic Forum's annual meeting every January, beginning in 1971.

      The Geneva-based WEF is hosting its 55th annual meeting here beginning Monday, where more than 2.800 leaders from across the world will participate in a high-profile talkfest for five days.

      To cover this global elite jamboree, there are more than 500 journalists and thousands of support staff as well.

      While such a high-profile event leads to all hotels and rental apartments being occupied, the die-hard winter sports fans still throng this place as the WEF week also means relatively smaller crowds in ski areas and on mountain cableways.

      The only drawback for tourists is that they cannot stay within the town, which has less than 10 medium-sized hotels and about 40 small ones, including in nearby areas like Klosters and Dorf.

      Besides, the so-called WAGs and HABs (wives and girlfriends/husbands and boyfriends), as referred to by locals and others privately but as partners on record, of those attending the WEF meet are also around in large numbers on ski circuits and at various tourist destinations of the town that comprises two big parallel roads and numerous connecting alleys.

      Davos' history as a modern and popular holiday destination dates back to 150 years when the first winter guests arrived here in 1865. Till then, it was just a summer mountain health resort with a strong reputation for the treatment of tuberculosis patients.

      One day in February 1865, Doctor Friedrich Unger and Hugo Richter from Germany arrived here and began a course of treatment on a bed made from a hay sledge covered with boards.

      The treatment proved successful and both men were able to return to work. Soon after, Unger returned to Davos and worked as a doctor here for over 20 years.

      Richter married a Davos girl and took over the management of a guest house. Later, he also moved his publishing business to this small town and began printing two local newspapers.

      Another feather in its cap is Davos being home to painter Ernst Ludwig Kirchner, who spent his last 20 years in this town, which is full of many of his finest paintings.

      Besides a museum devoted to Kirchner's work, his paintings can be seen everywhere in Davos.

      Towards the end of his life, Kirchner suffered a major nervous breakdown and spent his last days in a sanatorium in Davos.

      This is the same sanatorium that inspired Noble laureate Thomas Mann's classic novel 'The Magic Mountain'.

      Davos' annual affair with WEF began in 1971 when the Forum was known as the European Management Forum. That year, WEF founder Klaus Schwab invited over 400 European business leaders for a meeting at the Davos Congress Centre under the patronage of the European Commission.

      Subsequently, WEF was formed and leaders from across the world began congregating here at the end of January every year.

      Over the years, the WEF annual meeting at Davos grew larger and has been host to many historic accords and meetings, including one draft agreement on Gaza and Jericho between the then Israel foreign minister Shimon Peres and Palestine Liberation Organisation chairman Yasser Arafat in 1994. In 1988, Greece and Turkey also signed their Davos Declaration here, which saw the two countries avoiding a war, while North and South Korea held their first ministerial-level meetings in Davos in 1989 -- a year that also saw German chancellor Helmut Kohl here discussing German reunification and then the knocking down of the Berlin Wall.

      So far, only once has WEF held its annual meeting outside Davos, when in 2002 it decided to shift the venue to New York to show solidarity with that city and the American public after the 9/11 terrorist attacks.

      Also, the WEF couldn't hold a physical annual meeting in Davos in 2021 due to the Covid pandemic, while the 2022 meeting got postponed to May due to the pandemic.

      India's presence has also been increasing at the Davos meeting, during which hundreds of Indians can be seen strolling on its narrow roads, one of which has been hosting an 'India Adda' for many years, though the official name has changed in recent years quite a few times, including to Make In India lounge and simply India Lounge and India Pavilion, but regulars still prefer to call it by the old name of India Adda. PTI BJ MR

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