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    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
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    No compromise on tackling illegal immigrants' issue: Minister Priyank Kharge
    Technology, transparency key for urban cooperative banks to stay competitive: Shah
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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
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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
    Show AI Summary
    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
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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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      PM Modi takes '3 MPs of family' jibe at Gandhis, tears into AAP in LS speech

      February 4, 2025

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      New Delhi, Feb 4 (PTI) Prime Minister Narendra Modi on Tuesday excoriated Congress leader Rahul Gandhi saying those speaking of "declaring a war on the Indian State" can appreciate neither Constitution nor national unity as he launched a spirited counter-offensive in Lok Sabha against the Opposition.

      With Rahul Gandhi leading the Congress' attempts to corner the ruling alliance for its alleged neglect of the interests of the weaker sections of society, the prime minister asked to the cheers from treasury benches if at any point of time three members of a Scheduled Castes or Scheduled Tribes family have served as MPs together.

      Replying to the two-day discussion on the Motion of Thanks to the President's Address, he said, "I want to pose a very important question to the countrymen," and then added after raising the issue, "The answer to my question will show the huge gap between the words and action of some people. The gap is like between the earth and sky, day and night." The prime minister's point was clearly aimed at the Gandhi family as their three members, Sonia Gandhi, Rahul and Priyanka, are currently parliamentarians.

      He also accused Rahul Gandhi of openly speaking the language of urban naxals and said it is the country's misfortune.

      "Those who declare a war on the Indian state can understand neither the Constitution nor the country's unity," he said.

      Gandhi had said during the inauguration of his party's new headquarters last month that the Congress is fighting the Indian state, as he accused the government of using its machinery to target the opposition.

      In his nearly 95-minute speech, Modi reeled out figures to highlight his government's work for the SC, ST and OBC to rebut the Congress' allegations while keeping AAP leader Arvind Kejriwal in the line of fire for his alleged corruption and false promises, a day before the assembly polls are held in Delhi.

      Without raising any tension in the society, his government has worked the welfare of disadvantaged sections while keeping people united, Modi said, asserting that more opportunities have been created for them in every field.

      It has become a fashion for some leaders to talk of castes, he said touching on Gandhi's pet issue of caste census, adding that the MBBS seats available for SC, ST and OBC students have risen from 7,700 to 17,000, from 3,800 to 9,000 and from 14,000 to 32,000 respectively as the number of medical colleges jumped to 780 from 387 under his government.

      He also asserted that his government saved lakhs of crores of rupees since 2014, including over Rs 3 lakh crore by striking off over 10 crore fake beneficiaries of welfare schemes, and used the money for nation-building and not building "sheesh mahal", a jibe at the former Delhi chief minister.

      The BJP has been using the term 'sheesh Mahal', a colloquial Hindi term for an opulent house, to allege a "big scam" in the reconstruction of Kejriwal's official bungalow.

      Modi criticised Sonia Gandhi's "poor thing" comments for President Droupadi Murmu following her address on January 31 as insulting to the "daughter of a poor family" and slammed such mindset.

      A day after Rahul Gandhi targeted the government over its foreign policy, including China's alleged intrusion, Modi sought to make light of his charge saying some people think that they will not look mature unless they touch on the issues of external affairs.

      Such leaders, he said, should read "JFK's Forgotten Crisis", a book with some unflattering description of Jawaharlal Nehru.

      Taking on the Congress over its charge that he has worked to weaken the Constitution, he said referring to the treasury benches, "Those who live the Constitution are sitting here. When 'satta' (government power) is service then nation-building takes place. When satta becomes inheritance, then democracy is finished." His government, Modi said, included the leader of the largest opposition party in selection process for important functionaries even when there was no recognised opposition after the 2014 polls. It has now made a law so that the the Leader of the Opposition becomes a member of the panel to select election commissioners, he added.

      He cited different measures, including incorporating the history of all prime ministers in the PM Museum against the "family's museum" and building the tallest status in India Sardar Vallabhbhai Patel, a prominent Congress leader, to assert his government's commitment to the Constitution and its spirit. Turning to Kejriwal, the leader of Delhi's ruling Aam Aadmi Party, Modi flayed him for corruption, false promises and denying health benefits to the city's residents, especially senior citizens, by not adopting the Centre's health insurance scheme of Ayushman Bharat.

      "Some parties are like 'AAP-da' for the future of the youth," he said in the speech in which he did not directly name either Gandhi or Kejriwal.

      He also said those who walk with a copy of the Constitution in their pockets made Muslim women suffer due to the practice of triple talaq while his government gave them equal rights by abolishing the practice.

      Modi said Murmu's speech has infused new confidence in the goal of building 'Viksit Bharat' and inspired people as he noted that people have given him 14th opportunity to reply to the Motion on a President's Address.

      Over 25 crore people have been lifted out of poverty during his government's 10-year tenure, he said, and took a swipe at former prime minister Rajiv Gandhi for repeatedly speaking of the need for preparing India for the 21st century while doing little to meet its needs of the 20th century. Rahul Gandhi's father was at helm between 1984 and 1989.

      Citing a cartoon of the famous R K Laxman showing a plane depicting 21st century being carried on a cart pushed by people, he said it showed how much disconnected was the then prime minister from the reality.

      Modi invoked his own humble background to assert that when a person, who is connected to the ground, understands the ground reality and lives his life on the ground, spends his life for the poor, then changes follow.

      Over Rs 40 lakh crore was credited to people's bank accounts directly by his government, he added.

      His government has spent a massive amount of money on development and used its resources to boost their savings as well, Modi said. Before his government came to power, those earning only Rs 2 lakh were exempt from Income Tax while the threshhold is now Rs 12 lakh.

      Against the earlier politics of appeasement, his government has worked to ensure that its benefits reach every by following the politics of satisfaction, Modi said and recalled the BJP's big win in Haryana and Maharashtra assembly polls to underscore the popular trust it enjoys.

      Expressing confidence of people's continuing support to the BJP, he said he said he was only in his third term and the masses will give his party many more opportunities to serve them. PTI ASK/KR SKU NAB ZMN

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