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

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Opposition slams Budget as bundle of empty promises, ruling party MPs say it has vision for developed India

February 11, 2025

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New Delhi, Feb 11 (PTI) Opposition MPs in Rajya Sabha on Tuesday slammed the Union Budget as a bundle of empty promises that fails to address pressing issues like unemployment, inflation and farmer distress, while the members of the ruling BJP-led alliance lauded it as a significant step in the development path towards achieving the goal of 'Viksit Bharat'.

Participating in the debate on the Budget, BJP leaders highlighted India's economic growth despite the adverse impact of the COVID pandemic, efforts being made for the development of various sectors of the economy including infrastructure, and reforms like the income tax exemption up to Rs 12 lakh, which they claimed would boost consumption and growth.

On the other hand, opposition MPs accused the government of failing to deliver on its much-touted 'Sabka Saath, Sabka Vikas' slogan by sidelining welfare schemes for minorities, neglecting the agricultural sector, and overlooking the concerns of farmers, Scheduled Castes and Scheduled Tribes.

They also criticised the Goods and Services Tax (GST) regime and the stagnant budget for Mahatma Gandhi National Rural Employment Guarantee (MGNREG) scheme despite high demand.

BJP leader RPN Singh said, "In the last ten years, the Modi government has made our economy bigger than Britain which ruled us." He slammed the opposition saying they can't appreciate even the good decisions of the government.

"The exemption up to Rs 12 lakh on income tax, was it a bad decision? They will not speak about it even as the whole of India is lauding it," he said.

"The economy is progressing fast, it seems the opposition has forgotten COVID has impacted the whole world's economy, and India is now the fastest-growing economy," he said.

Singh said with the income tax slab change, Rs 1 lakh crore will be injected into the economy which will increase consumption.

However, TMC's Saket Gokhale said the government is going to earn more from taxes in this budget "by compensating for the reduction in income taxes through GST and other indirect taxes through which people are going to be extorted".

"Only 2.2 per cent of India's population pays income tax benefits ... 100 per cent of the population pays GST. When you take money through GST, everybody is going to get impacted by that," he said.

He alleged that the Modi government was depriving West Bengal of its rightful dues by withholding payment of over 1.75 lakh crore " because our people don't vote for them".

"Instead of the Licence Raj, today we have the GST Raj. Companies across India live in the dread of the GST inspector, who will find the smallest violation and then extort huge fines," he alleged.

Gohkale said the Indian economy is "crumbling" from the inside and its wall is going to crumble until something serious is done.

Independent Rajya Sabha member Kapil Sibal asked the government to spell out its vision for artificial intelligence considering the impact that it can have on jobs in India, while criticising the lack of an overall vision for the future in Union Budget 2025-26.

"When a new government comes to power naturally people of India expect that government to give us a vision of what it intends to do in the next five years. This government has already had ten years and the delivery mechanism has been both slow and inconsistent," the former Union minister said.

Chandrakant Handore, a Congress MP, demanded steps for the social, economic and educational uplift of backward and poor people to achieve the aim of Viksit Bharat.

“The government should focus on the development of backward and poor people along with the development of the nation,” Handore said.

BJP MP Bhagwat Kishanrao Karad said that the Budget is aimed at implementing the vision of a developed India by 2047.

"PM Modi, in his 11-year tenure, has given a new vision, which is Viksit Bharat Sankalp 2047, to 140 crore Indians," he said.

He said that if one has to study the budget, one should look at budget estimates and budget receipts.

He said that in 2013-14, the budget estimate was 16.65 lakh crore and after 10 years in 2024-25 it became 47.16 lakh crore.

Samajwadi Party MP Javed Ali Khan criticised the slashing of expenditure on schemes meant for the minority groups.

"The Budget or any policy document depicts the government's philosophy. In this Budget of 2025-26, minorities have been totally overlooked. The welfare schemes for minorities, the programmes have been either shut, or allocations have been cut," he said.

"The philosophy of 'Sabka Saath, Sabka Vikas' is definitely not behind it," he said.

Niranjan Bishi of the Biju Janata Dal (BJD) said that the Budget should have announced cuts in the prices of petrol, diesel and LPG, which would have helped bring down inflation.

CPI MP PP Suneer accused the Union government of not giving Kerala its due share.

CPI-M member A A Rahim criticised the Centre's economic policies, saying it has failed to address the real concerns of citizens.

Congress MP Ashok Singh stressed the need for a loan waiver for farmers, adding that a law should to made so that the Minimum Support Price for crops is decided based on the input cost.

BJP MP Arun Singh said that the Modi government has taken several steps for the farmers.

"Our government is dedicated to farmers, that is why in every election farmers vote for us and make us win while the opposition parties lose," he said.

Rajani Patil of Congress termed the Budget as a clear-cut example of the government's misplaced priorities.

"This Budget has neglected the most pressing issues facing our nation such as unemployment, farmer distress and rising cost of living. The lack of attention on these critical areas is a stark reminder of the government's disconnect from the common man, " she said.

She said budgetary allocations for the agri and fertiliser sectors have come down and even the MNREGA scheme remains stagnant despite demand for increases in wages.

NCP-SCP MP Fauzia Khan attacked the government on "rising" unemployment and the cost of living for middle-class households.

She also pointed to the decline in the value of the Indian rupee against the dollar.

Countering the opposition charge, Ajit Madhavrao Gopchade of the BJP noted that the government is working towards making the country a world power.

He said that post-COVID while many economies faltered, India continued on the path of growth.

BJP's Deepak Prakash stated that the Budget has brought happiness to the faces of 140 crore Indians.

He attacked the previous Congress governments for scams and policy paralysis.

NCP MP Praful Patel said that earlier giving 'roti, kapda and makan' was the essence of political and economic discourse, but people are today talking about a confident, self-reliant and developed India.

Referring to the US president’s ‘Make America Great Again’ slogan, Patel said Prime Minister Narendra Modi has been saying since 2014 that India is on a new trajectory with programmes like ‘Make in India’ and ‘Atmanirbhar Bharat’.

“What does it mean? Like America, we are also talking that ‘make India big and proud again’,” Patel said.

He stated that earlier India used to import a lot of goods and products but today "we are exporting a lot of crucial and important products". PTI AO RSN MSS JP SKC RT

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