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    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
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    August 13, 2026
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    International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
    UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
    August 13, 2026
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    August 13, 2026
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    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
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    Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
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    Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
    India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
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    Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
    IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
    August 13, 2026
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    Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
    India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
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    Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
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    Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
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    Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
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      Kumbh pilgrims' surge spills over to Varanasi, Prayagraj; residents balance faith, daily life

      February 18, 2025

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      Varanasi/Prayagraj/Ayodhya, Feb 18 (PTI) On a typical morning, Varanasi resident Ayush Singh would step out of his house, navigate through the bustling but manageable streets and complete his errands with ease.

      However, for several weeks, the city's narrow lanes have been overwhelmed with an unprecedented surge of pilgrims to Kashi Vishwanath temple. It has made the life of Singh, who lives in the Sigra locality of the temple town, a bit challenging.

      "It has become nearly impossible to step out. The sheer number of visitors has thrown our daily lives off balance," he says, adding that essentials are in short supply as transport disruptions hinder deliveries.

      "The administration must realise that the daily lives of the local residents have been completely disrupted. Even fulfilling basic needs has become difficult," he added.

      Across the Ganges in Prayagraj, Anjan Ghosh found himself in an unexpected predicament. His family had planned to attend a wedding at KP Community Centre, merely two kilometres from their residence in Civil Lines.

      But with barricades erected at major intersections, the journey became so arduous that they ultimately had to abandon their plans. "A simple two-kilometre commute now takes nearly 10 kilometres due to one-way restrictions," he says, highlighting the logistical struggles the city is facing.

      The Maha Kumbh, which occurs once every 12 years, is witnessing an extraordinary influx of devotees due to a rare celestial alignment said to occur once in 144 years. Over 55 crore pilgrims have already visited the grand spiritual gathering.

      With over a week still to go, the numbers continue to soar. This has had a profound ripple effect on neighbouring religious cities like Varanasi and Ayodhya, drawing lakhs of devotees daily.

      The impact in Varanasi has been dramatic. The roads leading to Dashashwamedh Ghat, Godowlia, Lanka and Maidagin are teeming with people, leaving no space to walk.

      The crowds have prompted authorities to close all schools up to Class 8 since January 27. The famous Ganga Aarti is being performed symbolically until February 26 to manage the throng of attendees.

      "Despite being the shortest month, this February has seen the highest footfall ever recorded at the Kashi Vishwanath temple," says the temple's chief executive officer Vishwabhushan Mishra.

      The surge surpasses even the temple's busiest period during Maha Shivaratri.

      Swarna Mukherjee, a resident of Mahmoorganj, worries about the long-term impact on children.

      Despite the challenges, many residents take pride in their city's spiritual significance. Regular temple-goer Sandeep Rai Monu from Lahurabir shares, "Initially, it was tough to get 'darshan' but the temple authorities have now streamlined the process. Kashi belongs to Baba Vishwanath and we are happy to welcome all devotees." Business owners like Chandra Kant Singh acknowledge the economic boost. "Tourism has soared. Earlier, people would vacation in Goa or Nainital. Now, they come to Kashi and Prayagraj. This is a proud moment for Hindu heritage," he says.

      Contrary to expectations that the number of pilgrims would drop post-Maghi Purnima, the influx in Prayagraj has only swollen. With millions arriving daily, residents are adapting to a transformed cityscape.

      Gayatri Gupta, who lives near the old Bairhana locality, struggles with her twin seven-year-olds being homebound. "They attend a half-hour online class and then spend the rest of the day causing chaos at home. It's exhausting," she sighs. "I am troubled. My children haven't been to school in a month." Jewellery store owner Pankaj Singh in Civil Lines is facing slow business but he remains optimistic.

      For many, even weddings and social gatherings have been disrupted. Sunita Gupta from Karbala faced challenges attending her sister's wedding in Kaushambi's Mooratganj.

      "We planned for 750 guests but only 500 could make it. However, the wedding went smoothly," she says.

      Mahendra Pratap Singh, a resident of Sohbatiya Bagh, has a similar story to share. "The roads were so blocked that even our neighbours couldn't attend. But it's okay. Maha Kumbh will come again only after 12 years, and we will get to welcome the world again." Despite the hurdles, residents across these cities remain hospitable. Social worker Abhaya 'Baba' Awasthi sums up the spirit of Prayagraj: "This city has always been known for its hospitality. Yes, traffic jams and inconveniences are frustrating but we are hosting the world's largest spiritual gathering. It is a privilege." From arranging free food for pilgrims at mass community kitchens to simply helping lost travellers find their way, the people of these ancient cities are enduring challenges with remarkable resilience.

      Ayodhya has been witnessing an unprecedented rush, with many pilgrims visiting the Maha Kumbh at Prayagraj also preferring to visit the Ram temple that was inaugurated by Prime Minister Narendra Modi on January 22, 2024.

      "The crowd pressure is definitely there. The Sri Ram Hospital at Ayodhya is barely two kilometres from my place but reaching there would be quite a task. But then, despite the inconvenience that almost all of Ayodhya's residents are witnessing, the overwhelming thought is to play a good host to the pilgrims who are arriving here from all parts of the globe. The faith is driving all of them here, and we all bow before it," Shoaib Khan, who owns a tent shop near the Ram Temple told PTI.

      Rajan Singh, 17, in class 12, lives in Banbirbur village, some 12 km from the Ram temple. Despite the distance, he admits that the crowd pressure is far too much.

      "There is no denying the crowd. But I have two ways to look at it. My family runs a roadside eatery on the Ayodhya highway. So my family is happy that the business is booming." PTI COR/RAJ/NAV ABN MAN KIS KSS KSS

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