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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
    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
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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
    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
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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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      Trump's Russian rapprochement, Mars musings, DOGE dividends, and is gold gone—it's Week 5

      February 23, 2025

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      Washington, Feb 23 (AP) President Donald Trump's fifth week in office included a dramatic shift in US policy toward Russia, firing the country's senior military officer, sitting for a chummy interview alongside bureaucracy-buster Elon Musk and seeking greater authority over independent regulatory agencies.

      Trump also said “inflation is back,” but said his short time back in the White House meant he had "nothing to do” with prices remaining high. That deflection can only work for so long, unless the economic outlook changes. Consumer sentiment suggests that isn't happening.

      A look at where things stand after the first month of Trump's second term: Russian policy shift Trump dispatched top foreign policy advisers to Saudi Arabia for direct talks with Russian officials that were aimed at ending Moscow's war against Ukraine.

      Those meetings did not include Ukrainian or European officials, a matter that has increased tensions between Ukrainian President Volodymyr Zelenskyy and Trump.

      For much of the time since Russia invaded in February 2022, the US, under the Democratic Biden administration, held to the basic tenet of “nothing about Ukraine without Ukraine.” The new Republican administration has dispensed with that notion as Trump has accelerated his push to find an endgame to the war.

      Zelenskyy said Trump was living in a Russian-made “disinformation space.” Trump called Zelenskyy a “dictator” and falsely suggested that Ukraine started the war, though on Friday he acknowledged that Moscow had attacked its neighbour.

      Trump has said he hopes to meet Russian President Vladimir Putin soon — preparations are underway, a Kremlin official said Saturday — and has said the war has cost too many, in lives lost and US money spent equipping Ukraine.

      “I'm not trying to make Putin nicer or better," Trump said during a Fox News Radio interview. “I'm just telling you the fact that war should have never happened” if Trump had been reelected president in 2020.

      Trump's comments have alarmed European leaders and could make for some awkward moments when French President Emmanuel Macron and British Prime Minister Keir Starmer visit the White House in the week ahead.

      Pentagon shakeup as DOGE remains undaunted In an extraordinary move, Trump fired Air Force Gen. CQ Brown Jr, chairman of the Joint Chiefs of Staff. The dismissal of the history-making fighter pilot and respected officer was part of a push to rid the military of leaders who support diversity and equity in the ranks.

      In an online post announcing the move, the president called Brown, only the second Black general to serve in that post, “a fine gentleman and an outstanding leader.” But his ouster sent shockwaves through the Pentagon and was part of a larger wave of dismissals at the Defense Department.

      Meanwhile, federal firings continued to accumulate as Musk's Department of Government Efficiency team pursued more spending cuts.

      On Saturday, Musk gave hundreds of thousands of federal workers a deadline of Monday at 11:59 pm EST to explain what they accomplished over the past week. In an X post, he said failure to respond to an email going out to employees with that request "will be taken as a resignation.” DOGE had some wins in court and posted a savings tracker meant to show taxpayer money being recovered by cancelled contracts and other cuts.

      The amounts listed were sometimes misattributed or erroneous, however, and the totals often didn't add up.

      Trump nonetheless floated the idea of returning as much as 20 per cent of any savings produced by DOGE to taxpayers. Musk suggested USD 5,000 rebate checks might be in the offing, even though generating that much money might require cuts to big-ticket government items such as Social Security.

      Trump and Musk gushed with mutual admiration during a joint, nationally televised interview. Musk also used an appearance at conference of conservatives to wave around a chainsaw meant highlight his leading role in cost-cutting efforts. Yet the White House suggested in a court filing that Musk wasn't heading DOGE, a notion undercut by Trump himself, who said he had “put a man named Elon Musk in charge.” On Saturday, the president posted on his social media site, “ELON IS DOING A GREAT JOB, BUT I WOULD LIKE TO SEE HIM GET MORE AGGRESSIVE.” Americans aren't feeling great about the economy Trump signed an executive order seeking to give the White House control of independent regulatory agencies created by Congress, including the Securities and Exchange Commission and the Federal Trade Commission.

      He and his aides say the economy is ready to roar. But the public is increasingly pessimistic. Trump's constant tariff threats, mass federal layoffs and broader uncertainty about spending cuts and taxes have spooked many consumers.

      “There's clearly something that's still nagging consumers,” economist Ryan Cummings said in an email. “Whether that's elevated price levels, uncertainty surrounding policy, or consumers projecting their feelings about the direction of the country (and world) onto the economy itself.” It's hard to tell what will pique the president's interest next He's already suggested invading Panama and Greenland, making Canada the 51st state and reinventing Gaza as a “Riviera” resort.

      But there's more.

      Last week, the president ordered his administration to take a closer look at Fort Knox, the United States Bullion Depository, “to make sure the gold is there.” That directive came after Musk posted about the site, which has stored precious metal bullion reserves for the US since 1937, potentially having been emptied of gold.

      Trump also mused about the federal government taking back control of the nation's capital, which would reverse more than 50 years of home rule in the District of Columbia.

      And he renewed his ideas about the US sending humans to Mars, suggesting that task could fall to Musk's rocket company, SpaceX.

      Trump's agenda begins advancing in Congress The president has long advocating for one “big, beautiful bill” allowing Congress to address his budget priorities, from funding for the US-Mexico border to extending tax cuts approved during his first term.

      But there are signs he may be wavering.

      “As long as we get to the same point, you know, two bills,” Trump told Fox News Radio. “I guess you could make the case you could do three. You could do 10.” That came after Senate Republicans made the first tangible progress on Trump's funding goals, advancing a budget blueprint that would provide USD 342 billion for border security and defence. It's an approach that would leave the president's prized tax cuts to be dealt with later.

      House Republicans, however, aren't onboard. Speaker Mike Johnson, R-La., is trying to generate support for a more ambitious plan that would also extend the tax cuts.

      But doing so would increase federal deficits by more than USD 4.5 trillion over the next decade. Trump's desire to add new tax breaks by exempting tips, Social Security benefits and overtime from income taxes only boosts the price tag.

      That's creating a difficult balancing act. Johnson has almost no votes to spare with a narrow 218-215 majority for Republicans in the House. Budget hawks back the more than USD 2 trillion in spending cuts over 10 years that are in the blueprint.

      But lawmakers from more divided congressional districts worry their constituents will be harmed in the tradeoff. First-term Republican Rep. Rob Bresnahan of Pennsylvania posted on X that if a bill is put in front of him that “guts the benefits my neighbours rely on, I will not vote for it.” If the House plan falters, then pressure will build to give Trump an early win and take up the Senate approach. (AP) GRS GRS

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