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    Banks mobilise USD 127.23 billion in deposits from Indian diaspora: RBI
    CBI Arrests CGST Additional Commissioner and Two others in Rs. 40 Lakh Bribery Case in Raigad, Maharashtra
    Haryana: SGST collections grow 29 pc in first 5 months of 2026-27
    Lokta Opens Its Agentic Loan Servicing Platform to NBFCs Up to Rs 100 crore, with No Platform Fee for Up to Two Years
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September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
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GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
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State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
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NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
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Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
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Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
Show AI Summary
Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
Show AI Summary
Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.
September 2, 2026
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Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
Early foreign-exchange trading saw the rupee weaken against the US dollar amid renewed US-Iran tensions, risk aversion, higher Brent crude prices, and a stronger dollar. Safe-haven demand, inflation concerns linked to potential oil-supply disruption, expectations of a September Federal Reserve rate increase, and higher US Treasury yields supported the broad dollar rally. RBI monitoring of the rupee's decline was noted.
September 2, 2026
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Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.
September 2, 2026
Show AI Summary
E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.
September 2, 2026
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Competition approval for infrastructure finance restructuring covers acquisition, minority transfer, investment divestment, and merger of regulated NBFCs.
Competition Commission of India approval applies to the acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd., a subsequent minority share acquisition by ICICI Bank Limited, and Aseem's divestment of its shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II. Following the acquisition, Climate Finance India Private Limited is intended to merge into Aseem as the surviving entity. The entities involved include RBI-registered non-deposit taking NBFCs operating in infrastructure finance, investment and credit, and infrastructure debt financing.
September 2, 2026
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Healthcare merger approval enables KCIL to acquire fertility and specialty hospital businesses alongside related equity issuances and investment.
Competition Commission approval covers KCIL's acquisition of up to 100% equity shareholding in AFCPL and 100% equity shareholding in ASHPL. The combination includes KCIL issuing equity shares and optionally convertible debentures to AHLL, representing 9.9% fully diluted shareholding as partial consideration, together with a further KCIL equity investment by Arvon Investments Pte. Ltd. KCIL operates mother and baby care hospitals, while AFCPL provides assisted reproductive treatment and reproductive-medicine services.
September 1, 2026
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Money-laundering investigation into alleged District Mineral Fund diversion examines purported liaison activity and asset acquisition through proceeds of crime.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged diversion of District Mineral Fund resources through the Chhattisgarh Seed Corporation. The investigation alleges siphoning of public funds by contractors in collusion with government officials and political executives. A businessman was identified as an alleged liaisoner and financial coordinator between public servants, district authorities and private vendors. Allegations also include receipt of commissions, acquisition of immovable assets from purported proceeds of crime, non-production of records, and contradictory statements during questioning.

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Senate approves funding bill hours before shutdown deadline, sending to Trump for signature

March 15, 2025

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Washington, Mar 15 (AP) The Senate passed a six-month spending bill on Friday hours before a government shutdown, overcoming sharp Democratic opposition to the measure and sending it to President Donald Trump to be signed into law.

The essentially party-line vote, 54-46, reflected gnawing Democratic angst over how to confront the Trump administration as its Department of Government Efficiency fires federal workers and dismantles operations. Democrats argued over whether to fight even risking a shutdown and fumed that Republicans drafted a measure that included little of their input, shortchanging health care, housing and other priorities.

But in the end, enough of the Democratic senators decided a government shutdown would be even worse, and backed Senate Democratic leader Chuck Schumer's strategy to allow the bill to come forward.

"A shutdown will allow DOGE to shift into overdrive," Schumer said. "Donald Trump and Elon Musk would be free to destroy vital government services at a much faster rate." Democrats were confronted with two painful options: allowing passage of a bill they believe gives President Trump vast discretion on spending decisions or voting no and letting a funding lapse ensue. All told, 10 Democrats voted to break the party's filibuster. On final passage, two Democrats supported the bill, and one Republican, Sen. Rand Paul of Kentucky, opposed it.

Schumer gave members of his caucus days to vent their frustration about the options before them, but abruptly switched course and made clear on the eve of voting that he would not allow a government shutdown. His move outraged many in the party who want to fight the Trump agenda, but gave senators room to side with Republicans and allow the continuing resolution, often described as a CR, to advance.

Democrats from all corners looked to pressure senators to kill the bill. House members wrote letters, posted on social media and held press conferences in the hours before the vote.

"The American people sent Democrats to Congress to fight against Republican dysfunction and chaos," said a letter from 66 House Democrats to Schumer.

House Democratic leader Hakeem Jeffries and his team dashed back to the Capitol urging senators to block the bill and negotiate a true compromise with Republicans. Speaker Emerita Nancy Pelosi called the bill "unacceptable".

Some Democrats also argued that Republicans would take the blame for a shutdown, given they controlled all the levers of power in Congress and the White House.

"If you refuse to put forward an offer that includes any Democratic input and you do not get Democratic votes, that is on Republicans," said Sen. Patty Murray, the top Democrat on the Senate Appropriations Committee.

In contrast, Schumer picked up one unexpected nod of support -- from Trump himself, who just a day earlier was gearing up to blame Democrats for any shutdown.

"Congratulations to Chuck Schumer for doing the right thing -- Took guts' and courage!" the president posted on his social media account.

Congress has been unable to pass the annual appropriations bills designed to fund the government, so they have resorted to passing short-term extensions instead. The legislation before the Senate is the third such continuing resolution for the current fiscal year, now nearly half over.

The legislation would fund the federal government through the end of September. It would trim non-defence spending by about USD 13 billion from the previous year and increase defence spending by about USD 6 billion, which are marginal changes when talking about a topline spending level of nearly USD 1.7 trillion.

The Republican-led House passed the spending bill on Tuesday and then adjourned. The move left senators with a decision to either take it or leave it. And while Democrats pushed for a vote on a fourth short-term extension, GOP leadership made clear that option was a non-starter.

Senate Majority Leader John Thune, R-SD, and others made the case that any blame for a shutdown would fall squarely on Democrats. And House Speaker Mike Johnson, R-La., said Republicans stood together to get the job done.

"Shamefully, 99 per cent of Democrats in Congress voted to shut down the government -- simply because they seem to hate President Trump more than they love America," Johnson said.

Meanwhile, some House Democrats lashed out at their colleagues across the Capitol after the vote.

"The constituents I represent need Democrats to stand up to this rogue administration," said Rep. Steven Horsford, D-Nev. "What they got from Senate Democrats today was capitulation instead." But Schumer said Trump would seize more power during a shutdown, because it would give the administration the ability to deem whole agencies, programmes and personnel non-essential, furloughing staff with no promise they would ever be rehired.

Democrats were critical of the funding levels in the bill. But they are more worried about the discretion the bill gives the Trump administration on spending decisions. Many Democrats are referring to the measure as a "blank cheque" for Trump.

Spending bills typically come with specific funding directives for key programmes, but hundreds of those directives fall away under the continuing resolution passed by the House. So the administration will have more leeway to decide where the money goes.

For example, a Democratic memo said the bill would allow the administration to steer money away from combating fentanyl and instead use it on mass deportation initiatives.

Several amendments to the bill failed, but one to eliminate funding for DOGE drew support from a Republican, Sen. Lisa Murkowski of Alaska.

The spending bill before the Senate is separate from the GOP effort to extend tax cuts for individuals passed in Trump's first term and to partially pay for them with spending cuts elsewhere in government.

That second package will be developed in the months ahead, but it was clearly part of the political calculus.

"You are looking at a one-two punch, a very bad CR, then a reconciliation bill coming down, which will be the final kick in the teeth for the American people," said Sen. Bernie Sanders, I-Vt.

Sen. Tom Cotton, R-Ark., said the Democratic arguments for voting against the bill were hypocritical because they were essentially calling for shutting down the government to protect the government.

"Democrats are fighting to withhold the paycheques of air traffic controllers, our troops, federal custodial staff," Cotton said. "They cannot be serious." Senators also unanimously approved a separate bill to fix an unexpected provision in the package that would require the District of Columbia to revert to 2024 budget levels, a cut of some USD 1.1 billion, even though the district raises most of its own money. That bill, which now goes to House, would allow spending at 2025 levels. (AP) RC

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