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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
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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
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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
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    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
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    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
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    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
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    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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      This Ramadan, relief, hope bump against violence, uncertainty in new Syria

      March 25, 2025

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      Damascus, Mar 25 (AP) Sahar Diab had visited Damascus' famed Umayyad Mosque previously. But as the Syrian lawyer went there to pray during her country's first Ramadan after the end of the Assad family's iron-fisted rule, she felt something new, something priceless: A sense of ease.

      “The rituals have become much more beautiful,” she said. “Before, we were restricted in what we could say. ... Now, there's freedom.” As Diab spoke recently, however, details were trickling in from outside Damascus about deadly clashes. The bloodshed took on sectarian overtones and devolved into the worst violence since former President Bashar Assad was overthrown in December by armed insurgents led by the Islamist group Hayat Tahrir al-Sham (HTS).

      This Ramadan — the Muslim holy month of daily fasting and heightened worship — such are the realities of a Syria undergoing complex transition. Relief, hope and joy at new openings — after 53 years of the Assad dynasty's reign, prolonged civil war and crushing economic woes — intermingle with uncertainty, fear by some, and a particularly bloody and worrisome wave of violence.

      Some are feeling empowered, others vulnerable.

      “We're not afraid of anything,” Diab said. She wants her country to be rebuilt and to get rid of Assad-era “corruption and bribery”.

      At the Umayyad Mosque, the rituals were age-old: A woman fingering a prayer bead and kissing a copy of the Quran; the faithful standing shoulder-to-shoulder and prostrating in prayer; the Umayyad's iconic and unusual group call to prayer, recited by several people.

      The sermon, by contrast, was fiery in delivery and new in message.

      The speaker, often interrupted by loud chants of “God is great”, railed against Assad and hailed the uprising against him.

      “Our revolution is not a sectarian revolution even though we'd been slaughtered by the sword of sectarianism,” he said.

      This Ramadan, Syrians marked the 14th anniversary of the start of their country's civil war. The conflict began as one of several popular uprisings against Arab dictators, before Assad crushed what started as largely peaceful protests and a civil war erupted.

      It became increasingly fought along sectarian lines, drawing in foreign powers and fighters. Assad, who had ruled over a majority Sunni population, belongs to the minority Alawite sect and had drawn from Alawite ranks for military and security positions, fuelling resentment. That, Alawites say now, shouldn't mean collective blame for his actions.

      Many Syrians speak of omnipresent fear under Assad, often citing the Arabic saying, “the walls have ears”, reflecting that speaking up even privately didn't feel safe. They talk of hardships, injustices and brutality. Now, for example, many celebrate freedom from dreaded Assad-era checkpoints.

      “They would harass us,” said Ahmed Saad Aldeen, who came to the Umayyad Mosque from the city of Homs. “You go out ... and you don't know whether you'll return home or not.” He said more than a dozen cousins are missing; a search for them in prisons proved futile.

      Mohammed Qudmani said even going to the mosque caused anxiety for some before, for fear of getting on security forces' radar screen or being labelled a “terrorist”.

      Now, Damascus streets are bedecked with the new three-starred flag, not long ago a symbol of Assad's opponents. It flutters from poles and is plastered to walls, sometimes with the words “God is great” handwritten on it.

      One billboard declares this the “Ramadan of victory.” On a government building, the faces of former presidents Bashar and Hafez Assad are partly cut off from a painting; in their place, “The Freedom” is scribbled in Arabic.

      Haidar Haidar, who owns a sweets shop, said he was touched that new security force members gave him water and dates while he was out when a call to prayer signaled that those fasting can eat and drink.

      “We never saw such things here,” he said, adding that he used to recite Quranic verses for protection before passing through Assad's checkpoints.

      He said his business was doing well this Ramadan and ingredients have become more available.

      Still, challenges — economic, geopolitical and otherwise — abound.

      Many dream of a new Syria, but exactly how that would look remains uncertain.

      “The situation is foggy,” said Damascus resident Wassim Bassimah. “Of course, there's great joy that we've gotten rid of the cancer we had, but there's also a lot of wariness.” Syrians, he added, must be mindful to protect their country from sliding back into civil war and should maintain a dialogue that is inclusive of all.

      “The external enemies are still there,” he said. “So are the enemies from within.” The war's scars are inescapable.

      Just outside of Damascus, death and destruction are seared into some landscapes littered with pockmarked and ruined structures. Many Syrians grieve the missing and killed; many families have been divided by the exodus of millions as refugees.

      Ramadan typically sees festive gatherings with loved ones to break the daily fast. Some Syrians huddle around food and juices at restaurants or throng to Ramadan tents to break their fast and smoke waterpipes as they listen to songs.

      But this month's violence in Syria's coastal region has stoked fears among some.

      The bloodshed began after reports of attacks by Assad loyalists on government security forces. Human rights and monitoring groups reported revenge killings in the counteroffensive, which they said saw the involvement of multiple groups.

      According to them, hundreds of civilians, or more, were killed; figures couldn't be independently confirmed.

      The Syrian Observatory for Human Rights said most of the killed civilians were Alawites in addition to a number of armed Alawites and security forces. Syrian authorities have formed a committee tasked with investigating the violence.

      Even before the bloodshed, while many celebrated the new government, others questioned what the ascent of the former insurgent forces would mean for freedoms, including of minorities and of those in the majority who are secular-minded or adhere to less conservative interpretations of Islam. The new authorities have made assurances about pluralism.

      Sheikh Adham al-khatib, a representative of Twelver Shiites in Syria, said many from the Shiite minority felt scared after Assad's ouster and some fled the country.

      Some later returned, encouraged by a relative calm and the new authorities' reassurances, he said, but the recent violence and some “individual transgressions" have rekindled fears.

      As the violence unfolded earlier this month, crowds gathered in Damascus.

      Some rallied to support security forces. Others, like Malak al Shanawani, participated in a different gathering, against the killing of the security forces and civilians. The bloodshed brought tears to her eyes.

      “It's nightmarish,” said the feminist and political activist. “It's one of the worst moments.” Under Assad, al Shanawani was arrested more than once. Among those killed in the violence, she said, were three brothers of an Alawite friend who was also arrested under Assad.

      “When we used to hear that the Alawites would get slaughtered, we'd say: No, we can protect you; we wouldn't allow this to happen,'” said al Shanawani, who's from the Sunni community. “But it has happened.” At the silent vigil, activists raised signs that called for de-escalation and denounced “sectarian incitement.” One read: “Neither religion, nor sect will divide us.” Another declared: “The Syrian revolution doesn't accept injustice.” But the gathering quickly deteriorated into shouting and shoving matches as some on the street appeared provoked by it.

      One man angrily asked participants where they were when it was the Sunnis who were suffering. Another furiously ripped a sign. A third insulted Alawites.

      Here and there, some attempted to discuss, to find common ground. Occasionally, people who started off arguing would agree on something and join each other in chants.

      “One. One. One,” they yelled. “The Syrian people are one.” As the chaos and friction continued, however, gunshots were fired into the air to disperse the crowds. (AP) PY PY

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