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    Freedom to Spend Smarter: AU Small Finance Bank Credit Cards Bring Rewards, EMI Flexibility and Lounge Access to India''s Biggest Shopping Month
    Rupee falls 8 paise to 95.25 against US dollar in early trade
    APEDA Facilitates First-Ever Export of GI-tagged Mithila Makhana by Sea Route from Bihar to Australia
    Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps
    No Charges for UPI Users
    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
    ICoAS fraternity reaffirms commitment to cost optimisation for Atmanirbhar Bharat on ICoAS day 2026
    Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth
    AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister
    ED files chargesheets in 2 PMLA cases against Anil Ambani Group companies, ex-executives
    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
    Ministry of Agriculture, Food and Rural Affairs and aT Host '2026 K-Food Fair in New Delhi, India'
    No compromise on tackling illegal immigrants' issue: Minister Priyank Kharge
    Technology, transparency key for urban cooperative banks to stay competitive: Shah
    Paul Merchants Gets RBI Approval for Perpetual AD Category-II Licence Under Revised FEMA Framework
    IEPFA Organises Stakeholder Engagement with Nodal Officers of Companies on Integrated IEPFA Portal 2.0
    Rupee settles with 5 paise gain at 95.17 against US dollar
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August 10, 2026
Show AI Summary
Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.
August 10, 2026
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Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
August 10, 2026
Show AI Summary
GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
August 10, 2026
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Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
Show AI Summary
Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
Show AI Summary
Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
Show AI Summary
Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
Show AI Summary
Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
August 8, 2026
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Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
August 8, 2026
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Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
August 8, 2026
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Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
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.

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Customs & Trade

With China and US at intense economic odds, nations are being forced to choose sides

April 28, 2025

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Washington, Apr 28 (AP) One went to the United States. The other went to China. It was a sign of the times.

While the Swiss president was in Washington last week to lobby US officials over President Donald Trump's threatened 31% tariff on Swiss goods, the Swiss foreign minister was in Beijing, expressing his nation's willingness to strengthen cooperation with China and upgrade a free trade agreement.

As Trump's trade war locks the world's two largest economies on a collision course, America's unnerved allies and partners are cosying up with China to hedge their bets. It comes as Trump's trade push upends a decade of American foreign policy — including his own from his first term — toward rallying the rest of the world to join the United States against China. And it threatens to hand Beijing more leverage in any eventual dialogue with the US administration.

With Trump saying that countries are “kissing my ass” to negotiate trade deals on his terms or risk stiff import taxes, Beijing is reaching out to countries far and near. It portrays itself as a stabilising force and a predictable trading partner, both to cushion the impact from Trump's tariffs and to forge stronger trade ties outside of the US market.

“America and China are now locked in a fierce contest for global supremacy,” Singaporean Prime Minister Lawrence Wong said in an April 16 speech. “Both powers claim they do not wish to force countries to choose sides. But in reality, each seeks to draw others closer into their respective orbits.” The tariffs on Chinese goods are off the charts Trump has paused some of his steepest tariffs on most American partners for 90 days after global financial markets melted down. But he has raised tariffs on Chinese goods to 145%, drawing rebukes from Beijing, which has vowed to "fight to the end.” US companies are warning of higher prices, meaning Trump could face both higher inflation and empty store shelves.

The magnitude of the taxes are already dramatically affecting American imports, with the shipping containers set to arrive at the Port of Los Angeles down nearly 36% over the past two weeks, according to Port Optimizer, which tracks vessels. It's lending urgency for both the US and China to bolster support from alternate partners.

While Trump administration officials suggest the president could ease the duty rates on Chinese goods at his discretion, there has been no indication he's yet looking for a reduction. That, after all, could suggest his protectionist policies were hurting the American economy.

“They want to make a deal obviously," Trump told reporters Sunday, saying the US had gone “cold turkey” on trade from China. “Right now, they're not doing business with us.” The White House has framed any negotiations as being between the US president and Chinese President Xi Jinping, but neither leader seems willing to make the initial outreach without some kind of concession. The two countries can't even agree publicly whether they are holding talks.

Earlier this month, Xi — on his first foreign trip this year — visited Vietnam, Malaysia and Cambodia, resulting in mutual pledges for closer economic and trade ties. In Vietnam, which faces the 46% tariff from the US, Beijing and Hanoi agreed to strengthen industrial and supply chain cooperation. In Malaysia and Cambodia, Xi secured similar agreements. Cambodia is faced with a 49% tariff from the US, and Malaysia 24%.

Then there's Japan: Despite its long-standing enmity towards the nation that once colonised parts of it, the Chinese government has reached out to Tokyo and urged a coordinated response, according to Kyodo News.

China is digging in China is ready to use the stick, too. A South Korean newspaper has reported that China is demanding South Korean businesses not to ship goods containing China's rare earth minerals to US defense companies or face likely sanctions.

Earlier this month, Beijing warned that no country should reach a deal with the US at China's expense and vowed to take countermeasures in a “resolute and reciprocal manner” should such a situation arise.

Hal Brands, a senior fellow at the American Enterprise Institute in Washington, said China will “try to exploit Trump's abrasive behavior to make inroads with US allies and countries in the Global South.” Some scholars say Beijing is already gaining. “People lost the confidence, or even trust, for the United States, particularly for Donald Trump in the US Not for China,” said Li Cheng, professor of political science at the University of Hong Kong. “So in that regard, China gains in the geopolitical landscape.” In the latest Ipsos poll, for the first time, more people globally now say China has a positive impact on the world than the United States. The pollster cited the broad backlash to Trump's tariffs.

Countries have to choose, but it's difficult China is the world's largest exporter and the US the largest importer. Total trade for China reached a record 43.85 trillion yuan (US$6 trillion) in 2024, and the country is the biggest trading partner for most of the world, including the European Union, Japan, South Korea and the grouping of the 10 Southeast Asian countries known as ASEAN.

The US is the biggest destination for China's exports, though China is only the third-largest trading partner with the US, behind Mexico and Canada. Total trade for the US last year was US$5.4 billion, with a record deficit of $1.2 trillion. For ASEAN countries, trade with the US totaled $477 billion in 2024, including $352 billion worth of goods sold to the US But China does more business with ASEAN.

Countries caught between the US and China are in “an impossible situation” because they need to stay economically connected both to China, "a source of a lot of their input and imports” and to the powerhouse US market, said Matthew Goodman, director of the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations.

“They cannot choose one or the other, because they need both,” Goodman said.

In Europe, China is preparing to lift sanctions to revive a trade deal, according to the Hong Kong-based South China Morning Post. Chinese state media have been calling on European leaders to join China in safeguarding the multilateralism.

Back in Beijing, Xi has been receiving foreign leaders. On Thursday, he told Kenya's president that China's market has always kept its door open to high-quality products from Kenya and that China encourages more capable Chinese enterprises to invest and start businesses in Kenya, according to the official Xinhua News Agency. On Wednesday, Xi met Azerbaijan's president. Xi criticised the trade war as undermining the rights and interests of all countries.

Beijing sounds resolute On Friday, when Xi presided over a key economic meeting, Beijing's leadership struck a positive tone but acknowledged “increasing impact from external shocks” and “urged preparing for worst-case scenarios with sufficient planning,” according to Xinhua.

Wang Yiwei, a senior fellow at Beijing's Center for China and Globalisation, said China, after dealing with Trump's first term, is prepared for his latest tariff approach. “China is prepared for the worst,” Wang said, “and it is no longer living in the fantasy of globalisation.” Victor Gao, vice president of the Center for China and Globalisation, said Beijing is prepared for decoupling. “What will be the end? It's a complete halt, meaning no more US exports to China, no more China exports to the United States,” he said.

And, despite high costs to China's economy, China will survive, Gao said. “For a country especially like China with a history of 5,000 years, what kind of people have we not seen? Whatever invaders, robbers, and barbarians,” Gao said. “But at the end, they all leave. They all disappear, all get defeated." (AP) AMS

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