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    Indian economy to hit USD 5-trillion mark in FY29 as per IMF: FM
    SVC Co-operative Bank Concludes 120th Annual General Meeting, Reaffirms Growth, Governance and Digital Focus
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    Every ₹1 invested under Kisan Credit Card– Modified Interest Subvention Scheme (KCC-MISS) contributes ₹2.30 to net value addition in the...
    India achieves near-universal banking coverage, with 99.92% of inhabited villages now served by a banking outlet
    Rupee rises for 6th day, gains 12 paise to 95.31 against US dollar as crude drops
    ACE Software Posts Earnings Turnaround; Standalone Profit Before Tax Up 43% YoY
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    August 4, 2026
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    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
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    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
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    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.
    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
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    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
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    August 3, 2026
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    Online Astrology Platform Regulation: consumer department reported no guidelines, while information requests required revised factual disclosures.
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    Business combination disclosure outlines shareholder approval, registration requirements, financing conditions, and forward-looking risks for the proposed public listing.
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    August 3, 2026
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    Bilateral investment and trade facilitation drive proposed co-investment, digital cooperation and advanced manufacturing partnerships between Indian and Uzbek businesses.
    India-Uzbekistan cooperation is proposed through co-investment, co-manufacturing and co-innovation, supported by the Bilateral Investment Treaty to promote investor confidence and reciprocal investment. Priority sectors include mining, textiles, healthcare, agriculture, food processing, digital technologies and advanced manufacturing. Trade facilitation measures include reducing trade barriers, mutual recognition of standards, approvals, testing and certification, customs digitalisation and improved trade routes. Regulators and standard-setting bodies are expected to cooperate under a structured, time-bound economic partnership.
    August 3, 2026
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    Concessional agricultural credit supports working capital, crop diversification, allied activities, and digital expansion under the Kisan Credit Card scheme.
    The Kisan Credit Card-Modified Interest Subvention Scheme provides concessional institutional credit to reduce farmers' interest burdens and improve timely working-capital access. The scheme is reported to support cropping intensity, multi-season cultivation, diversified crop portfolios, timely input use, and credit discipline through the Prompt Repayment Incentive. It also supports dairy, livestock, and fisheries-based income diversification. Credit-delivery measures include collateral-free lending, digital platforms, simplified applications, coverage expansion, and awareness campaigns. State-wise data tracks operative accounts, outstanding credit, and non-performing Kisan Credit Card accounts.
    August 3, 2026
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    Banking inclusion expands rural access while digital credit systems and payment security controls address service delivery and cyber fraud.
    Banking inclusion is pursued by providing banking outlets within a five-kilometre radius of inhabited villages, with branch expansion permitted subject to rural-coverage requirements and continuing assessment of uncovered areas. Agricultural credit delivery uses digital loan, beneficiary-verification, processing and claim-settlement systems. Digital payment security measures require minimum controls for payment channels and include fraud-intelligence sharing, artificial-intelligence-based identification of money-mule activity, digital lending-app analysis, cyber-incident reporting, public awareness campaigns and electronic-banking training.
    August 3, 2026
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    Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
    Foreign exchange market movement saw the rupee strengthen for a sixth consecutive trading session against the US dollar, supported by declining global crude oil prices, a softer dollar, foreign institutional investment inflows and gains in domestic equity markets. Improved global risk sentiment followed the decision to defer planned US military strikes against Iran and allow diplomatic engagement. Renewed geopolitical tensions were identified as a factor that could limit further appreciation.
    August 3, 2026
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    Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
    Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.

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      Layoffs, closures, gaps in oversight expected after hundreds of DOJ grants cancelled

      April 29, 2025

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      New York, Apr 29 (AP) A deaf mother trying to escape her abusive husband came to a domestic violence shelter seeking help, but she couldn't communicate fluently with American Sign Language.

      Shelter workers contacted Activating Change, a group that can provide sign language interpreters who are trained to help people experiencing trauma. Over the course of the year in the shelter, the woman worked with the interpreter to file for divorce, gain custody of her children, heal with therapy, and find a job and housing.

      “Our superpower is adaptability, and having access to services like Activating Change allows us to have that,” said Marjie George, developmental director at the Domestic Violence and Sexual Assault Services shelter.

      Activating Change, which helps people with disabilities navigate the criminal justice system, was one of hundreds of organisations that received a notice on April 22 that the Department of Justice was cancelling grants they had received through the Office of Justice Programmes.

      More than 350 grants initially worth more than USD 800 million were ended midstream, sparking layoffs and programme closures.

      The disabilities nonprofit had to lay off nearly half its 26 workers after the government cancelled USD 3 million in direct grants, about USD 1 million of which had already been spent, and ended pass-through grants from other organisations.

      Amy Solomon, former assistant attorney general who oversaw the Office of Justice Programmes and now a senior fellow at the Council on Criminal Justice, said the cuts touched on every aspect of the department's portfolio.

      “This is highly unusual,” Solomon said. “You expect any administration to have their own priorities, and to implement that in future budget years and with future awards. You would not expect it to be grants that have already been granted, obligated or awarded to be pulled back.” The Office of Justice Programmes typically awards nearly USD 4 billion in grants annually.

      It was unclear how much money it would take back since some of the rescinded grants were initially awarded as far back as 2021. Grantees were locked out of the financial system a few days before they were due to be reimbursed for already completed work.

      How the Justice Department planned to reallocate whatever money is returned was also unclear. Some came from dedicated pots of funding, including from the Victims of Crime Act, which collects fines and penalties in federal cases for programmes serving crime victims.

      A department spokesperson did not respond to questions about the cuts.

      The cancellation notices noted that grant holders had 30 days to appeal. As of Friday, the department had reversed course on a handful of grants, restoring some funding.

      Law enforcement priorities The cancellation letters obtained by The Associated Press explained the cuts by saying the department had changed its priorities to focus on “more directly supporting certain law enforcement operations, combatting violent crime, protecting American children, and supporting American victims of trafficking and sexual assault." But advocates, researchers and leaders in criminal justice said many grants served those purposes. Some cuts seemed to target programmes that were started by or were a priority under the Biden administration, such as grants for violence intervention programmes. But others appeared to target priorities under Trump's first administration, including elder abuse and financial exploitation.

      While cities and law enforcement agencies largely escaped direct cuts, many are feeling the impacts of cancellations to partner programmes.

      In a scathing briefing Wednesday, New Jersey Attorney General Matt Platkin noted nearly USD 13 million in ongoing programme funding to the state was cancelled.

      “To say, 'We're going to cut programmes that protect people from bias, that help people with opioid addiction, that keep guns off our streets' — it's irresponsible, it's reckless, it's dangerous, and it's going to get people killed,” Platkin said.

      The cancellations included funding for research organisations that create standards for training or data collection and provide resources for smaller law enforcement agencies.

      Three grants to the Police Executive Research Forum were cut, including a study of police plans and responses to protests to develop practices for preventing civil disturbances. And the National Policing Institute lost grants that provided technical assistance to rural police departments and support for improving relationships between police and communities of colour.

      Mandated functions A handful of the cancelled grants paid for services intertwined with government functions mandated by law, including required audits under the Prison Rape Elimination Act.

      Impact Justice, which lost millions, had created and managed the PREA Resource Center for more than a decade. The centre has had a hand in nearly every aspect of the implementation and management of the federal regulations from the online audit platform, auditor certification, and developing trainings for auditors, prison officials and others.

      “It's a collaborative relationship, but we are the ones that execute the work and have the systems and maintain the systems,” said Michela Bowman, Vice President of Impact Justice and senior advisor to the PREA Resource Center.

      She explained that the centre designed and owns the audit software and data collection systems.

      “I can't tell you what the DOJ plans to do in the alternate,” said Alex Busansky, president and founder of Impact Justice.

      Safety and victim services Nonprofits that provide services to crime victims also lost grants. Advocates say many cuts will impact public safety, like the elimination of funding for the national crime victims hotline or the loss of a grant to the International Association of Forensic Nurses to provide technical assistance and training to SANE— Sexual Assault Nurse Examiners— in underserved areas.

      “It's very important for a survivor to be able to access a rape exam done by a SANE nurse. It's vital,” said Ilse Knecht, director of policy and advocacy at The Joyful Heart Foundation, and who oversees the agency's efforts to track and combat a national backlog in untested forensic rape kits.

      Grants that directly address the backlog seemed to be safe for now, but she said services offered to survivors are essential.

      “When we don't keep this system that has been set up to keep victims safe and make them want to participate in the criminal justice system ... we are really doing a disservice," she added. "How is this helping public safety?” For Activating Change, the cuts meant an immediate reduction in services. Its leaders rejected the idea their services don't align with federal priorities.

      “It is a catastrophic blow to our organisation," said Nancy Smith, the organisation's executive director. "But also to the safety net for people with disabilities and deaf people who've experienced violent crime in our country.” (AP) GRS GRS

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