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    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
    No concession or commitment on import of Ethanol for fuel blending from the United States
    Office of the Controller General of Patents, Designs and Trade Marks Announces Tentative Schedule for Patent and Trade Marks Agent Examinations 2027 a...
    RBI invites comments on the draft “Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026”
    West Bengal seeks 100pc foodgrain, 40pc sugar jute packaging quota at SAC meeting
    RBI clasifies Tata Sons, 16 others as large NBFCs
    Sensex climbs 374 points on buying in Reliance, ICICI Bank; Nifty ends flat
    Insurance Division, DFS Secures 3rd Rank in Group A Category of Grievance Redressal Assessment & Index (GRAI) for June 2026
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    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
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    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
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    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
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    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
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    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
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    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
    Show AI Summary
    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.
    August 6, 2026
    Show AI Summary
    Domestic ethanol sourcing for fuel blending continues unchanged, with no import commitments or concessions involving United States ethanol.
    Ethanol used for fuel blending under the Ethanol Blended with Petrol Programme is sourced entirely from domestic producers, with no imports from the United States for that purpose. No concessions or commitments on importing United States ethanol for fuel blending have been made in trade discussions. Fuel blending and ethanol procurement continue to be governed solely by domestic policy requirements, and claims of a policy change allowing large-scale imports are incorrect.
    August 6, 2026
    Show AI Summary
    Patent and trade marks agent qualification examinations require written-paper minimums, aggregate passing scores, and viva voce assessment for registration.
    Patent and trade marks agent examinations comprise an objective Paper I, a descriptive Paper II and a viva voce assessing suitability to practise before the Intellectual Property Office. Candidates must secure the stipulated minimum marks in each written paper and the required aggregate score to pass. Registration in the relevant Register of Patent Agents or Register of Trade Marks Agents is available only to candidates who satisfy all prescribed eligibility conditions and qualify the examination.
    August 6, 2026
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    Draft NBFC credit-facilities amendments open for stakeholder consultation through designated online and email feedback channels.
    Draft amendments to the Non-Banking Financial Companies credit-facilities framework have been released for public consultation. Regulated entities and other interested stakeholders may submit comments or feedback through the 'Connect 2 Regulate' platform or by email using the specified subject line.
    August 6, 2026
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    Mandatory jute packaging reservations were urged to protect cultivators, mill workers, crop absorption, and environmentally sustainable packaging.
    Mandatory jute packaging reservations were sought to be retained at full coverage for foodgrains and increased for sugar packaging for the forthcoming Jute Year. The submission before the Standing Advisory Committee emphasised absorption of bumper jute output, remunerative prices for cultivators, uninterrupted mill operations, and protection of farm and worker livelihoods. It also stressed that biodegradable jute bags offer an environmentally friendly alternative to HDPE and polypropylene woven sacks, and that dilution of compulsory packaging could undermine plastic-pollution reduction efforts.
    August 6, 2026
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    NBFC Upper Layer classification imposes enhanced regulation and listing obligations, while de-registration applications remain under examination.
    NBFC Upper Layer classification subjects identified large non-banking financial companies to enhanced regulatory requirements for at least five years and requires stock-exchange listing within three years of identification. The framework divides NBFCs into Base, Middle, Upper and Top Layers. Seventeen large NBFCs were included in the Upper Layer list, while Tata Sons' classification remains subject to the pending examination of its de-registration application.
    August 6, 2026
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    Closing auction price discovery may affect benchmark levels differently based on constituent liquidity and concentrated institutional order flow.
    The Closing Auction Session in the equity cash segment uses an auction-based method to determine closing prices of eligible shares with futures and options contracts, aiming to strengthen transparent and robust price discovery. Its effect on benchmark closing levels may differ according to constituent liquidity and institutional order flow. The Reserve Bank of India retained the policy repo rate and neutral stance, indicating that future policy decisions will be data-dependent and influenced by assessment of energy-cost effects on inflation.
    August 6, 2026
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    Public grievance redressal strengthens through monitoring, senior review, workshops, stakeholder coordination, and customer-centric service delivery improvements.
    Public grievance redressal is assessed through the Grievance Redressal Assessment and Index, which analyses grievance categories and disposal. The Department of Financial Services' Insurance and Banking Divisions received third and sixth ranks respectively in the June 2026 assessment. Its framework includes disposal of grievances, random reviews by senior officials, and workshops on effective grievance redressal, supporting best practices, stakeholder coordination, technology use, customer-centric service, and accountable public service delivery.

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      Conclave to elect new pope officially begins as doors to Sistine Chapel close

      May 7, 2025

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      Vatican City, May 7 (AP) With the cry of “Extra omnes” — Latin for “all out” — the great doors of the Sistine Chapel closed Wednesday and 133 cardinals began the secretive, centuries-old ritual of electing a new leader of the Catholic Church, opening the most geographically diverse conclave in the faith's 2,000-year history.

      The red-robed cardinals entered the Sistine Chapel in pairs, chanting the meditative “Litany of the Saints” as Swiss Guards stood at attention. The hymn, and the one that followed, implores the saints and the Holy Spirit to help the cardinals find a successor to Pope Francis to lead the 1.4 billion-strong Catholic Church.

      Cardinal Pietro Parolin, the secretary of state under Francis and himself a leading contender to succeed him as pope, assumed the leadership of the proceedings as the senior cardinal under age 80 and eligible to participate in the conclave.

      Speaking in Latin, Parolin stood before Michelangelo's vision of heaven and hell, “The Last Judgment,” and led the cardinals in a lengthy oath. Each one followed, placing his hand on the Gospel and promising in Latin to maintain utmost secrecy.

      The dramatic ritual was more colourful than even Hollywood could create, a wash of colours, chants, incense and solemnity that underscored the seriousness of the moment.

      Outside in St. Peter's Square, hundreds of people watched the proceedings on giant video screens until the Vatican feed cut off.

      Hailing from 70 countries, the cardinals have been sequestered from the outside world, their cellphones surrendered and airwaves around the Vatican jammed to prevent all communications until they find a new pope.

      Francis named 108 of the 133 “princes of the church,” choosing many pastors in his image from far-flung countries like Mongolia, Sweden and Tonga that had never had a cardinal before.

      His decision to surpass the usual limit of 120 cardinal electors and include younger ones from the “global south” — often marginalised countries with lower economic clout — has injected an unusual degree of uncertainty in a process that is always full of mystery and suspense, with smoke signals telling the world if a pope has been elected or not.

      Many cardinals hadn't met until last week and lamented they needed more time to get to know one another, raising questions about how long it might take for one man to secure the two-thirds majority, or 89 ballots, necessary to become the 267th pope.

      “Wait and see, a little patience, wait and see,” said Cardinal Mario Zenari, the Vatican's ambassador to Syria.

      A final Mass, then 'All out' Earlier in the day, the dean of the College of Cardinals, Cardinal Giovanni Battista Re, presided over a morning Mass in St. Peter's Basilica urging the voters to set aside all personal interests and find a pope who prizes unity. The world today needs a leader who can awaken consciences, he said.

      “Let us pray that God will grant the church a pope who knows how best to awaken the consciences of all and the moral and spiritual energies in today's society,” Re said.

      He reminded them that the awesomeness of the Sistine Chapel's frescoes, and Michelangelo's in particular, is meant to remind the cardinals of the weighty responsibility they bear. In his regulations for the conclave, St. John Paul II wrote that in the Sistine Chapel, “everything is conducive to an awareness of the presence of God.” After the cardinals took their oaths, the master of papal liturgical ceremonies, Archbishop Diego Ravelli, called out “Extra omnes,” and anyone not eligible to vote left before the chapel doors closed. An elderly cardinal remained to deliver a meditation, but after it was finished he, too, had to leave.

      The cardinals don't have to take a first vote Wednesday, but they are expected to. Assuming no winner is found, the Vatican said black smoke could be expected out of the Sistine Chapel chimney about 7 pm.

      The cardinals retire for the night and return Thursday morning. They can hold up to two ballots in the morning and two in the afternoon until a winner is found.

      While cardinals this week said they expected a short conclave, it will likely take at least a few rounds of voting. For much of the past century, it has taken between three and 14 ballots to find a pope. John Paul I — the pope who reigned for 33 days in 1978 — was elected on the fourth ballot. His successor, John Paul II, needed eight. Francis was elected on the fifth in 2013.

      Lobbying before the conclave While the cardinals are supposed to resist any “secular” influences in their choice, such lobbying abounded in Rome in the days before the conclave as various groups reminded cardinals of what ordinary Catholics want in a leader.

      Young Catholics penned an open letter reminding cardinals that there is no church without young people, women and the laity. Conservative Catholic media slipped cardinals copies of a glossy book containing their assessments of contenders. Survivors of clergy sexual abuse warned cardinals that they would be held accountable if they failed to find a leader who will crack down on decades of abuse and cover-up.

      Advocates for women's ordination sent pink smoke signals over the Vatican to demand that women be allowed to be priests and participate in a conclave.

      Even the White House got involved, posting a photo of President Donald Trump dressed as a pope. Trump said it was a joke, but the gesture was denounced by former Italian Premier Romano Prodi as “indecent” political interference in matters of faith that harked back to times when secular rulers habitually wielded religion to stay in power.

      Lisette Herrera, a 54-year-old tourist from the Dominican Republic, was deeply moved to find herself by chance in Rome as the conclave began. She decided Wednesday morning to skip the Spanish Steps and Trevi Fountain and pray instead in St. Peter's Square.

      “I'm praying to the Holy Spirit for a young pope who would stay with us for a long time,” she said. “I don't believe in conclave politics, I just feel that the Holy Spirit is here and that's all we need to know.” Armando Statti, a pilgrim from Crotone, Italy, said he expected cardinals would settle on a pope in the image of Francis or John Paul II.

      “We hope he will be announced as soon as possible, for the sake of the whole world and for peace, and that he will embrace everyone," he said.

      Challenges facing a new pope Many challenges face the new pope and weigh on the cardinals — above all whether to continue and consolidate Francis' progressive legacy on promoting women, LGBTQ+ acceptance, the environment and migrants, or roll it back to try to unify a church that became more polarized during his pontificate. The clergy sex abuse scandal hung over the pre-conclave talks.

      Since Francis chose 80 per cent of the voters, continuity is likely, but the form it might take is uncertain and identifying front-runners has been a challenge.

      But some names keep appearing on lists of “papabile,” or cardinals having the qualities to be pope.

      — Cardinal Pietro Parolin, 70, an Italian who was Francis' secretary of state and the Vatican No. 2, is a leading contender.

      — Filipino Cardinal Luis Tagle, 67, is a top candidate to be history's first Asian pope. He had a similarly high-profile job, heading the Vatican's evangelization office responsible for the Catholic Church in much of the developing world.

      — Hungarian Cardinal Peter Erdo, 72, the archbishop of Budapest, is a leading candidate representing the more conservative wing of the church. (AP) GSP

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