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    No commitment given to bank unions on 5-day work week by Finance Ministry, say sources
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September 25, 2026
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Five-day banking proposal remains under consideration amid strike plans and measures for uninterrupted banking and advance disbursements.
Five-day banking remains under governmental consideration, with no Finance Ministry commitment to implementation. Unions linked the proposal to the 12th Bipartite Settlement/9th Joint Note, which contemplated extended Monday-to-Friday working hours. Family pension revision and a pension option for resignees were identified as addressed, while withdrawal of the Performance Linked Incentive scheme remains in abeyance. Public sector banks were instructed to remain open on the preceding Sunday, and central government salaries, wages and pensions were directed to be disbursed in advance.
September 25, 2026
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Alternative fuel transition promotes ethanol, electric and hydrogen mobility to reduce imports, pollution, and strengthen farm income.
Alternative-fuel and public-transport measures seek to reduce dependence on imported petroleum, curb air pollution, and support farmer income and employment. Ethanol is positioned as a farm-income source through increased demand and returns for maize growers, alongside electricity, hydrogen and waste-derived CNG. Development and introduction of flex-fuel vehicles, using engines capable of operating on ethanol, electric tractors, hydrogen-powered vehicles and hydrogen buses form part of a cleaner-mobility strategy.
September 25, 2026
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Foreign-exchange market intervention expectations supported rupee appreciation amid improved risk sentiment, while importer demand and crude prices constrained gains.
Foreign-exchange market conditions supported a 19-paise appreciation of the rupee to 95.80 against the US dollar, aided by improved global risk sentiment and expectations of Reserve Bank intervention. Dollar demand from importers, high crude prices and US dollar strength constrained gains. Lower crude prices and dollar weakness could support the rupee, while geopolitical escalation may create pressure. Market participants expected intervention if the currency weakened toward 96.
September 25, 2026
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Credit health assessment combines score, repayment history, utilisation, accounts and enquiries to support informed borrowing and profile monitoring.
Credit health is broader than a numerical credit score and encompasses the way credit has been managed over time. Credit analysis requires a combined review of the score, repayment history, credit accounts, credit utilisation, credit history and credit enquiries. A credit report may identify management of EMIs and credit-card dues, existing borrowing obligations, use of revolving credit relative to available limits, and recent lender checks associated with credit applications. Incorrect or unfamiliar entries may be reviewed and, where necessary, raised with the relevant lender or credit bureau.
September 25, 2026
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Fuel-price mitigation measures use tax reductions, targeted subsidies and energy-security policies to ease pressure on households and energy-intensive industries.
European fuel-price intervention combines targeted subsidies, fuel-tax reductions, temporary regulatory flexibilities and energy-security investment to moderate the economic effects of sharply higher gasoline and diesel prices caused by disrupted supplies. Member States have temporary discretion to grant state aid to households and energy-intensive sectors, including agriculture, transport and fishing, and limited flexibility under EU spending rules for investments that improve energy security and reduce dependence on imported fossil fuels.
September 25, 2026
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AI management certification anchors responsible lifecycle governance, transparency, accountability, security, and human oversight for agentic loyalty systems.
ISO/IEC 42001:2023 certification applies to an Artificial Intelligence Management System governing AI development, deployment, oversight and continual improvement within the GRAVTY platform. The framework supports AI-related risk management, responsible governance, transparency, accountability, security and human oversight throughout the AI lifecycle. Its scope includes supervised and unsupervised learning models and large language models supporting personalised engagement, fraud management, loyalty intelligence, autonomous decision-making, operational automation and workflow support.
September 25, 2026
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Digital warehousing controls propose electronic tracking, secure transport, monthly returns, and risk-based compliance verification for warehoused goods.
Draft Warehousing Operations Regulations, 2026 would require public and private warehouse licensees to use the electronic portal and a digital warehouse management system for receipt, storage, transfers, removals and accounting of warehoused goods. Transport would generally require a one-time-lock and transit-risk insurance, subject to specified exemptions. Licensees would verify locks and goods, report discrepancies, maintain auditable electronic records, submit monthly returns, and permit removals for home consumption or export only upon electronic clearance orders. Non-confirmation, discrepancies and contraventions would trigger information demands, risk-based verification and action under the Customs Act.
September 25, 2026
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Technology risk governance requires banks to retain accountability, test resilience, and govern artificial intelligence before scaling financial services.
Technology risk governance must treat technology architecture as a first-order enterprise risk, alongside conventional financial risks, because the availability and integrity of core banking, payments, onboarding, credit, fraud-monitoring and reporting systems determine whether customers can access essential financial services. Banks may outsource technology functions but retain accountability for access controls, concentration, recoverability, data protection and exit options. Effective resilience requires secure architecture, asset visibility, timely remediation of vulnerabilities and legacy systems, identity and access management, effective controls, third-party oversight, post-incident learning, and regular recovery testing.
September 25, 2026
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Global value chain integration advances trade partnerships, semiconductor capacity, and deep-tech innovation within broader economic engagement.
India's global economic engagement prioritises trade and economic partnerships to strengthen participation in global value chains and supply chains, facilitating cross-border movement of goods and services. The approach is linked to projected semiconductor demand and development of artificial-intelligence capabilities, alongside innovation, deep-tech startup support and private-sector space activity. The startup ecosystem is described as having expanded substantially, with current policy emphasis on deep-tech innovation and participation in global markets.
September 25, 2026
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Trade agreement review targets balanced, user-friendly, trade-facilitative rules to address asymmetries and strengthen regional commerce.
The ongoing review of the ASEAN-India Trade in Goods Agreement seeks to enhance trade flows, address trade asymmetries, and deliver a balanced, effective, user-friendly, and trade-facilitative arrangement for businesses. It forms part of India's commitment to mutually beneficial trade partnerships and regional trade arrangements.
September 24, 2026
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Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios.
Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
September 24, 2026
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Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.

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Pope Leo XIV lays out vision of papacy, identifies AI as main challenge for humanity

May 11, 2025

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Vatican City, May 10 (AP) Pope Leo XIV laid out the vision of his papacy Saturday, identifying artificial intelligence as one of the most critical matters facing humanity and vowing to continue with some of the core priorities of Pope Francis.

But in a sign he was making the papacy very much his own, Leo made his first outing since his election, travelling to a sanctuary south of Rome that is dedicated to the Madonna and is of particular significance to his Augustinian order and his namesake, Pope Leo XIII.

Townspeople of Genazzano gathered in the square outside the main church housing the Madre del Buon Consiglio (Mother of Good Counsel) sanctuary as Leo arrived and greeted them. The sanctuary, which is managed by Augustinian friars, has been a place of pilgrimage since the 15th century and the previous Pope Leo elevated it to a minor basilica and expanded the adjacent convent in the early 1900s.

After praying in the church, Leo greeted the townspeople and told them they had both a gift and a responsibility in having the Madonna in their midst. He offered a blessing and then got back into the passenger seat of the car, a black Volkswagen. En route back to the Vatican, he stopped to pray at Francis' tomb at St. Mary Major Basilica.

The after-lunch outing came after Leo presided over his first formal audience, with the cardinals who elected him pope. In it Leo repeatedly cited Francis and the Argentine pope's own 2013 mission statement, making clear a commitment to making the Catholic Church more inclusive and attentive to the faithful and a church that looks out for the "least and rejected.” Leo, the first American pope, told the cardinals that he was fully committed to the reforms of the Second Vatican Council, the 1960s meetings that modernized the church. He identified AI as one of the main issues facing humanity, saying it poses challenges to defending human dignity, justice and labour.

Some signs about the future emerge The Vatican, meanwhile, provided hints of its own about the Leo pontificate: It revealed Saturday that Leo would retain the motto and coat of arms that he had as bishop of Chiclayo, Peru that emphasize unity in the church.

The motto, “In Illo uno unum,” was pronounced by St. Augustine in a sermon to explain that “although we Christians are many, in the one Christ we are one.” The emblem is that of the Augustinian order: a pierced flaming heart and a book, representing the Scriptures.

The Vatican also provided details about the pectoral cross that Leo is wearing: It was a gift from the Augustinian order when he was made a cardinal in 2023. It contains relics of St. Augustine and his mother, St. Monica, who was crucial in his conversion to Christianity.

St. Augustine of Hippo is one of the theological and devotional giants of early Christianity. The Augustinian order, formed in the 13th century as a community of “mendicant” friars, is dedicated to poverty, service and evangelization.

Identifying with Pope Francis Leo referred to AI in explaining the choice of his name: His namesake, Pope Leo XIII, was pope from 1878 to 1903 and laid the foundation for modern Catholic social thought. He did so most famously with his 1891 encyclical Rerum Novarum, which addressed workers' rights and capitalism at the dawn of the industrial age.

The late pope criticised both laissez-faire capitalism and state-centric socialism, giving shape to a distinctly Catholic vein of economic teaching.

In his remarks Saturday, Leo said he identified with his predecessor.

“In our own day, the church offers everyone the treasury of its social teaching in response to another industrial revolution and to developments in the field of artificial intelligence that pose new challenges for the defense of human dignity, justice and labor,” he said.

Toward the end of his pontificate, Francis became increasingly vocal about the threats to humanity posed by AI and called for an international treaty to regulate it.

Francis in many ways saw the Chicago-born Augustinian missionary Robert Prevost as something of an heir apparent: He moved him to take over a small Peruvian diocese in 2014, where Prevost later became bishop and head of the Peruvian bishops conference, and then called him to Rome to take over one of the most important Vatican offices vetting bishop nominations in 2023.

In the speech, delivered in Italian in the Vatican's synod hall — not the Apostolic Palace — Leo made repeated references to Francis and the mourning over his death. He held up Francis' 2013 mission statement, “The Joy of the Gospel,” as something of his own marching orders.

He cited Francis' insistence on the missionary nature of the church and the need to make its leadership more collegial. He cited the need to pay attention to what the faithful say “especially in its most authentic and inclusive forms, especially popular piety.” Again, referring to Francis' 2013 mission statement, Leo cited the need for the church to express “loving care for the least and rejected” and engage in courageous dialogue with the contemporary world.

A quick conclave Greeted by a standing ovation, Leo read from his prepared text, only looking up occasionally. Even when he first appeared to the world on Thursday night, Leo read from a prepared, handwritten text in Italian that he must have drafted sometime before his historic election or the hour or so after. He seemed most comfortable speaking off-the-cuff in the few words he pronounced in Spanish.

Prevost was elected the 267th pontiff on Thursday on the fourth ballot of the conclave, an exceptionally fast outcome given this was the largest and most geographically diverse conclave in history and not all cardinals knew one another before arriving in Rome.

Madagascar Cardinal Désiré Tsarahazana told reporters on Saturday that on the final ballot, Prevost had received “more” than 100 of the 133 votes. That suggests an extraordinary margin, well beyond the two-thirds, or 89 votes, necessary to be elected.

A comment from a contender Cardinal Pietro Parolin, the Vatican secretary of state who had been considered one of the top contenders to be pope, offered his congratulations on Saturday in a letter published in his hometown paper, Il Giornale di Vicenza.

Parolin praised Leo's grasp of today's problems, recalling his first words from the loggia when he spoke of the need for a peace that is "disarmed and disarming." Parolin said he had appreciated Prevost's leadership in Chiclayo, saying he helped handle a particularly thorny problem — with no details — and grew to appreciate his governance more closely at the Vatican handling the bishops' office.

Specifically, Parolin praised Leo's understanding of people and situations, his “calmness in argumentation, balance in proposing solutions, respect, care and love for everyone.” (AP) GSP

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