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    ICoAS fraternity reaffirms commitment to cost optimisation for Atmanirbhar Bharat on ICoAS day 2026
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    AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister
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    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
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    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
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    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
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    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
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    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
    Show AI Summary
    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
    Show AI Summary
    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
    Show AI Summary
    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.

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      Trump says Russia-Ukraine ceasefire talks will begin immediately following call with Putin

      May 19, 2025

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      Washington, May 19 (AP) President Donald Trump said Monday that Russia and Ukraine will “immediately” begin ceasefire negotiations after what he described as an “excellent” call with Russian President Vladimir Putin that lasted more than two hours.

      Trump also spoke with Ukrainian leader Volodymyr Zelenskyy and European leaders in hopes of making progress toward a ceasefire.

      “The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of,” Trump said in a social media post.

      Trump said the call was “excellent,” adding, "If it wasn't, I would say so now, rather than later.” The conversations came after the White House said the US leader has grown “frustrated” with both leaders over the continuing war in Ukraine.

      After the call, Putin said Russia was ready to continue discussing an end to the fighting, but he indicated there was no major breakthrough in what he termed a “very informative and very frank” conversation with Trump. Putin said the warring countries should “find compromises that would suit all parties." Moscow, he said, will “propose and is ready to work with” Ukraine on a “memorandum” outlining the framework for “a possible future peace treaty.” “At the same time, I would like to note that, in general, Russia's position is clear. The main thing for us is to eliminate the root causes of this crisis,” the Russian president said.

      Trump has struggled to end a war that began with Russia's invasion in February 2022. That makes these conversations a serious test of his reputation as a deal maker after having claimed he would quickly settle the conflict once he was back in the White House, if not even before he took office.

      Trump expressed his hopes for a “productive day” Monday — and a ceasefire — but ahead of the call, Vice President JD Vance said Trump is “more than open” to walking away from trying to end the war if he feels Putin isn't serious about negotiation.

      “He's grown weary and frustrated with both sides of the conflict,” White House press secretary Karoline Leavitt told reporters Monday ahead of the call. “He has made it clear to both sides that he wants to see a peaceful resolution and ceasefire as soon as possible.” The Republican president is banking on the idea that his force of personality and personal history with Putin will be enough to break any impasse over a pause in the fighting.

      “I'd say we're more than open to walking away,” Vance told reporters before leaving Rome after meeting with Pope Leo XIV. Vance said Trump has been clear that the US “is not going to spin its wheels here. We want to see outcomes.” Trump said the Vatican expressed interest in hosting the negotiations, but there was no immediate confirmation that any talks had been scheduled.

      Trump's frustration builds over failure to end war Trump's frustration about the war had been building before his post Saturday on Truth Social about the coming calls.

      Trump said his discussion with Putin would focus on stopping the “bloodbath” of the war. It also will cover trade, a sign that Trump might be seeking to use financial incentives to broker some kind of agreement after Russia's invasion led to severe sanctions by the United States and its allies that have steadily eroded Moscow's ability to grow.

      Trump's hope, according to the post, is that “a war that should have never happened will end.” Vance said Trump would press Putin on whether he was serious about negotiating an end to the conflict, saying Trump doesn't believe he is and that Trump may wash his hands of trying to end the war.

      “It takes two to tango,” Vance said, adding that “if Russia is not willing to do that, then we're eventually just going to have to say, this is not our war. It's Joe Biden's war, it's Vladimir Putin's war." His treasury secretary, Scott Bessent, said Sunday on NBC's “Meet the Press” that Trump had made it clear that a failure by Putin to negotiate “in good faith” could lead to additional sanctions against Russia.

      Bessent suggested the sanctions that began during the administration of Democratic President Joe Biden were inadequate because they did not stop Russia's oil revenues, due to concerns that doing so would increase US prices. The United States sought to cap Russia's oil revenues while preserving the country's petroleum exports to limit the damage from the inflation that the war produced.

      No ceasefire but an exchange of prisoners Putin recently rejected an offer by Zelenskyy to meet in-person in Turkey as an alternative to a 30-day ceasefire urged by Ukraine and its Western allies, including Washington. Instead, Russian and Ukrainian officials met in Istanbul for talks, the first such direct negotiations since March 2022.

      Those talks ended Friday after less than two hours, without a ceasefire in place. Still, both countries committed to exchange 1,000 prisoners of war each, with Ukraine's intelligence chief, Kyrylo Budanov, saying on Ukrainian television Saturday that the exchanges could happen as early as this week.

      While wrapping up his four-day trip to the Middle East, Trump said Friday that Putin had not gone to Turkey because Trump himself wasn't there.

      “He and I will meet, and I think we'll solve it or maybe not,” Trump told reporters after boarding Air Force One. “At least we'll know. And if we don't solve it, it'll be very interesting.” Zelenskyy met with Vance and Secretary of State Marco Rubio in Rome on Sunday, as well as European leaders, intensifying his efforts before the Monday calls.

      The Ukrainian president said on the social media site X that during his talks with the American officials, they discussed the negotiations in Turkey and that “the Russians sent a low level delegation of non-decision-makers.” He also said he stressed that Ukraine is engaged in ”real diplomacy” to have a ceasefire.

      “We have also touched upon the need for sanctions against Russia, bilateral trade, defense cooperation, battlefield situation and upcoming prisoners exchange,” Zelenskyy said. “Pressure is needed against Russia until they are eager to stop the war.” The German government said Chancellor Friedrich Merz and French, British and Italian leaders spoke with Trump late Sunday about the situation in Ukraine and his upcoming call with Putin. A brief statement gave no details of the conversation, but said the plan is for the exchange to be continued directly after the Trump-Putin call. (AP) GSP

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