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    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
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    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
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    August 7, 2026
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    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
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
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    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.
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    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.
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    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.
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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.
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
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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.
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    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".
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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.
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
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    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
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    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
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    Domestic ethanol sourcing for fuel blending continues unchanged, with no import commitments or concessions involving United States ethanol.
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    Patent and trade marks agent qualification examinations require written-paper minimums, aggregate passing scores, and viva voce assessment for registration.
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      Only 900 speakers of the Sanna language remain. Now Cyprus' Maronites are mounting comeback

      May 24, 2025

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      Kormakitis, May 24 (AP) Ash dangled precariously from Iosif Skordis' cigarette as he reminisced with fellow villagers in a language on the edge of extinction, one that partly traces its roots to the language Jesus Christ once spoke.

      The 97-year-old Skordis is one of only 900 people in the world who speak Cypriot Maronite Arabic, or Sanna. Today, his village of Kormakitis is the last bastion of a language once spoken by tens of thousands of people across dozens of villages.

      The tongue, an offshoot of Syrian Arabic that has absorbed some Greek, has been passed from generation to generation in this windswept community in Cyprus. Until less than two decades ago, there was no written script, or even an alphabet, since parents transmitted it to children in conversation. Only a handful of people are trained to teach it.

      Sanna is at risk of disappearing, according to the Council of Europe's minority language experts. One Indigenous language dies every two weeks, the United Nations estimates, diminishing the tapestry of human knowledge one strand at a time.

      But the 7,500-strong Maronite community in Cyprus is pushing back. With help from the Cypriot government and the European Union, it has built schools, created a Sanna alphabet to publish textbooks and begun classes to keep the language alive and thriving.

      “Sanna … is undoubtedly one of the most distinguishing features of our cultural identity,” said Yiannakis Moussas, the Maronite community's representative in the Cypriot legislature. He spoke in the Kormakitis coffeehouse adorned with soccer trophies and banners emblazoned with a Lebanese cedar.

      “And it's striking evidence of our heritage. The fact that we speak a kind of Arabic over so many centuries makes it clear that we descend from areas of Syria and Lebanon.” Roots in Syria and Lebanon The language was brought to Cyprus by waves of Arab Christians fleeing persecution by invading Arab Muslim fighters in what is now Syria, Lebanon and Israel, starting as early as the 8th century.

      Sanna at its root is a semitic language that, unlike other Arabic dialects, contains traces of the Aramaic that was spoken by populations prior to the Arab invasion of the Levant, according to University of Cyprus linguistics professor Marilena Kariolemou, who leads the team responsible for the language's revitalization.

      That's because the Maronite community in Cyprus was isolated from other Arabic-speaking populations.

      But as Maronites increasingly interacted with the island's majority Greek-speaking population and became bilingual, Sanna evolved to incorporate several Greek words, adding to its uniqueness among the many Arabic dialects.

      According to Kariolemou, Sanna contains five vowels similar to Greek and another three similar to Aramaic, while consonants whose sounds are formed in the back of the throat have diminished, likely because of the Greek influence. Sanna also adopted Greek syntax, she said.

      The effects of a Turkish invasion Until the mid-1970s, the Maronite community was largely centered around four villages: Asomatos, Ayia Marina, Karpasia and Kormakitis as the cultural center.

      But the 1974 Turkish invasion that split Cyprus into a breakaway Turkish Cypriot north and a Greek Cypriot south, where the internationally recognized government is based, saw most Maronites dispersed throughout the south.

      Asomatos and Ayia Marina are empty of Maronite inhabitants and are now Turkish army camps.

      Moussas, the community representative, said the consequences of 1974 were “catastrophic” for the Maronites as they gravitated toward the island's major cities, putting their culture and language at risk as children attended Greek-speaking schools and intermarriage with Greek Cypriots increased.

      It's said that currently, only one in five Maronite marriages are between members of the community.

      A hope for revival That left Kormakitis as the linguistic “hive” for Cypriot Maronite Arabic, only spoken by residents over 50, according to retired teacher Ilias Zonias. Born in Kormakitis, Zonias is the only native Sanna speaker qualified to teach the language.

      Kormakitis was a closed society in which residents spoke Sanna, while their kids went to school not knowing Greek. That's how the language was preserved, Zonias said.

      Still, speakers after 1974 began to dwindle until around the turn of the millennium, when the Maronite community with the help of the Cypriot government increased efforts to save the language.

      Cyprus' 2004 membership in the EU was a milestone for Sanna as the bloc poured resources into safeguarding Indigenous minority languages, a designation that Cypriot authorities had bestowed.

      Kariolemou said her team in 2013 set up a recorded archive of spoken Sanna, some 280 hours long, for further study.

      A 27-letter alphabet was created in mostly Latin characters, thanks mainly to the work of linguist Alexander Borg. Grammar was formulated and refined, enabling the publication of books for teaching Sanna.

      Efforts to attract young families Language courses are in their early stages, Skordis said, with about 100 children and adults in classes in Kormakitis and the Saint Maronas primary school in Lakatamia, a suburb of Nicosia, the country's capital. A summer language camp for children and adults in Kormakitis has also been created.

      An initiative is underway for native-born speakers — primarily Kormakitis residents — to learn how to teach Sanna.

      At Ayios Maronas primary school, 20 kindergarten-age children are learning the language with books containing QR codes that can be scanned so students can follow an audio adaptation on school-provided tablets.

      But for Sanna to have a real future, there is no substitute for young families returning in large numbers to Kormakitis, where the language can be taught in the newly built, EU-funded school, Moussas said.

      Community leaders, however, aren't pleased with the low number of people expressing interest. Moussas said community leaders and the Cypriot government are looking into offering incentives, primarily to make it easier to find housing.

      For Zonias, keeping the language alive for the ages would be the crowning achievement of his career.

      “I don't want to be the last teacher of Sanna,” he said. (AP) GSP

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