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    Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth
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    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.
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    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.
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    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.
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    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
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    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
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    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
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    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
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    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
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    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
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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.
    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.
    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.

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      Nicaragua's former President Violeta Chamorro dies at 95, family says

      June 15, 2025

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      San Jose, Jun 14 (AP) Violeta Chamorro, an unassuming homemaker who was thrust into politics by her husband's assassination and stunned the world by ousting the ruling Sandinista party in presidential elections and ending Nicaragua's civil war, has died, her family said in a statement on Saturday. She was 95.

      The country's first female president, known as Doña Violeta to both supporters and detractors, she presided over the Central American nation's uneasy transition to peace after nearly a decade of conflict between the Sandinista government of Daniel Ortega and US-backed Contra rebels.

      At nearly seven years, Chamorro's was the longest single term ever served by a democratically elected Nicaraguan leader, and when it was over she handed over the presidential sash to an elected civilian successor — a relative rarity for a country with a long history of strongman rule, revolution and deep political polarisation.

      Chamorro died in San Jose, Costa Rica, according to the family's statement shared by her son, Carlos Fernando Chamorro, on X.

      “Doña Violeta died peacefully, surrounded by the affection and love of her children and those who had provided her with extraordinary care, and now she finds herself in the peace of the Lord,” the statement said.

      A religious ceremony was being planned in San Jose. Her remains will be held in Costa Rica “until Nicaragua returns to being a Republic,” the statement said.

      In more recent years, the family had been driven into exile in Costa Rica like hundreds of thousands of other Nicaraguans fleeing the repression of Ortega.

      Violeta Chamorro's daughter, Cristiana Chamorro, was held under house arrest for months in Nicaragua and then convicted of money laundering and other charges as Ortega moved to clear the field of challengers as he sought reelection.

      The Violeta Barrios de Chamorro Foundation closed its operations in Nicaragua in January 2021, as thousands of nongovernmental organizations have been forced to do since because Ortega has worked to silence any critical voices. It had provided training for journalists, helped finance journalistic outlets and defended freedom of expression.

      Husband's assassination Born Violeta Barrios Torres on October 18, 1929, in the southwestern city of Rivas, Chamorro had little by way of preparation for the public eye. The eldest daughter of a landowning family, she was sent to US finishing schools.

      After her father's death in 1948, she returned to the family home and married Pedro Joaquin Chamorro, who soon became editor and publisher of the family newspaper, La Prensa, following his own father's death.

      He penned editorials denouncing the abuses of the regime of Gen. Anastasio Somoza, whose family had ruled Nicaragua for four decades, and was gunned down on a Managua street in January 1978.

      The killing, widely believed to have been ordered by Somoza, galvanised the opposition and fuelled the popular revolt led by Ortega's Sandinista National Liberation Front that toppled the dictator in July 1979.

      Chamorro herself acknowledged that she had little ambition beyond raising her four children before her husband's assassination. She said she was in Miami shopping for a wedding dress for one of her daughters when she heard the news.

      Still, Chamorro took over publishing La Prensa and also became a member of the junta that replaced Somoza. She quit just nine months later as the Sandinistas exerted their dominance and built a socialist government aligned with Cuba and the Soviet Union and at odds with the United States amid the Cold War.

      La Prensa became a leading voice of opposition to the Sandinistas and the focus of regular harassment by government supporters who accused the paper of being part of Washington's efforts — along with US-financed rebels, dubbed “Contras” by the Sandinistas for their counterrevolutionary fight — to undermine the leftist regime.

      Chamorro later recounted bitter memories of what she considered the Sandinistas' betrayal of her husband's democratic goals and her own faith in the anti-Somoza revolution.

      “I'm not praising Somoza's government. It was horrible. But the threats that I've had from the Sandinistas — I never thought they would repay me in that way,” she said.

      Peace and 'progress' Chamorro saw her own family divided by the country's politics. Son Pedro Joaquin became a leader of the Contras, and daughter Cristiana worked as an editor at La Prensa. But another son, Carlos Fernando, and Chamorro's eldest daughter, Claudia, were militant Sandinistas.

      By 1990 Nicaragua was in tatters. The economy was in shambles thanks to a US trade embargo, Sandinista mismanagement and war. Some 30,000 people had died in the fighting between the Contras and Sandinistas.

      When a coalition of 14 opposition parties nominated an initially reluctant Chamorro as their candidate in the presidential election called for February that year, few gave her much chance against the Sandinista incumbent, Ortega. Even after months of campaigning, she stumbled over speeches and made baffling blunders. Suffering from osteoporosis, a disease that weakens the bones, she broke her knee in a household fall and spent much of the campaign in a wheelchair.

      But elegant, silver-haired and dressed almost exclusively in white, she connected with many Nicaraguans tired of war and hardship. Her maternal image, coupled with promises of reconciliation and an end to the military draft, contrasted with Ortega's swagger and revolutionary rhetoric.

      “I bring the flag of love,” she told a rally shortly before the vote. “Hatred has only brought us war and hunger. With love will come peace and progress.” She shocked the Sandinistas and the world by handily winning the election, hailing her victory as the fulfillment of her late husband's vision.

      “We knew that in a free election we would achieve a democratic republic of the kind Pedro Joaquin always dreamed,” Chamorro said.

      Washington lifted trade sanctions and promised aid to rebuild the nation's ravaged economy, and by June the 19,000-strong Contra army had been disbanded, formally ending an eight-year war.

      Forced into negotiations Chamorro had little else to celebrate during her first months in office.

      In the two months between the election and her inauguration, the Sandinistas looted the government, signing over government vehicles and houses to militants in a giveaway that became popularly known as “the pinata.” Her plans to stabilize the hyperinflation-wracked economy with free-market reforms were met with stiff opposition from the Sandinistas, who had the loyalty of most of the country's organized labor.

      Chamorro's first 100 days in power were marred by two general strikes, the second of which led to street battles between protesters and government supporters. To restore order Chamorro called on the Sandinista-dominated army, testing the loyalty of the force led by Gen. Humberto Ortega, Daniel Ortega's older brother. The army took to the streets but did not act against the strikers.

      Chamorro was forced into negotiations, broadening the growing rift between moderates and hardliners in her government. Eventually her vice president, Virgilio Godoy, became one over her most vocal critics.

      Nicaraguans hoping that Chamorro's election would quickly bring stability and economic progress were disappointed. Within a year some former Contras had taken up arms again, saying they were being persecuted by security forces still largely controlled by the Sandinistas. Few investors were willing to gamble on a destitute country with a volatile workforce, while foreign volunteers who had been willing to pick coffee and cotton in support of the Sandinistas had long departed.

      “What more do you want than to have the war ended?” Chamorro said after a year in office.

      Vision of forgiveness Chamorro was unable to undo Nicaragua's dire poverty. By the end of her administration in early 1997, unemployment was measured at over 50 percent, while crime, drug abuse and prostitution — practically unheard of during the Sandinista years — soared.

      That year she handed the presidential sash to another elected civilian: conservative Arnoldo Aleman, who also defeated Ortega at the ballot.

      In her final months in office, Chamorro published an autobiography, “Dreams of the Heart,” in which she emphasized her vision of forgiveness and reconciliation.

      “After six years as president, she has broadened her definition of my children' to include all Nicaraguans,” wrote a reviewer for the Los Angeles Times. “So even political opponents like Ortega are briefly criticized in one sentence, only to be generously forgiven in the next.” After leaving office, Chamorro retired to her Managua home and her grandchildren. She generally steered clear of politics and created the Violeta Barrios de Chamorro Foundation.

      In 2011 it was revealed that she suffered from a brain tumor. In October 2018, she was hospitalised and said by family members to be in “delicate condition” after suffering a cerebral embolism, a kind of stroke. (AP) GSP

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