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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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    Rupee settles with 5 paise gain at 95.17 against US dollar
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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.
    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
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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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      Five Governors Grace Convocation 2025 in a Singular Honour for O.P. Jindal Global University

      August 1, 2025

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      Sonipat, 1 August 2025: In an unprecedented honour for O.P. Jindal Global University (JGU), five Governors of the States of India participated in the 14th Annual Convocation 2025 held during 29-30 July 2025. The presence of these outstanding personalities, each of them a constitutional authority and representative of a different state or Union Territory, elevated the occasion as JGU celebrated the spirit of federalism which is embedded in the Constitution of India and which sustains our democracy.

      The 14th Convocation Ceremony of JGU witnessed the graduation of over 4,400 students across all 12 Schools and Institutes of our university. This took place in the presence of several distinguished leaders who graced the ceremony.

      They were: Hon’ble Governors: • Shri Vinai Kumar Saxena, Hon’ble Lieutenant Governor of Delhi • Dr. Hari Babu Kambhampati, Hon’ble Governor of Odisha • Shri Arif Mohammed Khan, Hon’ble Governor of Bihar • Shri Justice (Retd.) S. Abdul Nazeer, Hon’ble Governor of Andhra Pradesh • Shri Shiv Pratap Shukla, Hon’ble Governor of Himachal Pradesh Leaders & Luminaries: • Hon’ble Ms. Justice Gita Mittal, Chairperson, Broadcasting Content Complaints Council (BCCC) & Former Chief Justice, High Court of Jammu & Kashmir • Mrs. Ravneet Kaur, Chairperson, Competition Commission of India • Mr. R. Venkataramani, Attorney General for India • Dr. Wilima Wadhwa, Director, ASER Centre, Pratham Education Foundation • H.E. Ms. Ina Krisnamurthi, Ambassador Extraordinary and Plenipotentiary of Indonesia to the Republic of India • H.E. Mr. Rasmus Abildgaard Kristensen, Ambassador of Denmark to the Republic of India & Non-Resident Ambassador (Designate) to Nepal, Sri Lanka, Bhutan, and the Maldives The Chancellor of O.P. Jindal Global University, Mr. Naveen Jindal, whose philanthropy led to the establishment of JGU in 2009 said, “To have five Governors preside over our Convocation is a moment of national recognition for JGU’s journey, values, and aspirations. I extend my sincere gratitude to the Chief Guests and the Guests of Honour for being a part of this important occasion. Your presence and participation at our Convocation is a testimony to your commitment to the cause of higher education.” Chancellor Mr. Jindal reminded the graduating students that they were in an era with unprecedented access to technology, AI and global changes with the world being reshaped and evolving constantly. “Your journey and your ambitions should be extraordinary,” In his address, he added, “Degrees and qualifications open doors, but it is your integrity, compassion and cooperation that will determine how far you go in life. Education is not just a tool for personal growth, it is the foundation on which a nation’s prosperity can be built. We live in a world of increased visibility but the quietest acts of leadership have the most impact.” Professor (Dr.) C. Raj Kumar, the Founding Vice Chancellor of JGU said in his address at the Convocation, “At JGU, we are conscious that our institution-building activities contribute to addressing broader national challenges. In this endeavour, the principles of academic freedom and pursuit of institutional excellence have underpinned our efforts. Our institutional strategy and policies have evolved to enable JGU students and scholars to undertake research that is interdisciplinary, wide-ranging in scope, impactful, and covering issues of national and global concern. JGU has grown into an institution with over 16,000 students across 12 Schools, that brings faculty from 51 countries of the world, students from over 75 countries, and has collaborated with over 550+ leading institutions from 80+ countries to bring international experiences to the Indian higher education system. JGU's pedagogical approach as well as research and capacity building institutes lay focus on promoting interdisciplinarity through cross-listed elective courses, interdisciplinary educational background and experience, and curricula that encourage collaborative thinking and learning.” The Governors who attended the two-day long Convocation ceremonies were clear and unambiguous in their vision of higher education, its impact and the responsibilities of young and upcoming leaders graduating from JGU. Shri Vinai Kumar Saxena, Hon’ble Lieutenant Governor of Delhi stressed how the Delhi-NCR region has emerged as the intellectual capital of India with world renowned universities and higher educational institutes, including JGU, in the area.

      Dr. Hari Babu Kambhampati, Hon’ble Governor of Odisha said, “India today stands at a defining moment. We are making rapid strides in science, technology, infrastructure, health, and education. Yet, our strength lies not only in material progress but also in our moral foundation of truth, compassion and tolerance. O.P. Jindal Global University has lived up to these values. It has nurtured professionals who are equipped not just with knowledge and ambition, but also with wisdom and empathy.” Shri Arif Mohammed Khan, Hon’ble Governor of Bihar emphasised the deep-rooted values of Indian culture, particularly respect for parents and teachers, the ideal of public service, and the inherent divinity of every human being. He said, “Public service is an act of worship. It promotes inner growth and that is sufficient recompense of the selfless worker. We need to understand why Indian tradition values public service and why our culture has stressed on it.” Shri Justice (Retd.) S. Abdul Nazeer, Hon’ble Governor of Andhra Pradesh said, “Education is not merely a pathway to employment; it is a foundation for nation-building. The Convocation is not the end of your academic journey, but the beginning of a new chapter one in which you are called to demonstrate your abilities and contribute meaningfully to society. The education imparted here is deeply grounded in Indian values, driven by a pursuit of academic excellence and a steadfast commitment to innovation.” Shri Shiv Pratap Shukla, Hon’ble Governor of Himachal Pradesh said that the Convocation marks the end of formal education but the beginning of a student’s professional journey. “Today, I also congratulate the families of the graduating students for their effort and hard work. This is a celebration of the power of education which has the capacity to transform lives,” he said.

      The Guests of Honour which included diplomats, senior legal personalities and public servants were all praise for the achievements of O.P. Jindal Global University and the rankings it has achieved in the short duration since it was set up.

      Hon’ble Ms. Justice Gita Mittal, Chairperson, Broadcasting Content Complaints Council (BCCC) & Former Chief Justice, High Court of Jammu & Kashmir said that global collaborations of JGU are truly impressive. “To broaden the understanding of its students, JGU has significantly advanced its pedagogy. It allows students to engage with leading academics and gain valuable insights. JGU has become a forerunner in a system of education which is rooted locally and globally engaged.” Mr. R. Venkataramani, Attorney General for India said, “A university, even in its modern form, is a gurukul which sows the seeds of values and noble thoughts that guide us in countless ways.” Mrs. Ravneet Kaur, Chairperson, Competition Commission of India added, “As scholars, entrepreneurs, lawyers, policy thinkers, journalists, and public leaders, each one of you carries the values of this university. Our country aspires to become Viksit Bharat by the year 2047 where each of you will play a vital role in shaping the transformation of the Indian economy.” Dr. Wilima Wadhwa, Director, ASER Centre, Pratham Education Foundation, addressing the new graduates, said, “Three qualities will serve you well. Take responsibility for the world you inherit. Be adaptable, to innovate and grow. And give back, not just because you should, but because you can." H.E. Ms. Ina Krisnamurthi, Ambassador Extraordinary and Plenipotentiary of Indonesia to India said, “O.P. Jindal Global University has become a beacon. The achievements in global rankings, interdisciplinary education, and societal impact speak volumes of its vision. To the Class of 2025, who have persevered through academic rigor and even a global pandemic, I say: you now carry not only degrees, but the confidence and responsibility to shape the world.” H.E. Mr. Rasmus Abildgaard Kristensen, Ambassador of Denmark to the Republic of India & Non-Resident Ambassador (Designate) to Nepal, Sri Lanka, Bhutan, and the Maldives said, “I want to highlight the strong ties between Denmark and India built on shared values of democracy, sustainability, and innovation. We’ve worked closely on green technology and clean energy to address global challenges. together. Many talented Indians now study and work in Denmark, enriching our society as we hope JGU’s new agreement with the University of Copenhagen will create more opportunities for exchange.” Professor Dabiru Sridhar Patnaik, Registrar of the O.P. Jindal Global University proposed a vote of thanks. Professor (Dr.) Upasana Mahanta, Dean, Admissions and Outreach and Professor Karan Latayan, Controller of Examinations introduced the Chief Guest and the Guest of Honour to those present at the Convocation.

      (Disclaimer: The above press release comes to you under an arrangement with O.P. Jindal Global University and PTI takes no editorial responsibility for the same.). PTI PWR

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