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    AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister
    ED files chargesheets in 2 PMLA cases against Anil Ambani Group companies, ex-executives
    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
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    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
    Ministry of Agriculture, Food and Rural Affairs and aT Host '2026 K-Food Fair in New Delhi, India'
    No compromise on tackling illegal immigrants' issue: Minister Priyank Kharge
    Technology, transparency key for urban cooperative banks to stay competitive: Shah
    Paul Merchants Gets RBI Approval for Perpetual AD Category-II Licence Under Revised FEMA Framework
    IEPFA Organises Stakeholder Engagement with Nodal Officers of Companies on Integrated IEPFA Portal 2.0
    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
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    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.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.

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      Mayo Alumni Summit 2025: A Strategic Start to 150 Years of Legacy

      August 4, 2025

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      New Delhi, July 31, 2025 – The Mayo Alumni Summit 2025 marked a strong beginning to Mayo College's 150th-year celebrations. Held at the Hyatt Regency in New Delhi, the event brought together over 300 alumni and was organized by the Mayo Alumni Association Delhi (MAAD). More than a reunion, the summit served as a platform for dialogue on the institution’s future, addressing key themes such as real estate, artificial intelligence, and mental wellbeing. The event served as a prelude to the main 150th-anniversary celebrations scheduled in Ajmer from November 27–30, 2025, where generations of Mayo alumni will return to campus to commemorate the school’s heritage and continued influence.

      A Look Back, A Step Forward The summit began with opening remarks on the significance of the milestone and the role alumni continue to play in shaping Mayo College’s direction.

      Mr. Harmeet Singh, President of MAAD, described the 150-year anniversary as an opportunity to reconnect and align across generations. Ms. Pooja Kothari, President of the MCGS Alumni Association, referred to the “silent badge of honor” associated with being a Mayoite, adding that this legacy brings a responsibility to uphold its values going forward.

      Principal Mr. Saurav Sinha reinforced the idea that alumni play a vital role in the College’s growth. “When I speak to students, I remind them that every privilege they enjoy is a result of the path carved by their seniors,” he said.

      Mr. Pankaj Karna, Treasurer of MAAD and Managing Director of Maple Capital Advisors, introduced the evening’s themes—highlighting real estate as a topic of growing interest, AI as both a challenge and opportunity, and mental wellbeing as an area requiring greater attention.

      Real Estate Panel: Market Momentum and Diversification The first panel brought together real estate leaders to explore investment trends and sector shifts. The discussion featured Abhishek Bansal (Pacific Group), Ankur Gupta (Aashiana Housing), Ashwin Chaddha (Sotheby’s International Realty India), and Samir Jasuja (PropEquity), and was moderated by journalist Manisha Natarajan.

      Jasuja noted that “the real estate index has outperformed the Nifty by three times in the last four years, delivering a 450% return for listed property stocks,” while cautioning that this growth was largely supply-driven—highlighting the drop in Gurgaon's inventory from 60 to 9 months and a doubling of rental rates.

      Chaddha pointed to sustained demand for “trophy assets in Lutyens’ Delhi and South Bombay,” and cited Dubai’s $2.6 billion in $10 million-plus transactions in Q2 2025 as a benchmark.

      Gupta emphasized senior living as a growing niche, observing that “senior living communities now offer rental yields that outpace traditional residential and commercial assets,” supported by full occupancy and limited supply.

      Bansal discussed the resilience of retail real estate, stating that “well-managed retail properties deliver consistent year-on-year returns,” and underlined the increasing relevance of structured investment products like REITs and AIFs that offer “a transparent, regulated pathway to real estate returns.” The panel highlighted how the sector has significantly outperformed broader markets post-COVID, the supply constraints and declining inventory’s role in driving price escalation in key urban markets, senior living and trophy assets as differentiated, high-yield investments and Institutionalized vehicles like REITs and AIFs are enabling more accessible real estate participation. The discussion also identified the National Capital Region (NCR) and other Tier-1 markets as hotspots for the next 5–10 years.

      Artificial Intelligence: India’s Roadmap for Scaled Innovation Singh highlighted India’s strengths in open-source contributions—being the second-largest contributor on GitHub—and the prior constraints due to limited computing access. He noted that the India AI Mission now offers 40,000 subsidized GPUs at ₹65 per hour, significantly improving access. He also introduced AI Kosh, a platform offering standardized datasets, and referenced four indigenous foundation models being developed to ensure inclusive representation of India’s languages and contexts.

      Singh outlined thirty priority use-cases, such as AI tools for tuberculosis diagnosis and voice-based agricultural support and noted that a national AI framework—shaped by over 400 public comments—will be released by mid-August 2025.

      Bapna tempered fears of runaway “SuperAI,” explaining, “In my view, we are far away from that right now,” and urged a focus on near-term “AI–human augmentation” in education, healthcare, manufacturing, and governance. Both speakers emphasized the need for ethical oversight and human-in-the-loop governance. The conversation underscored India’s investment into democratizing AI infrastructure through subsidized compute access, AI Kosh and foundational models aimed to localize AI to India’s diverse needs and languages, AI’s hand in helping sectors like healthcare and education and the distant reality of SuperAI.

      Mental Wellbeing: Tools for Personal Resilience In the final session, Dr. Rachana Patni, Founder of The Matrix of Emotions, led a guided visualization exercise to introduce the topic of mental wellbeing. Using a “Wheel of Life” self-assessment tool, participants reflected on personal and professional dimensions of wellness.

      Dr. Patni discussed how external success can obscure internal imbalances and pointed out common behavioral patterns—from perfectionism to screen dependency—that affect mental health. She emphasized the need for self-awareness and accountability in maintaining long-term emotional and psychological resilience.

      Honoring Alumni and Looking Ahead Mayo Chronicles, the official Mayo Old Boys Society Magazine, was launched on July 19, 2025, at the Mayo Alumni Summit 2025 at Hyatt Regency, New Delhi. The launch ceremony was graced by Mr. Harmeet Singh, President MAAD, and Mr. Kirit S. Javali, Secretary MAAD & part of the Mayo Chronicles Editorial Team. Bhanu Pratap Singh, Member Mayo OBS executive committee also a member of the Editorial Team, virtually joined in to mark this significant occasion.

      The Mayo Alumni Summit 2025 successfully set the stage for the upcoming 150th celebrations, reinforcing the institution’s legacy and its commitment to the future. As one speaker aptly summarized: “Mayo doesn’t just build students—it builds legacies.” Mayo College Alumni Association of Delhi (MAAD) is a registered association for the alumni of Mayo College both boys and girls focused on alumni initiatives and activities that have been around networking, sports, alumni welfare and giving back to school. Mayo College, Ajmer is a prestigious residential school in India, It was established in 1875 to educate and nurture the princes of the royal families of Rajasthan. After Independence it emerged as one of the premier residential public schools with many well-known alumni across, government, armed forces, business, education, entertainments and other areas. Mayo College Girls school was established in 1987, a residential school adjoining the boy’s school both schools have built a reputation of being among the best residential schools in the country.

      Media Contact –Urja Khandhediya- 9599219903 & Jai Bhargava - 9829488422 (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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