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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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    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
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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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      Thousands bid tearful adieu to Shibu Soren, funeral held with full state honours

      August 6, 2025

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      Nemra, Aug 5 (PTI) A sea of mourners from all sections of the society – ranging from political stalwarts to villagers – gathered at Nemra, the native place of former Jharkhand chief minister Shibu Soren, as his mortal remains were consigned to flames on Tuesday.

      Soren, fondly called 'Dishom Guru' (leader of the land), passed away on Monday at the age of 81 in a Delhi hospital, while undergoing treatment for kidney-related ailments.

      The founding father of the Jharkhand Mukti Morcha (JMM) and a towering figure in the state's tribal movement was accorded a farewell with a gun salute from Jharkhand Armed Police (JAP) personnel, as his last rites were performed with full state honours amid tight security.

      Chief Minister Hemant Soren, his eldest son, lit the funeral pyre as chants of 'Guruji amar rahe' (Long live Guruji) rent the air.

      “Today, nature also shed tears… Nature's most beloved son merged into the lap of nature today... Last greetings Baba... Long live the brave Dishom Guru Shibu Soren!” the CM said in a post on X, sharing pictures of the funeral, which was held amid heavy rain.

      A sombre atmosphere prevailed in Nemra in Ramgarh district as thousands of people, including family, supporters, political leaders, and villagers, gathered to bid a final adieu with moist eyes.

      Leader of the Opposition in the Lok Sabha, Rahul Gandhi, and Congress president Mallikarjun Kharge did not attend the funeral, as their helicopter could not take off from Ranchi where they landed around 3.30 pm from Delhi. However, they left for Nemra by road and reached around 6.45 pm to meet Hemant Soren and consoled him.

      "Last Johar, Dishom Guru Shibu Soren ji. You were a staunch protector of tribal identity and water, forest and land, and a guide on the path of justice... Your consciousness like that of Hul and your resolve like that of Dharti Aaba will always remain alive in our songs, our soil and our thoughts," Gandhi said in a post on X late on Tuesday.

      Former Bihar deputy chief minister and RJD leader Tejashwi Yadav also reached Nemra, while former Union minister Arjun Munda and AJSU Party chief Sudesh Mahto came on a motorcycle due to massive traffic jams on the roads.

      Shibu Soren's mortal remains were laid on a flower-decked charpoy at his ancestral home in the village in adherence to full tribal customs, as near and dear ones made a beeline to offer shrouds, chadar, shawls and bouquets. The coffin was wrapped in the tricolour and the JMM flag.

      An emotional wheelchair-bound Roopi Soren, Shibu Soren's wife, was unable to control her tears, while his sons Hemant and Basant, and daughter-in-law Kalpana were seen standing silent with grief writ large on their faces. Kalpana Soren was seen consoling her two sons.

      The house was packed with people paying their last respects, with many breaking down.

      Earlier in the day, people lined up on both sides of the road to pay their last respects as the hearse carried Shibu Soren's body to Nemra from the state assembly in Ranchi, around 75 km away.

      Most of the shops and establishments in Ranchi remained closed in the first half of the day as a mark of respect for the departed leader. Special traffic arrangements were made for the funeral.

      Political leaders from across the country came to Ranchi, including Aam Aadmi Party (AAP) MP Sanjay Singh, TMC MP Shatabdi Roy, Purnea MP Pappu Yadav to pay their last respects to the tribal icon.

      As a mark of respect, the Jharkhand government declared a three-day state mourning till August 6.

      Most of the schools in Jharkhand remained closed on Tuesday, with many ensuring special prayers for peace to the departed soul.

      Rajya Sabha proceedings were also adjourned for the day on Monday as a mark of respect, following the death of sitting MP Shibu Soren.

      The ongoing monsoon session of the Jharkhand Assembly, which began on August 1, was adjourned sine die following the announcement of his death.

      In the morning, Shibu Soren's mortal remains were brought to the state assembly, where Governor Santosh Gangwar and Speaker Rabindra Nath Mahato, and several Union and state ministers and bureaucrats paid tributes to him.

      Shibu Soren, who led the JMM for nearly four decades, was a key architect of Jharkhand's statehood movement and a revered figure among the tribal communities. As the pyre was lit in Nemra, a chapter of Jharkhand's political and cultural history came to a close.

      Born on January 11, 1944, Shibu Soren was one of the most powerful political figures in the country's tribal and regional political landscape. His political life was defined by continuous advocacy for the rights of tribals.

      Soren was 15 years old when his father, Shobaran Soren, was allegedly killed by moneylenders in Lukaiyatand forest near Gola block headquarters on November 27, 1957. This left a deep impact on him and became a catalyst for his future political activism.

      In 1973, Soren co-founded the JMM along with Bengali Marxist trade unionist A K Roy and Kurmi-Mahto leader Binod Bihari Mahto during a public meeting at Golf Ground, Dhanbad.

      Soren's grassroots mobilisation against feudal exploitation is said to have shaped him into a tribal icon.

      After decades of agitation, steered by him and others, the demand for a separate state was finally fulfilled with the formation of Jharkhand on November 15, 2000.

      He was elected several times to the lower House of Parliament from Dumka and later became a Rajya Sabha member. He had also served as the Union coal minister in the UPA government. PTI NAM ACD RBT

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