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August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
August 27, 2026
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
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Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.
August 27, 2026
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Financial inclusion through basic bank accounts enables direct welfare transfers, digital payments, insurance access and credit for excluded households.
PMJDY provides unbanked adults with basic bank accounts without minimum-balance or maintenance-charge requirements, free RuPay debit cards with accident insurance cover, and eligible overdraft support. Through the JAM framework, PMJDY accounts enable direct transfer of welfare benefits using bank accounts, Aadhaar-based biometric verification and mobile connectivity, reducing intermediary involvement and delays. The scheme emphasises rural, semi-urban, marginalised and women account holders while supporting access to insurance, pensions, savings, digital payments and credit, including MUDRA loans.
August 27, 2026
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Contract food services expansion strengthens Rassense's nationwide institutional operations through new academic partnerships and technology-led service delivery.
Rassense Pvt Ltd reports crossing a workforce of more than 5,000 employees and projects revenue exceeding INR 600 crore. Its contract food services operations serve educational institutions, corporate campuses, healthcare facilities and industrial locations. New operations at IIM Jammu, IIM Bangalore and IIT Guwahati strengthen its nationwide institutional presence. Expansion is supported by academic institution partnerships, local workforce development, operational excellence, and technology-led capabilities in food production, food waste reduction and supply-chain management.

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Whatfix Powers GenAI-Driven Digital Transformation Across the Global Financial Services Sector

August 21, 2025

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Bengaluru, Karnataka, India (NewsVoir) • Deepens Focus on Financial Services, anchored on proven results, dedicated vertical team, and AI-powered product suite. • Trusted by the world’s leading financial services institutions such as Sentry Insurance, Grant Thornton, Mizuho, Ria Financial Services, Mountain America Credit Union, ICICI Bank Limited, Old Mutual, Encova Insurance, and Select Health Whatfix, the global leader in Digital Adoption Platforms (DAP), is accelerating transformation across the global financial services sector with its proprietary GenAI-powered product suite. As financial services institutions worldwide face mounting regulatory pressures, legacy modernization challenges, and rising user expectations, Whatfix is empowering them to navigate change with agility and control, while driving measurable improvements in productivity and ROI. Only 58% of banking leaders feel confident in their ability to modernize core systems, according to Bain & Company’s 2024 Banking Trends Survey. While 43% cite investing in new technologies as a top priority, the primary focus for bank CIOs over the next 12 months is managing cybersecurity and technology risks. These indicators underscore the complexity of digital transformation in financial services and the growing need for scalable, secure, and user-focused solutions. Whatfix directly addresses these challenges through its product suite, comprising three powerful tools: Digital adoption to enable users right within any software, no-code analytics to uncover and resolve adoption gaps, and application simulation for safe, hands-on learning in software replicas, all powered by GenAI. “In financial services institutions, where accuracy, speed, and compliance are non-negotiable, Whatfix empowers these institutions to transform with confidence,” said Khadim Batti, CEO and Co-founder of Whatfix. “We believe userization—putting users at the center of transformation—is the key to real change. Our GenAI-led platform is delivering this across some of the world’s most demanding financial environments.” GenAI-Led Enablement at Scale Top financial services institutions across 40+ countries globally trust Whatfix’s AI-powered product suite to scale digital transformation. Whatfix empowers financial services institutions by embedding real-time, contextual guidance within mission-critical platforms such as core banking systems, insurance policy and claims management software, wealth management platforms, loan origination systems, investment advisory portals, CRM, customer tools, and compliance systems. As the industry evolves, Whatfix is enabling users to complete tasks faster, smarter, and with less friction. Whatfix’s GenAI capabilities are integrated across the entire user journey, from transformation planning to in-flow enablement and ongoing progression. Whatfix's proprietary GenAI agents power intelligent content creation, insight generation, and adaptive user support, delivering personalized experiences and driving consistent execution at scale. With AI as a multiplier, Whatfix is laying the foundation for a system of intelligence and action, empowering financial services institutions to go beyond fragmented point tools and toward unified, intelligent execution that delivers real results. Use cases span: • Standardized execution of critical workflows, including KYC reviews, anti-money laundering (AML) checks, and internal controls • Regulatory-readiness for mandates such as SWIFT ISO 20022, Basel III, and local jurisdictional reporting • Rapid deployment of policy or regulatory changes, including credit underwriting policies, interest rate adjustments, and product suitability guidelines • Accelerated onboarding of relationship managers, credit analysts, and loan officers, reducing time-to-productivity across corporate banking operations • Role-based, self-guided training programs for geographically distributed and multilingual teams • Enhance customer experience across the customer portal, making the experience smooth, agile, and rewarding. Redefining Results for Financial Services Institutions Over 75% of our financial services customers are large enterprises and Fortune 500 leaders who rely on Whatfix to accelerate transformation, drive adoption, and reduce risk at scale. Whatfix has empowered financial institutions to achieve as high as: • 84% reduction in onboarding and training time for digital and payment platforms • $1,000,000 in annual cost savings through improved compliance and self-service • 10X ROI from growth in loan processing and operational efficiency • 88% user self-sufficiency, resulting in a • 45–60% reduction in support queries and • 50% boost in user productivity Leading financial institutions are already seeing impact: Colleen Behnke, Learning and Performance Specialist at Sentry Insurance, says, “Although the Workday DAP by Whatfix has only been live for a few months, we’re achieving 94% user engagement and 91% self help search success. This accelerated proficiency ensures we capitalize faster on the great Workday attributes: employee engagement, streamlined people processes, and improved collaboration across the organization.” “We were evaluating other DAP vendors, but the engagement with Whatfix was unreal—we just hit it off,” said Hein Pieters, Head of Adviser Solutions at Old Mutual. “The willingness of the people at Whatfix to come together and make it work was a difference-maker.” “I’ve been in charge of Whatfix at my company for two years, and their customer service is unmatched,” said Michelle Warsing, Senior Instructional Designer at a leading U.S.-based financial services firm. “I appreciate the ease of use and the support we receive when implementing new applications.” Powering Vertical Growth with Strategy and GenAI In 2020, Whatfix launched its industry strategy with insurance, one of the most complex and regulated sectors. Over the next four years, the company achieved 80% year-over-year growth in new customer logos, reflecting strong and sustained demand. This momentum translated into a Net Revenue Retention (NRR) of 112% in 2025, underscoring consistent customer expansion and long-term value. Building on this success and rising enterprise demand across North America and EMEA, Whatfix expanded its financial services footprint to include banking, lending, and wealth management. In parallel, the company deepened its presence in the public sector, life sciences, and pharma industries, accelerating digital transformation at scale. Today, Whatfix is at the forefront of an industry-first go-to-market strategy, led by Vipul Gupta, Head of Revenue Operations and Industry Strategy. A long-time Whatfix leader, Vipul began his journey as Director of Digital Marketing and went on to lead global marketing. As a data-driven, tech-focused leader, he now drives the company’s global revenue operations and vertical strategy. To further support enterprise transformation, Whatfix recently introduced a suite of GenAI Agents designed to drive digital as well as AI adoption in the flow of work. The company’s market leadership continues to be validated by top-tier analyst recognitions across Gartner, Forrester, IDC, and Everest Group reports on DAP and Product Analytics. About Whatfix Whatfix is advancing the "userization" of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Schneider Electric, and UPS Supply Chain Solutions. Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix Solutions at Old Mutual.website. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI

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