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    Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth
    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
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
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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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      City Of Dreams Sri Lanka Opens, Aims To Boost Travel, Business, And Lifestyle In South Asia

      August 25, 2025

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      New Delhi [India], August 21: With its glittering launch on August 2, 2025, City of Dreams Sri Lanka redefines luxury tourism in South Asia. This resort not only transforms Colombo’s skyline but also sets a new benchmark in hospitality, entertainment, and economic promise. Colombo witnessed a historic moment with the launch of City of Dreams Sri Lanka, a landmark development poised to reshape South Asian travel and tourism. Backed by a $1.2 billion investment and a decade of planning the luxury resort signals Sri Lanka’s bold entry onto the world’s luxury map. Developed by John Keells Holdings PLC (JKH) in collaboration with Melco Resorts & Entertainment (Melco), the opening of this destination represents more than the sum of its lavish amenities. It marks a transformative shift in Colombo’s identity, taking it from a gateway city to a globally recognised lifestyle and business hub. The grand opening was marked by an evening of spectacle and celebration, with Bollywood superstar Hrithik Roshan among the high-profile guests in attendance, adding star power to an event that already symbolised ambition on a comprehensive scale. An Iconic First for South Asia City of Dreams Sri Lanka holds the distinction of being South Asia’s first fully integrated resort. This status reflects the seamless combination of hospitality, gaming, retail, dining, and entertainment within one unified complex, offering guests a 360-degree lifestyle experience without ever needing to leave the premises. Until now, integrated resort models were largely synonymous with destinations like Macau, Las Vegas or Manila. With this launch, Sri Lanka joins the ranks of those international cities, becoming a pioneer in introducing this format to the South Asian region. The magnitude of the City of Dreams project is unprecedented in the region and is the largest luxury lifestyle development ever undertaken in the country. The project has been over a decade in the making and reflects deep confidence in the country’s tourism potential. From the outset, it was envisioned as a game-changing anchor for Colombo’s transformation into a modern city. World-Class Offerings Under One Roof City of Dreams Sri Lanka is a meticulously curated ecosystem, where hospitality, entertainment, business, shopping, dining and culture converge to deliver a seamless, world-class experience that rivals the best global destinations. What sets this integrated resort apart is not just its scale, but its soul. With over 1,000 artworks displayed across the property, including some exclusively commissioned pieces, the resort serves as a living gallery spotlighting Sri Lanka’s vibrant cultural identity. From hand-carved interiors to immersive multimedia installations, every detail has been carefully designed to celebrate local craftsmanship and heritage on a universal stage. The opening weekend itself was a celebration of this ethos, featuring international and local artists, dynamic performances and culinary showcases that reflected the resort’s promise: to create moments that are as inspiring as they are unforgettable. More than a landmark destination, City of Dreams Sri Lanka is a symbol of resilience and renewal, a new chapter for Colombo that blends tradition with transformation. Luxury Hospitality Redefined At the heart of the resort is Nüwa, the ultra-luxurious hotel brand by Melco and a highlight of the City of Dreams Sri Lanka experience. With 113 elegantly appointed rooms, Nüwa caters to the discerning traveller, offering world-class design, personalised service, and exclusive amenities. Complementing this is the Cinnamon Life hotel, a 687-room premium property that has been welcoming guests since October 2024. Known for its signature Sri Lankan warmth and contemporary comforts, Cinnamon Life adds depth to the resort’s hospitality offering. Together, the two hotels create a seamless blend of indulgence and accessibility, merging local charm with international finesse and placing Colombo firmly on the map of international luxury destinations. The Casino and Entertainment Edge City of Dreams brings a state-of-the-art casino to Colombo, operated to elevated gaming standards by Melco, a leader in luxury integrated resorts across Asia and Europe. Designed not just for high rollers but also as a vibrant entertainment zone, the venue attracts both leisure seekers and cultural tourists. Complementing the gaming floor are immersive entertainment spaces poised to host international performances, art showcases and live cultural acts, offering a platform for both global and Sri Lankan talent. Retail and Dining Experiences The Shoppes, which is the premium shopping promenade at City of Dreams Sri Lanka, features luxury brands, lifestyle boutiques, and concept stores curated to meet international standards. Retail therapy is elevated with a Sri Lankan touch, offering an eclectic blend of global and local. Gastronomy, too, takes centre stage. The resort boasts 17 distinctive dining outlets, including restaurants and bars helmed by internationally acclaimed chefs. From pan-Asian fine dining to regional specialties, the culinary offerings span a wide range of cuisines, promising an unforgettable gastronomic journey for every palate. Business Meets Leisure The resort’s MICE infrastructure (Meetings, Incentives, Conferences and Exhibitions) is designed to accommodate everything from intimate board meetings to major conferences. With cutting-edge technology and flexible venues, it opens new doors for Colombo as a premier business tourism destination in South Asia. Redefining Colombo’s Global Identity Strategically located in the heart of the city, City of Dreams Sri Lanka is more than a place to stay. It is a reason to visit Colombo. The integrated resort is positioned to drive a surge in international arrivals, especially from India, the Middle East, and Southeast Asia, reinforcing Sri Lanka’s tourism ambitions. For a long time, the island nation has been known for its beaches, tea estates and cultural heritage. With the City of Dreams, Colombo now stands out as a destination that balances heritage with world-class urban luxury. Moreover, this resort is not just for tourists. It is being marketed as a lifestyle hub for locals and global citizens alike. Residents, digital nomads, entrepreneurs, and creatives find in it a space where modern elegance, entertainment and Sri Lankan culture intersect. Its scale and ambition place Colombo in the same breath as established urban resort cities like Macau, Manila, and Limassol, all home to previous iterations of the City of Dreams brand. Economic and Cultural Impact City of Dreams Sri Lanka is poised to make a significant contribution to the nation’s economy and cultural landscape that is expected to generate over 20,000 direct and indirect employment opportunities - from hospitality and culinary arts to logistics and event management -- the development has opened new avenues for local skill development and long-term career advancement, empowering a diverse segment of the workforce. Beyond job creation, the resort is set to become a key driver of foreign exchange earnings. Positioned as a high-end destination that attracts affluent international travellers, it is likely to boost investor confidence and act as a catalyst for further foreign direct investment. This launch comes at a critical time in Sri Lanka’s economic journey, offering a sustainable model for growth and regional engagement. Melco Resorts & Entertainment is dedicated to bringing its expertise in luxury hospitality and entertainment to ensure that this project achieves the highest international standards. The company is committed to empowering local talent development through comprehensive training programs, creating meaningful career opportunities for the Sri Lankan workforce. Additionally, Melco will uphold the highest standards and implement industry’s best practices in responsible operations, ensuring a world-class experience that prioritizes excellence, safety, and sustainability. (Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI

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