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    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
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    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
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
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    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
    Show AI Summary
    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.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".

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      Homeland security official says 475 people were detained during an immigration raid in Georgia

      September 6, 2025

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      Ellabell (US), Sep 6 (AP) Immigration authorities said Friday they detained 475 people, most of them South Korean nationals, when hundreds of federal agents raided the sprawling manufacturing site in Georgia where Korean automaker Hyundai makes electric vehicles.

      Steven Schrank, the lead Georgia agent of Homeland Security Investigations, said during a news conference Friday that the raid resulted from a monthslong investigation into allegations of illegal hiring at the site and was the “largest single site enforcement operation” in the agency's two-decade history.

      The Thursday raid targeted one of Georgia's largest and most high-profile manufacturing sites, where Hyundai Motor Group a year ago began manufacturing electric vehicles at a USD 7.6 billion plant.

      The site employs about 1,200 people in an area about 40 kilometres west of Savannah where bedroom communities bleed into farms. Gov Brian Kemp and other officials have touted it as the state's largest economic development project.

      Agents focused their operation on an adjacent plant that is still under construction at which Hyundai has partnered with LG Energy Solution to produce batteries that power EVs.

      Court records filed this week indicated that prosecutors do not know who hired what it called “hundreds of illegal aliens.” The identity of the “actual company or contractor hiring the illegal aliens is currently unknown,” the US Attorney's Office wrote in a Thursday court filing.

      'South Korean government expresses concern' The South Korean government expressed “concern and regret” over the operation targeting its citizens.

      Koreans are rarely caught up in immigration enforcement compared to other nationalities. Only 46 Koreans were deported during the 12-month period that ended September 30, 2024 out of more than 2,70,000 removals for all nationalities, according to Immigration and Customs Enforcement (ICE).

      “The business activities of our investors and the rights of our nationals must not be unjustly infringed in the process of US law enforcement,” South Korean Foreign Ministry spokesperson Lee Jaewoong said in a televised statement from Seoul.

      Lee said the ministry is dispatching diplomats from its embassy in Washington and consulate in Atlanta to the site, and planning to form an on-site response team.

      Immigration attorney Charles Kuck said two of his clients who were detained had arrived from South Korea under a visa waiver programme that enables them to travel for tourism or business for stays of 90 days or less without obtaining a visa.

      One of his clients, he said, has been in the US for a couple of weeks, while the other has been in the country for about 45 days. He did not provide details about the kind of work they were doing but said they had been planning to go home soon.

      Schrank told reporters in Savannah that while some of the detained workers illegally crossed the US border, others had entered the country legally but had expired visas or had entered on a visa waiver that prohibited them from working.

      He said some of those detained worked for the battery manufacturer, while others were employed by contractors and subcontractors at the construction site.

      Schrank said he didn't know precisely how many of the 475 detained were Korean nationals, but that they made up a majority. No one has yet been charged with any crimes, he said, but the investigation is ongoing.

      South Korea's Foreign Minister Cho Hyun said Saturday that more than 300 South Koreans were among the 475 people detained.

      “This was not an immigration operation where agents went into the premises, rounded up folks, and put them on buses,” Schrank said. “This has been a multimonth criminal investigation where we have developed evidence and conducted interviews, gathered documents and presented that evidence to the court in order to obtain a judicial search warrant.” He said most of the detainees were taken to an immigration detention centre in Folkston, Georgia, near the Florida state line.

      Trump administration has undertaken sweeping ICE operations President Donald Trump's administration has undertaken sweeping ICE operations as part of a mass deportation agenda. Immigration officers have raided farms, construction sites, restaurants and auto repair shops.

      The Pew Research Centre, citing preliminary Census Bureau data, says the US labour force lost more than 1.2 million immigrants from January through July. That includes people who are in the country illegally as well as legal residents.

      The Democratic Party of Georgia on Friday condemned the raid, with its chair, Charlie Bailey, calling the raids, “politically-motivated fear tactics designed to terrorise people who work hard for a living, power our economy and contribute to the communities across Georgia that they have made their homes." Kemp and other Georgia Republican officials, who had courted Hyundai and celebrated the EV plant's opening, issued statements Friday saying all employers in the state were expected to follow the law.

      The Hyundai site sits on 3,000 acres (1,214 hectares) in a largely rural area of Bryan County, drawing in workers from several surrounding counties and communities including Savannah.

      Sammie Rentz opened the Viet Huong Supermarket less than 4.8 kilometres from the Hyundai site six months ago. The store sells both American and Asian products, he said, but he mostly relies on Hyundai workers seeking foods imported from Korea.

      “Koreans keep this store running,” said Rentz, who worries business may not bounce back after falling off sharply since the raid. “I'm concerned. Koreans are very proud people, and I bet they're not appreciating what just happened. I'm worried about them cutting and running, or starting an exit strategy.” Ellabell resident Tanya Cox, who lives less than a mile from the Hyundai site, said she had no ill feelings toward Korean nationals or other immigrant workers at the site. But few neighbours were employed there, and she felt like more construction jobs at the battery plant should have gone to local residents.

      “I don't see how it's brought a lot of jobs to our community or nearby communities,” Cox said. “Where we used to hear birds chirping and animal life around here, now we hear the plant when it's fully going at night.” Hyundai began producing electric vehicles at the site last September. A few months later, Hyundai Motor Group Executive Chairman Euisun Chung during a White House appearance with Trump credited the president with the company's decision to create more American jobs by building an EV factory in Georgia.

      “Our decision to invest in Savannah, Georgia, creating more than 8,500 American jobs, was initiated during my meeting with President Trump in Seoul in 2019,” Chung said at the March event.

      Battery plant slated to open next year The battery plant operated by HL-GA Battery Co, a joint venture by Hyundai and LG Energy Solution, is slated to open next year.

      In a search warrant and related affidavits, agents said they wanted employment records for current and former workers; personnel files; payroll information; bank account information; timecards; video and photos of workers; and immigration documents.

      Social Security cards, visas, passports and birth certificates also were targeted. The agents also sought records about the ownership and management of multiple construction companies and contractors named in the search warrant materials.

      The documents included the names and photos of four people identified as “target persons” to be searched, without further information about them.

      In a statement to The Associated Press, LG said it was “closely monitoring the situation and gathering all relevant details.” It said it couldn't immediately confirm how many of its employees or Hyundai workers had been detained.

      Operations at Hyundai's EV manufacturing plant weren't interrupted by the raid, said plant spokesperson Bianca Johnson.

      Hyundai Motor Company said in a statement Friday that none of its employees had been detained as far as it knew. The company said it would review its practices to make sure suppliers and subcontractors follow US employment laws.

      “Hyundai has zero tolerance for those who don't follow the law,” the company's statement said.

      HL-GA Battery Co did not immediately respond to a request for comment Friday.

      In a statement Thursday, the company said it's “cooperating fully with the appropriate authorities.” Those arrested Thursday who fight deportation may be detained as their cases wind through immigration court. The number of people in ICE custody topped 60,000 in August, an all-time high. (AP) NPK NPK

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