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    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
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    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".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
    Show AI Summary
    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      Israeli troops press forward into Gaza City as more Palestinians flee and death toll passes 65,000

      September 18, 2025

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      Jerusalem, Sep 17 (AP) Israeli troops and tanks pushed deeper into Gaza City on Wednesday as more people fled the devastated area, and strikes cut off phone and internet services, making it harder for Palestinians to summon ambulances during the military's new offensive.

      Meanwhile, the Palestinian death toll in the Israel-Hamas war surpassed 65,000, local health officials said.

      The Israeli military said air force and artillery units have struck the city more than 150 times in the last few days, ahead of ground troops moving in. The strikes toppled high-rise towers in areas with densely populated tent camps. Israel claims the towers were being used by Hamas to watch troops.

      Regulators said the severed phone and internet services hindered the ability of Palestinians to call for help, coordinate evacuations or share details of the offensive that began Monday and aims to take full control of the city.

      Overnight strikes killed at least 16 people, including women and children, hospital officials reported. The death count in Gaza climbed to 65,062, according to Gaza's Health Ministry, which is part of the Hamas-run government. Another 1,65,697 Palestinians have been wounded since the October 7, 2023, attack by Hamas that triggered the war.

      The ministry does not say how many of the dead were civilians or militants. Its figures are seen as a reliable estimate by the UN and many independent experts.

      Israeli bombardment has destroyed vast areas of Gaza, displaced around 90 per cent of the population and caused a catastrophic humanitarian crisis, with experts saying Gaza City is experiencing famine.

      Palestinians streamed out of the city — some by car, others on foot. Israel opened another corridor south of Gaza City for two days beginning Wednesday to allow more people to evacuate.

      Israeli forces have carried out multiple large-scale raids into Gaza City over the course of the war, only to see militants regroup later. This time, Israel has pledged to take control of the entire city.

      More than half of the Palestinians killed in overnight Israeli strikes were in Gaza City, including a child and his mother who died in the Shati refugee camp, according to officials from Shifa Hospital, which received the casualties.

      In central Gaza, Al-Awda Hospital said an Israeli strike hit a house in the urban Nuseirat refugee camp, killing three, including a pregnant woman. Two parents and their child were also killed when a strike hit their tent in the Muwasi area west of the city of Khan Younis, said officials from Nasser Hospital, where the bodies were brought.

      In a statement, the Israeli military said it took steps to mitigate harm to civilians and that it would continue to operate against “terrorist organisations” in Gaza.

      The war in Gaza began when Hamas-led militants stormed into southern Israel in the 2023 attack, killing around 1,200 people, mostly civilians, and abducting 251 others. Forty-eight hostages remain in Gaza, with fewer than half believed to be alive.

      The Gaza Health Ministry said multiple Israeli strikes hit the Rantisi Hospital for children in Gaza City on Tuesday night. It posted pictures on Facebook showing the damaged roof, water tanks and rubble in a hospital hallway.

      The ministry said the strikes forced half of some 80 patients to flee the facility. About 40 patients, including four children in intensive care and eight premature babies, remained in the hospital with 30 medical workers, the ministry said.

      “This attack has once again shattered the illusion that hospitals or any place in Gaza are safe from Israel's genocide," said Fikr Shalltoot, Gaza director for the aid group Medical Aid for Palestinians.

      The Israeli military said it was looking into the strikes. In the past, it has accused Hamas of building military infrastructure inside civilian areas.

      The military's Arabic-language spokesman, Col. Avichay Adraee, wrote on social media that a new route opened for those heading south for two days starting at noon Wednesday.

      Many Palestinians in the north were cut off from the outside world. The Palestinian Telecommunications Regulatory Authority, based in the occupied West Bank, said Israeli strikes on the main network lines in northern Gaza had cut off internet and telephone services Wednesday morning. The Associated Press tried unsuccessfully to reach many people in Gaza City.

      The Israeli military said it was reviewing the incident and that it does not deliberately target public communication networks.

      An estimated 1 million Palestinians were living in the Gaza City region before warnings to evacuate began ahead of the offensive. The Israeli military estimates 350,000 people have left the city.

      Hamas senior official Ghazi Hamad made his first public appearance Wednesday following the Israeli strike on the militant group in Qatar earlier this month.

      Ghazi Hamad, a member of Hamas' political bureau, appeared in a live interview broadcast by the Qatari channel Al-Jazeera and accused the United States of being a bad mediator and siding with Israel.

      The Hamas negotiating team and consultants were reviewing a US ceasefire proposal when "less than an hour into the meeting, we heard the explosions," Hamad said.

      The strike killed five Hamas members and a local security official and infuriated Arab leaders.

      Also Wednesday, Qatar's Ministry of Foreign Affairs released a statement saying it condemned “in the strongest terms” Israel's ground offensive in Gaza. The ministry wrote on X that the operation marked an “extension of the war of genocide” against the Palestinians.

      A coalition of leading aid groups Wednesday urged the international community to take stronger measures to stop Israel's offensive on Gaza City. The action came a day after a commission of UN experts found Israel was committing genocide in the Palestinian enclave. Israel denies the allegation.

      “What we are witnessing in Gaza is not only an unprecedented humanitarian catastrophe, but what the UN Commission of Inquiry has now concluded is a genocide,” read the statement from the aid groups. “States must use every available political, economic and legal tool at their disposal to intervene. Rhetoric and half measures are not enough. This moment demands decisive action." The message was signed by leaders of over 20 aid organisations operating in Gaza, including the Norwegian Refugee Council, Anera and Save the Children.

      Israel's far-right finance minister said Gaza could be a “real estate bonanza” and that he is discussing with the Trump administration how to share the proceeds.

      Bezalel Smotrich, speaking at an urban-renewal conference in Tel Aviv, said a “business plan” has been submitted to US President Donald Trump.

      “We paid a lot of money for this war, so we need to divide how we make a percentage on the land marketing later in Gaza,” he said.

      “And now, no kidding, we've done the demolition phase, which is always the first phase of urban renewal. Now we need to build. It's much cheaper.” Smotrich, a key ally in Prime Minister Benjamin Netanyahu's governing coalition, wants to continue the war until Hamas is eradicated, relocate much of Gaza's population to other countries through what they refer to as “voluntary emigration” and rebuild Jewish settlements that were dismantled in 2005.

      Trump said in February he envisioned development in Gaza turning the region into the “Riviera of the Middle East.” (AP) SKY SKY

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