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    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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    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
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    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.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Galeries Lafayette to open doors in India with Aditya Birla Group early next month

      October 22, 2025

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      The debut flagship in Mumbai's Kala Ghoda district will bring global fashion, beauty, and experiential retail to India's luxury market MUMBAI, India, Oct. 22, 2025 /PRNewswire/ -- Galeries Lafayette, one of the world's most celebrated department stores, is set to open its first Indian flagship at the historic Turner Morrison and Voltas House buildings in Kala Ghoda, Mumbai. The debut marks a defining moment in India's luxury journey, bringing together the French icon's 130-year legacy of fashion, art, and culture with Aditya Birla Group's deep understanding of the Indian market. This opening follows the exclusive partnership announced between Galeries Lafayette and Aditya Birla Fashion and Retail Limited (ABFRL) in 2022, a part of leading Indian multinational Aditya Birla Group, to establish the brand's presence in India through flagship stores and an omnichannel retail model. India's luxury market, projected to reach USD 85 billion by 2030, continues to see rapid growth driven by rising affluence, digital influence, and aspirational consumption. Mumbai, the country's financial and cultural capital, accounts for a significant share of this opportunity, making it the natural home for Galeries Lafayette's first flagship in India. Commenting on the launch, Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said: "Luxury in India today stands at the threshold of transformation. With one of the fastest-growing affluent populations in the world and a new generation of globally exposed consumers, the appetite for high-end experiences has never been stronger. A new India is emerging which is youthful, ambitious, and globally connected. One that embraces luxury as a statement of aspiration and identity. Our partnership with Galeries Lafayette, therefore, marks a coming-of-age moment for Indian luxury retail. Together, we are creating an iconic destination in the heart of Mumbai—a world-class showcase where the best of global luxury engages with the rising confidence of the Indian consumer. For the first time, India will welcome a luxury department store, housed in landmark real estate, executed with precision, and infused with the elegance of Indian sensibilities." Mr. Nicolas Houzé, Executive Chairman, Galeries Lafayette Group, commented, "Opening our first store in Mumbai is a defining moment for Galeries Lafayette and a new chapter in our international journey. Partnering with the Aditya Birla Group, a renowned family-owned conglomerate whose values resonate with ours, gives this project a particularly strong foundation. With Mumbai as our anchor point, we are proud to introduce an experience that brings together French heritage, creativity, and innovation, while embracing the energy and cultural richness of India. This flagship will stand as a symbol of our ambition to make the French Art of Living shine on the global stage." The partnership combines Galeries Lafayette's global retail expertise with ABFRL's proven leadership across India's premium and luxury segments. Together, the two entities aim to create a structured, scalable model for the country's high-value retail market. The Mumbai flagship serves as a strategic platform to showcase curated luxury merchandising and experiential offerings while generating insights that inform ABFRL's long-term growth in this segment. To commemorate this milestone, Galeries Lafayette and the Aditya Birla Group hosted a landmark celebration on the Arabian Sea. From the Gateway of India, a flotilla of yachts ferried Mr. Kumar Mangalam Birla and Mr. Nicolas Houzé to a curated evening event, culminating in a unique and interesting spectacle, that marked the brand's symbolic arrival in India. Mr. Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail Limited, said, "Galeries Lafayette ushers in a new paradigm of luxury for India, one that goes beyond retail to create cultural experiences. At ABFRL, our focus has always been on shaping aspirations while building leadership in premium and luxury retail through strategic investment and execution. With this flagship, we are setting new benchmarks in assortment, service and experience, while building on the momentum that has already placed India on the global luxury map. Our aim is to further elevate this trajectory, amplifying India's influence and visibility in the world of luxury. This milestone reflects not only our retail vision but also our commitment to nurturing a stronger luxury ecosystem in India, one that is both aspirational and sustainable." Spanning 90,000 sq. ft. across five levels, the flagship has been designed by the London-based architectural firm Virgile + Partners. The space reinterprets Galeries Lafayette's global concept through an Indian lens, blending Parisian refinement with Mumbai's architectural heritage to create a destination that balances legacy and modernity. The curated portfolio brings together more than 250 revered luxury and designer brands from across the globe. Beyond retail, the flagship introduces personal styling, private lounges, concierge services, and curated cultural programs designed to deepen engagement and drive repeat experiences. These initiatives aim to enhance customer loyalty, provide data-led insights, and support ABFRL's strategic vision for long-term growth in luxury retail. Galeries Lafayette Mumbai embodies Art de Vivre and Joie de Vivre, offering India's next-generation consumers a seamless fusion of fashion, culture, and design. The alliance was shaped with strategic counsel from Pike Preston, ensuring the partnership aligns with global best practices while adapting to India's evolving retail landscape. The flagship officially opens its doors early next month at Turner Morrison Building, 16 G. Vaidya Road, Kala Ghoda, Fort, Mumbai. About Aditya Birla Fashion and Retail Limited Aditya Birla Fashion and Retail Limited (ABFRL), part of the Aditya Birla Group, is India's leading fashion powerhouse, offering a distinguished portfolio of renowned brands and retail formats, catering to multiple high-growth segments. As of March 31, 2025, the Company has presence across 1,168 stores spanning 7.1 Mn sqft. retail space. ABFRL's portfolio includes Pantaloons, one of India's most loved fashion destinations, and Style Up, a growing value retail format. The Company also operates The Collective, who commands a dominant position as one of the country's most influential multi-brand luxury retailers, with exclusive long-term tie-ups with global fashion brands including Ralph Lauren, Hackett London, Ted Baker and Fred Perry. ABFRL has also partnered with Paris based Galeries Lafayette to introduce a high-end luxury destination in India. ABFRL is a market leader in branded ethnic wear, its portfolio includes Jaypore, Tasva and TCNS brands and it has forged strategic partnerships with India's top designers such as Shantnu & Nikhil, Tarun Tahiliani, Sabyasachi, and House of Masaba. Recently, the Company further expanded its ethnic wear leadership with the integration of TCNS brands, home to leading women's brands W, Aurelia, Wishful, Elleven and Folksong. To address the evolving preferences of digitally native consumers, ABFRL is also building a portfolio of new-age, digital-first fashion brands under its tech-led venture TMRW. This platform collaborates with emerging entrepreneurs to co-create scalable fashion businesses in India's rapidly expanding fashion. About Galeries Lafayette Leading French department store player and famous throughout the world, Galeries Lafayette has been an unrivalled specialist in fashion and experience marketing for 130 years. It aims to make each visit a unique experience and offer its French and international customers a range of constantly renewed brands, ranging from affordable to premium and luxury. The Galeries Lafayette brand, covering a wide range of segments taking in fashion and accessories, decoration, food and catering, promotes its offering thanks to a network of 65 stores in France and abroad, the merchant website galerieslafayette.com and the Galeries Lafayette Outlet discount store. For more information about galerieslafayette.com, go to Facebook and Instagram (@galerieslafayette). Photo: https://mma.prnewswire.com/media/2802640/Galeries_Lafayette_ABFRL.jpg' alt='Embedded Media' /> Logo: https://mma.prnewswire.com/media/2802639/Galeries_Lafayette_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI

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