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    A Vision for Responsible AI, Resilient Banking - Keynote Address [Contributions by RBI colleagues Ms. Chandni Trehan Saluja and Ms. Kavita Gangwal, De...
    Razorpay Launches Multi-Currency Account, Helping Exporters Retain International Earnings in Foreign Currencies
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August 20, 2026
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Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
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Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
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Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
August 20, 2026
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Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
August 20, 2026
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Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
August 20, 2026
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Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
August 20, 2026
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Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.
August 19, 2026
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Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
Alleged misuse of Ayushman health-scheme cards involved collecting identity and ration-card details by promising free treatment, then creating forged beneficiary cards with false particulars. The alleged scheme enabled treatment for ineligible persons and purported claims of government health-scheme funds. Police arrested five persons, recovered purported forged identity and beneficiary cards, and are investigating possible involvement of hospital and medical-office personnel, the scale of card forgery, and alleged diversion of public funds.
August 19, 2026
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MSME competitiveness requires affordable credit, technology adoption, formalisation, sustainable trade and stronger export-market access for inclusive growth.
MSME development is identified as central to employment generation, exports, entrepreneurship, economic resilience and self-reliance. Key priorities include affordable credit, technology upgradation, supply-chain integration, market access, brand-building and reduced red tape. Formalisation of micro industries is emphasised to expand institutional credit access, while sustainable trade is promoted through green technologies and renewable energy. Export competitiveness is to be strengthened through regional production capabilities and the "One District, One Export Hub" initiative.
August 19, 2026
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Supply-side inflation risks support a policy pause pending evidence of broad-based, persistent price pressures and de-anchored expectations.
Monetary policy calibration remained on hold because food and fuel inflation had not yet produced broad-based or persistent price pressures. The policy pause was supported by limited pass-through of supply-side shocks, contained core inflation and no clear demand-driven overheating. Recalibration depends on incoming evidence of persistent inflation, entrenched supply-side pressures, de-anchored expectations and the evolving growth-inflation dynamic. Geopolitical disruption, volatile oil prices, monsoon conditions and El Nin o-related agricultural risks remain material inflation risks.
August 19, 2026
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Examination irregularities investigation examines alleged answer-sheet cheating, managed centres and suspected solver-gang involvement by a biometric operator.
Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.
August 19, 2026
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Trade restrictions on Iran halt commercial and financial exchanges as regional security threats disrupt maritime commerce and re-export access.
UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.
August 19, 2026
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Inflation persistence and expectations guide continued rate hold amid supply shocks and uncertainty over broader price pressures.
Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.
August 19, 2026
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Online credit card applications streamline comparison, eligibility screening and e-KYC, while approval remains subject to issuing-bank criteria.
Online credit card applications through the JioFinance app combine card comparison, eligibility checks, electronic verification, application submission and status tracking. Eligibility screening may occur without affecting the applicant's credit score, but approval remains subject to the issuing bank's criteria and internal policies. Aadhaar-based e-KYC or other accepted electronic verification may be used where applicable. Applicants should provide accurate Aadhaar, PAN and mobile details. Eligible approved applicants may receive a virtual card before physical-card delivery, subject to applicable terms and conditions.
August 19, 2026
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Comprehensive strategic partnership drives ministerial and business engagements on investment, market access, technology collaboration, skills and agri-food trade.
India-Singapore economic engagement is being advanced through ministerial and business roundtables under the Comprehensive Strategic Partnership. A multidisciplinary business delegation is undertaking business-to-business, government-to-business and institutional engagements focused on partnerships, investment, market access, technology collaboration and talent development. Agricultural trade cooperation includes promotion of Indian agri-food exports through a retail initiative. The engagement seeks to strengthen trade, investment, digitalisation, advanced manufacturing, skills development, green-economy cooperation and people-to-people ties.
August 19, 2026
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International senior notes issuance diversifies the bank's funding sources and expands access to global debt capital markets.
IDFC FIRST Bank accessed international debt capital markets through its IFSC Banking Unit at GIFT City by issuing inaugural fixed-rate senior notes with a three-year tenor, due in 2029. The notes were offered to investors outside the United States under the Regulation S format. The issuance followed an investment-grade long-term issuer credit rating with a stable outlook, diversifies the bank's funding sources, and creates an avenue for access to global capital markets in support of long-term growth.
August 19, 2026
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Closing auction session safeguards market transparency through pooled order matching, backed by immediate action against manipulation and stronger monitoring.
Closing auction session (CAS) improves transparency and reduces manipulation in end-of-trading price formation by pooling buy and sell orders during a designated closing window for auction-style matching. Manipulation intended to undermine CAS is subject to prompt and stringent action, supported by enhanced monitoring. Responsible use of artificial intelligence and machine learning requires tiered accountability and governance, including kill-switch, human-in-the-loop and data controls. Regulated entities remain responsible for privacy, security and integrity of investor data used by every AI tool they deploy.
August 19, 2026
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Foreign exchange market movement shows rupee pressure from elevated crude prices, moderated by reserves, intervention and FCNR(B) inflows.
Foreign exchange market movement saw the rupee depreciate marginally against the US dollar amid higher global crude oil prices, heightened West Asia tensions, a stronger dollar environment and weaker domestic equity markets. Central-bank intervention and foreign fund inflows provided support. Adequate foreign-exchange reserves and stronger-than-expected FCNR(B) scheme inflows were identified as factors limiting the scope for sharp depreciation.
August 19, 2026
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AI reliability engineering expands through an enterprise hub supporting AI assurance, agentic engineering, observability and trusted AI deployment.
QualityKiosk Technologies has established a Hyderabad engineering hub to expand AI reliability engineering, AI assurance and agentic engineering capabilities. The centre supports engineering, marketing, branding, analyst-relations and advisory functions, while serving enterprise demand for AI reliability, product engineering, CloudOps and automation. It advances an AI reliability operating framework covering AI for reliability, reliability of AI, agentic engineering, shift-right engineering, frontier-system reliability, observability and platform-based delivery to promote governance, resilience, operational trust and assurance in AI-powered systems.
August 19, 2026
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Money laundering investigation examines alleged diversion of government contract funds and their use in creating trust and university assets.
Money-laundering investigation under the Prevention of Money Laundering Act led to searches of premises associated with the Maulana Mohammad Ali Jauhar Trust, its university, linked companies, promoters and a chartered accountant. The inquiry concerns alleged diversion of government contract funds through private contractors and their alleged subsequent use, including for creating assets of the Trust and university. Separate planning-law issues concern allegations that most university buildings were constructed without approved plans.

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Customs, DGFT & SEZ

The Union Minister of Commerce and Industry, Shri Piyush Goyal Reaffirms Government’s Commitment to Promoting Quality Manufacturing and Implementation of QCOs at Udyog Samagam 2025

November 12, 2025

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Shri Goyal Calls for Strong Centre–State Collaboration and Effective Implementation of Industrial Incentives to Boost Growth

Shri Piyush Goyal Urges States and Industries to Adopt Sustainable Manufacturing Aligned with PM’s “Zero Effect, Zero Defect” Vision

Shri Piyush Goyal Highlights Government Support for Fisheries Sector, Emphasizes Innovation, Skill Development, and Inclusive Growth Through New FTAs

The Union Minister of Commerce and Industry, Shri Piyush Goyal, emphasized the Central Government’s commitment to supporting States and Union Territories in ensuring that high-quality products reach consumers across the country while addressing the second edition of Udyog Samagam 2025, organised by the Department for Promotion of Industry and Internal Trade (DPIIT).

The Minister stated that Quality Control Orders (QCOs) are being implemented to make superior-quality products available to consumers and to promote a culture of quality in manufacturing. Citing the success of QCOs on toys and plywood, he noted that such measures have strengthened Indian industries while curbing substandard imports.

The conference brought together Industries and Commerce Ministers from 14 States and Union Territories, senior officials, and industry representatives to review progress under the Business Reforms Action Plan (BRAP) 2024 and felicitate the best-performing States and UTs.

The Minister highlighted the importance of strong Centre–State collaboration in driving industrial growth. He said that every State in India has developed good practices that can serve as models for others, and by learning from one another, the nation can accelerate industrial progress. Shri Goyal encouraged States and Union Territories to establish third-party mechanisms to effectively implement and monitor industrial incentives, ensuring timely disbursement and execution to maintain industry confidence.

He underscored that a strong partnership between industry and government is vital for economic growth, emphasizing law and order, time-bound approvals, and minimal physical interface. Appreciating Madhya Pradesh’s model of providing ready-built industrial facilities at nominal rates—which has generated lakhs of jobs—he urged other States to adopt similar approaches. He also suggested the use of escrow and RBI-linked mechanisms for incentive payments, competitive power tariffs, and self-certification systems to build trust and improve ease of doing business.

Reiterating that sustainability is the key to future growth, Shri Goyal called for the active participation of States and Union Territories in ensuring that all industrial efforts align with environmental protection. Referring to Prime Minister Narendra Modi’s motto of “Zero Effect, Zero Defect,” he urged industries to adopt sustainable manufacturing practices that minimize environmental impact while maintaining the highest standards of quality.

Citing the example of the fisheries sector under the PM Matsya Sampada Yojana, Shri Goyal noted the government’s efforts in supporting cold storage and cooperative-based purchase of deep-sea vessels through financial assistance. He further encouraged States to focus on innovation, skill development, women’s participation, startups, and deep-tech enterprises. He added that India’s new Free Trade Agreements with developed nations will safeguard the interests of farmers, manufacturers, and all stakeholders while opening new avenues for growth.

The programme opened with remarks by Secretary, DPIIT, Shri Amardeep Singh Bhatia, who noted that BRAP has evolved into one of the most comprehensive sub-national reform exercises globally and that the reform process has deepened across the country under BRAP 2024. The event was also addressed by the Chief Minister of Madhya Pradesh as well as industry and State leaders, who acknowledged the progress achieved through collaborative reform efforts.

At Udyog Samagam 2025, States and UTs were felicitated for excellence under BRAP 2024 across 25 reform areas, showcasing the depth and impact of reforms across domains such as Business Entry, Construction Permits, Labour Regulation Enablers, Land Administration, Environment Registration, Utility Permits, Services Sector, and Sector-Specific Services. Uttarakhand and Punjab were recognised as top achievers across five reform areas. Andhra Pradesh, West Bengal, Jammu & Kashmir, Kerala, Tamil Nadu, Madhya Pradesh, Telangana, Rajasthan, Jharkhand, and Chhattisgarh were top achievers across four reform areas. Maharashtra, Assam, Himachal Pradesh, Haryana, Odisha, and Uttar Pradesh were recognised as top achievers across three reform areas. Gujarat, Karnataka, and Tripura were top achievers across two reform areas, while Goa and Meghalaya were recognised across one reform area. DPIIT also presented the BRAP 2024 State Categories reflecting the broader Ease of Doing Business and compliance landscape.

Under Category Y (States/UTs with established business systems), fast movers were Odisha, Punjab, Andhra Pradesh, Rajasthan, Madhya Pradesh, Kerala, Assam, Uttarakhand, Jammu & Kashmir, and Karnataka. Aspirers under Category Y included West Bengal, Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, Chhattisgarh, Haryana, Telangana, Jharkhand, Himachal Pradesh, Goa, Bihar, and Delhi. Under Category X (North-Eastern States and UTs with developing systems), all States/UTs were classified as Aspirers, namely Tripura, Meghalaya, Chandigarh, Dadra & Nagar Haveli and Daman & Diu, Andaman & Nicobar Islands, Puducherry, Nagaland, Arunachal Pradesh, Mizoram, Sikkim, Lakshadweep, and Manipur. “Top Achiever” refers to States and UTs securing a score above 90 percent, indicating consistent implementation of reforms, fully functional systems, and strong user validation.

BRAP 2024 covered 434 reform points across Central and State domains and was supported by one of the largest national feedback exercises. 5,83,365 businesses were contacted, and 1,33,776 interviews were completed across 34 States and UTs. These included 11,201 face-to-face responses, 1,15,128 telephonic interactions, and 7,447 SMS and email-based responses, along with 30 Focus Group Discussions. This extensive outreach ensured transparency and reflected ground-level experience of service delivery and the reforms implemented by States.

BRAP 2024 assessment followed a structured methodology combining evidence-based verification and user feedback. States and UTs submitted complete evidence of implementation, including operational system URLs and notifications. User data for services availed during the defined period formed the basis of the national feedback survey, conducted through telephone, digital, focus group discussions, and face-to-face interviews. The scoring framework applied 70 percent weightage to user feedback and 30 percent to evidence, with NA1 (eliminated regulation) awarded full marks and NA2 (not applicable) excluded from scoring. Defined thresholds ensured that only reforms observed in actual practice were considered implemented.

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