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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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    August 5, 2026
    Show AI Summary
    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.

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      Flipkart Minutes sees 16X y-o-y growth in H2, 53M visitors, 30+ city expansion; Gen Z-led; F&V makes up 45% of baskets

      December 11, 2025

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      • Flipkart Minutes strategically scaled its 10-minute delivery promise across more than 30 new cities in 2025, with a dramatic increase in metros, tier 1 and tier 2+ regions, accelerating service availability in cities like Chennai, Hyderabad, Pune, Kanpur, Bihar Sharif, Mohali, Rohtak, Durgapur, Hajipur, Meerut, and Arrah, among several others • Gen Z consumers in the age range of 15 to 25 years old led the platform adoption, followed by the student cohort • Demonstrating strong customer loyalty, more than 6 lakhs customers became power users, placing a repeat order within 7 days • Fruits & vegetables remained one of the leading offerings accounting for an impressive 45% of every basket • Categories like home furnishing, home decor, premium electronics, and mobiles fueled growth in H2 as against H1 2025. Air purifiers, gold and silver coins, mobile accessories and so on registered strong traction • Creating an impactful farm-to-door network, Flipkart Minutes sourced a massive fresh produce pipeline directly from over 2000 farmers, generating sustainable income and significantly bolstering local economies • Flipkart Minutes onboarded several national and emerging D2C brands, including Mondelez, Daawat, Suhana, Anand Sweets, Taali Foods, Bikanerwala, Biswa Bangla, Nanihaal, to name a few, providing them with critical hyperlocal visibility and an unparalleled national platform for accelerated market reach • Sustainability continued to drive operational excellence with Flipkart Minutes introducing eco-friendly green packaging, and more than 10 million orders being delivered through electric vehicles this year Bengaluru - December 11, 2025: Flipkart’s quick commerce offering, Flipkart Minutes, concluded 2025 with an unprecedented performance, fueled by growing customer loyalty, rampant geographic expansion, and deeper engagement across high-demand categories. The platform has recorded 16X growth in orders in H2 2025 and over 53 million unique visitors this year, with Gen Z leading the platform adoption, followed by the student cohort. This was further cemented by soaring customer loyalty, with more than 6 lakhs customers placing a repeat order within 7 days. Flipkart Minutes launched operations in more than 30 new cities this year, with a strong focus on tier 2 and 3 regions, reflecting Flipkart’s vision of building a nationwide, neighbourhood-led fulfilment network that combines speed, access, and affordability.

      Hemant Badri, Senior Vice President and Head of Supply Chain, Customer Experience, Re-Commerce and Minutes, Flipkart Group, said, “Flipkart Minutes is no longer just gaining momentum; it is fundamentally redefining quick commerce in India. This year, backed by Flipkart’s robust operational capabilities, we have delivered reliability at scale, earning the deep trust of our customers across the nation. We’ve witnessed phenomenal engagement, with repeat businesses confirming the critical role Minutes now plays in their lives.

      Our sustained growth is fueled by a precision-engineered, technology-led supply chain and a healthy partner ecosystem that ensures we fulfill every order flawlessly. As we look ahead, our focus is unwavering: to strengthen access, diversify our assortment, and embed the Minutes experience seamlessly into the daily rhythm of every household across Bharat.” Solidifying strategic presence across high-growth metros and thriving cities of Bharat Flipkart Minutes strategically expanded its footprint across both India’s largest metros and high-potential tier 2 and 3 regions. The platform extended its 10-minute promise to several metros such as Chennai, Hyderabad, Kolkata, Pune, Jaipur, Ahmedabad, Lucknow, Kanpur, Patna, and Guwahati among others and continues to accelerate to ensure consumers’ needs are addressed instantly for both planned restocking and critical urgent requirements.

      To meet the surging demand, Flipkart Minutes scaled-up its presence in key tier 2 and tier 3 new city corridors, including Mohali, Hajipur, Arrah, Bihar Sharif, Rohtak, Asansol, Durgapur, Panchkula, Zirakpur and Muzaffarpur, Sonipat among many more. The rapid growth is underpinned by Flipkart’s core strengths: sophisticated real-time inventory planning, a reliable last-mile network, and localised, city-specific assortment strategies.

      Fresh produce strengthened through a wide network of farmers Fresh produce remained a powerful catalyst, driving significant adoption for Flipkart Minutes. Leveraging one of its key initiatives, Samarth Krishi, the platform collaborated and sourced fresh produce directly from over 2000 farmers, enabling a direct farm-to-home supply chain that elevated freshness and affordability. This year, fruits and vegetables were one of the leading items consistently making up an impressive 45% of every basket. Flipkart Minutes directly impacted thousands of farmers by training and enabling them to improve their yields, gain access to the national market, and hold more negotiating power. Flipkart Minutes provided customers access to fresh produce starting at ₹9, while farming communities benefitted from predictable demand, improved price realisation, and enhanced post-harvest practices.

      Daily essentials, fresh produce, and trend-led categories drive momentum Demand across 2025 was anchored in essentials such as fruits and vegetables, beverages, dairy, snacks, and home care, which remain the backbone of daily orders. Beauty and personal care emerged as high-growth categories, driven by customers seeking immediate access to grooming and skincare products. The gems and jewellery, premium electronics, home decor, and mobiles, among other categories, delivered the strongest performance, with nearly 10X increase in demand in H2 as compared to H1 of 2025. Lifestyle and discovery-led segments also continued to expand, such as women's westerns, men's ethnic, makeup, and personal healthcare, to name a few.

      Repeat orders are rising as customers build high-frequency habits Repeat-order behaviour is emerging as a key indicator of momentum for Minutes. In leading markets such as Bengaluru, Kolkata, Mumbai, and NCR with customers placing an average of more than 5 million orders per month, signalling habit formation and deepening trust in the service model. Several stores are also showing consistent performance on orders per store, with a fast ramp-up in new clusters and a higher frequency in mature zones.

      Enabling growth for regional brands and digital-first sellers Flipkart Minutes continues to expand market access for regional and digital-first brands, which have helped scale their businesses significantly. This year, Flipkart Minutes forged strategic collaborations with over 200 digital-first brands at a national and regional level. Companies like Mondelez, Daawat, Suhana, Anand Sweets, Taali Foods, Biswa Bangla, Nanihaal, Cycle Agarbatti, Mysore Sandal Soap, among others, were brought on board to widen the regional selection for consumers across cities and help D2C brands reach a wider set of consumers through Flipkart Minutes’ strong hyper-local presence.

      Sustainability driving operational excellence This year, Flipkart Minutes reinforced its commitment to building a sustainable ecosystem by introducing green packaging at every store level. So far, over 2 million customers have adopted and supported this initiative, which proves consumers’ belief in the vision and service model of Minutes. Additionally this year, more than 10 million deliveries were fulfilled through electric vehicles, aligning with Flipkart’s efforts towards reducing carbon footprint and building a more responsible and resilient industry.

      Technology-led and consumer-focused efforts to enhance convenience and build loyalty Flipkart Minutes’ performance is anchored in the technological and operational capabilities of the Flipkart Group. The service leverages AI-driven demand forecasting, real-time inventory synchronisation, automated dark-store operations and intelligent routing, enabling accurate fulfilment and consistent delivery timelines even during peak hours. The smartphone exchange programme, offering real-time valuation and doorstep pickup, remains a differentiated capability for high-value purchases, thereby redefining the convenience of online shopping.

      In 2025, the rising demand for quick commerce underscores its role as an integral part of modern households’ shopping experience in India. As adoption broadens across cities, Flipkart Minutes continues to build on Flipkart’s operational and technology strengths, delivering the value, quality, speed, and convenience that customers expect in their daily routines.

      About the Flipkart Group The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Cleartrip and super.money.

      Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 1.4 million sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created thousands of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart has pioneered services such as Cash on Delivery, No Cost EMI, Easy Returns, and UPI. These customer-centric innovations focus on enhancing digital payment offerings for all customers while making online shopping more accessible and affordable for millions of Indians.

      For more information, please write to [email protected] (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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