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August 28, 2026
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IPO approval enables Jio Platforms to issue fresh equity shares, with proceeds earmarked for subsidiary debt repayment and corporate purposes.
SEBI's final observations enable Jio Platforms Ltd to proceed with an initial public offering comprising up to 27 crore newly issued equity shares. The transaction is structured as a fresh issue of shares. Offer proceeds are primarily allocated towards repayment or prepayment of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, with the balance designated for general corporate purposes.
August 28, 2026
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Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
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Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
August 27, 2026
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.

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Customs & Trade

Sonalika 30 years Sonalika Tractors: 30 Years of ‘Jeetne Ka Dum - A Legacy Forged in Vision, Courage and Commitment

January 12, 2026

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New Delhi [India], January 12: India is a nation blessed with visionary leaders whose wisdom and foresight have transformed industries and taken Indian excellence to the global platform. Sonalika Tractors is the powerful modern embodiment of this spirit, as the brand celebrates 30 years of trust in partnership with farmers powered by an enduring belief of ‘Jeetne Ka Dum’. Sonalika is celebrating its glorious 30 year journey of an impossible Indian success story - how a returned LIC professional from a small town of Hoshiarpur (Punjab) defied all post retirement traditions with the spirit of ‘Jeetne ka Dum.’ With a visionary belief and lifelong commitment of his two passionate sons, he went on to build a globally respected $1.1 bn tractor empire which is also enlisted among Fortune 500 India’s list of largest 500 companies in the country Sonalika’s remarkable 3 decade journey is an exceptional and inspiring Indian success story - one that started in a small town of Hoshiarpur and rises into a globally renowned USD 1.1 billion tractor business. It has also been recognised among Fortune 500 list of India's largest companies. Today, Sonalika stands as India’s No.1 tractor export brand, 3rd largest tractor manufacturer in India - the world’s largest tractor market and the 5th largest tractor brand globally.

The Visionaries Behind Sonalika’s Legacy Sonalika’s story is a family’s vision led by its founder and Chairman, Shri LD Mittal who rooted in a simple yet powerful belief in Indian soil - Indian farmers deserve ‘Jeetne Ka Dum’ - more power, more reliability, more dignity, and technology designed specifically for Indian conditions. After retiring from LIC, when most choose to slow down, Shri Mittal chose to rise. His strong belief in India's agricultural potential was also echoed in his sons, Dr. A. S. Mittal and Dr. Deepak Mittal. Together, they laid the foundation of Sonalika - rooted beyond the boardrooms, in the realities of farms, workshops and farmers. The journey began with agricultural implements, where Sonalika’s threshers redefined reliability and performance. Farmers responded with trust and soon demanded tractors built with the same uncompromising strength.

‘Jeetne Ka Dum’ with Tractors In 1996, when standardisation was prevalent in the tractor industry, Sonalika made a different selection. Despite the lack of advanced R&D centres, it made a bold commitment that tractors would be tailored to India's diverse crop, soil and regional needs. While others made tractors for markets, Sonalika made them for farmers.

This farmer-first philosophy combined with a disciplined decision to remain debt-free shaped Sonalika’s DNA. The Mittals believed that Indian farmers are not one segment, but a nation of regions, climates, cultures, and aspirations. Such is the strength of Sonalika’s engineering and reliability that the very first tractor built by the company over 30 years ago continues to start effortlessly at the first crank of the engine and continues to remain a living symbol of enduring trust.

Building Strength from Within As demand for heavy-duty and customised tractors grew, vendors initially hesitated to support deep modifications due to low volumes. Under the leadership of Vice Chairman Dr. A.S. Mittal, Sonalika responded by building in-house capabilities from 2011 onwards by manufacturing engines, transmissions, gearboxes, sheet metal, and key aggregates internally.

This vertical integration powered Sonalika to regularise high horsepower tractors and introduce bigger engines, power steering, oil-immersed brakes, and multi-speed transmissions even in entry-level models. The brand today also rolls out region-specific customised tractors such as paddy special Mahabali for southern terrains, Chattrapati for Maharashtra, and Maharaja for Rajasthan, alongside a comprehensive range of 70+ farm implements to increase farm productivity.

The Global Breakthrough In view of the increasing demand, Sonalika increased the initial production capacity of its Hoshiarpur plant from 50,000 tractor units to 1 lakh tractor units annually. Yet the Mittals envisioned something far bigger. In 2017, Sonalika commissioned the world’s largest fully integrated tractor manufacturing plant, capable of rolling out one tractor every two minutes through robotic and automated, multi-flex assembly lines. Today, Sonalika develops over 2,000 models across 20–120 HP, catering to both domestic and global markets. The company has also nurtured a thriving MSME ecosystem around Hoshiarpur, generating large-scale employment and creating a global industrial hub. Equally integral has been Sonalika’s expansive dealer and service network that is built on shared prosperity, capability development, and after-sales excellence, ensuring seamless farmer support from purchase to lifecycle service.

India’s No.1 Tractor Export Brand Under the leadership of Managing Director Dr. Deepak Mittal, Sonalika’s customisation philosophy scaled globally. The company exported its first tractor in 2004, became the first Indian brand to export tractors to Europe in 2011, and steadily expanded across Asia, Africa, Latin America, and beyond. In FY’19, Sonalika emerged as India’s No.1 tractor export brand, a position it has held for seven consecutive years. Sonalika today holds an unassailable 30% market share in exports, i.e. every 3rd tractor that is exported from India is rolled out from Sonalika’s Hoshiarpur facility. It is also the mother plant for feeding with CKD kits to 6 strategic assembly plants the brand owns across different of the world. Sonalika today has a dynamic presence across 150+ countries and holds leadership position in 15+ countries in the addressable segment with its ‘Jeetne ka Dum’ Pioneering Transparency As Sonalika ascended to become India’s No. 1 export brand, it remained anchored in the virtue of values. Guided by the values of Sh. Mittal, Sonalika pioneered with a new era of transparency to the Indian agricultural landscape when it became the 1st company in India to unveil its tractor prices on its website in 2022. The brand even took one step further in transparency in 2025 when it again became the 1st company in India to unveil the tractor service cost on its website, providing farmers a lifelong pact of mutual respect and trust.

Future Forward As Sonalika embarks on its next era inspired by the wisdom, values and core beliefs of its founders, the new generation of leadership remains committed to lead the future. The company is prepared to increase its production capacity to 3 lakh tractors per year, which will make Sonalika one of the select global manufacturers producing on an integrated scale. Beyond products, Sonalika is also committed to transform farmer experience through digital platforms, connected diagnostics, and personalised retail engagement by building a seamless solution ecosystem across every touch point.

With strong succession leadership, institutional integrity, and an unrelenting farmer-first commitment, Sonalika’s next 30 years promise global leadership, technological advancement, and a continued legacy of delivering ‘Jeetne Ka Dum’ to farmers worldwide.

(Disclaimer: The above press release comes to you under an arrangement with PNN and PTI takes no editorial responsibility for the same.). PTI PWR

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