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    Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps
    No Charges for UPI Users
    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
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August 10, 2026
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Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
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Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
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Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
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Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
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Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
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.

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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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