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January 12, 2026
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Federal Reserve subpoena threat risks undermining central bank independence and rattling financial markets, raising borrowing cost concerns.
The Department of Justice served subpoenas on the Federal Reserve and threatened a criminal indictment over Chair Powell's testimony about Fed building renovations, a move Powell called a pretext to undermine central bank independence; markets reacted with equity declines, rising Treasury yields, and sharp losses among bank and credit card stocks, while political proposals and statements intensified regulatory uncertainty for financial institutions.
January 12, 2026
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Union Budget presentation scheduled for February 1; Economic Survey to follow the presidential address, with committee scrutiny planned.
The Union Budget will be presented in Parliament on February 1, officially designated as Budget Day. The Finance Minister will deliver the General Budget in the Lok Sabha, and the Economic Survey is expected to be presented in both Houses following the President's address. The parliamentary calendar provides sittings and a recess expressly to permit committee scrutiny and detailed legislative consideration of Budget proposals.
January 12, 2026
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Public sector banks appeal stay on fraud classification after dispute over forensic audit qualifications and seek quashing of interim order
Three public sector banks appealed an interim order staying their action to classify accounts as fraud classification, contending a BDO LLP forensic audit validly found fund siphoning and misutilisation justifying classification; Ambani had challenged the audit's validity based on auditor qualification and secured a stay on the banks' actions as allegedly violating RBI guidelines, and the banks seek to quash that interim order to enable enforcement of remedial measures.
January 12, 2026
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Rupee edges higher as weak dollar and trade talks offset RBI reported decline in forex reserves.
Rupee settled marginally higher at about 90.17 per US dollar, supported by a weaker dollar, falling crude prices and progress on US India trade talks, while geopolitical volatility limited gains. The Reserve Bank of India reported a USD 9.809 billion decline in forex reserves to USD 686.801 billion, a regulatory datum watched for its implications on market liquidity and intervention under the FEMA/RBI framework.
January 12, 2026
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Bangalore airport reported 8% passenger growth to 43.82 million and expanded international connectivity in 2025.
Bangalore International Airport recorded an 8% rise in passenger traffic to 43.82 million in 2025 and a 5% increase in cargo throughput to 520,985 metric tonnes, with sustained growth in flight activity, expanded international departures and network reach to 113 passenger and 37 cargo destinations, prompting BIAL to prioritise further connectivity, airline partnerships and capacity scaling.
January 12, 2026
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Reclaimed Mumbai Coastal Road land must remain open to the public; no residential or commercial development permitted.
Reclaimed land along the Mumbai Coastal Road (South) is to remain ordinarily open for public use, with exceptions only for specific development or maintenance activities; the reclaimed areas, including portions proposed for corporate social responsibility landscaping, must not be used for residential or commercial purposes now or in the future, while landscaping of the promenade and medians and targeted upkeep remain permitted.
January 12, 2026
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ASME Foundation India will host EFx India 2026 at LNMIIT Jaipur from Jan 16-18, 2026.
ASME Foundation India will host EFx India 2026 at the LNM Institute of Information Technology, Jaipur, from January 16-18, 2026. The three day festival brings together engineering students, academicians and industry professionals-with 55 student teams from 19 states registered-to promote innovation, hands on learning, real world problem solving and strengthened industry-student collaboration. The event is supported by GAIL and The Welding Institute (TWI) and returns to LNMIIT Jaipur after 2017.
January 12, 2026
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India-US relations focus on active trade negotiations and an invitation to a critical minerals and AI partnership.
US engagement with India focuses on finalising an active bilateral trade negotiation, with both sides "actively engaged" and a follow-up call scheduled, framing talks around economic reciprocity and fair trade standards. The ambassador also invited India to join a US-led initiative on critical minerals and artificial intelligence, positioning multilateral technology and supply-chain cooperation alongside efforts to resolve tensions arising from recent tariff and immigration measures.
January 12, 2026
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Drinking water quality in Haryana is deteriorating; calls for immediate testing, safe supply and official accountability.
Drinking water quality in Haryana is deteriorating with TDS, fluoride and nitrate levels exceeding permissible limits in many areas; contaminated supply and polluted groundwater are linked to rising stomach, bone, kidney, skin diseases and alleged cancer cases. The report asserts failure to install effective purification or alternative safe supplies, claims departmental responsibility-shifting, and demands immediate provision of safe drinking water, regular testing of sources, and accountability for officials responsible for the lapse.
January 12, 2026
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Net direct tax collections rose 8.82% to Rs18.38 lakh crore; refunds down 17% and government projects Rs25.20 lakh crore target.
Net direct tax collections rose 8.82% to Rs 18.38 lakh crore through January 11, comprising over Rs 8.63 lakh crore from corporate tax and Rs 9.30 lakh crore from non-corporates. Securities Transaction Tax receipts were Rs 44,867 crore and refunds fell 17% to Rs 3.12 lakh crore; gross direct tax collections were about Rs 21.50 lakh crore. The government projects direct tax receipts of Rs 25.20 lakh crore for fiscal 2025-26 and an STT target of Rs 78,000 crore.
January 12, 2026
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Jai Anmol Ambani must reply to a show cause notice; bank to pass a speaking order after hearing him.
The court refused to interdict the show cause notice and directed Jai Anmol Ambani to reply within ten days, appear for a personal hearing on the scheduled date, and directed the bank to, after hearing him or his authorised representative, pass a speaking order to be placed before the court; the effect of that order is to remain subject to the writ petition then pending.
January 12, 2026
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PM Surya Ghar and KUSUM schemes empower households and farmers to generate electricity and reduce dependency on free supply.
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January 12, 2026
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Retail inflation rose to 1.33% in December as food and personal care prices increased, still below the RBI lower tolerance limit.
Retail consumer price inflation rose to 1.33% in December 2025, driven by higher prices in food subcomponents and personal care; food inflation remained negative at -2.71% while core inflation reached 4.6%. Urban inflation exceeded rural, headline inflation stayed below the Reserve Bank of India lower tolerance limit for the fourth consecutive month, and analysts expect CPI to rise as food deflation fades, with forthcoming revised CPI and GDP series to inform monetary policy timing.
January 12, 2026
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Coromandel International to establish Corporate Research Centre at IIT Madras Research Park for industry-academia collaboration.
A Memorandum of Understanding establishes a Corporate Research Centre at IIT Madras Research Park to formalise an industry-academia partnership for joint research programmes, technology incubation, talent development and international collaboration, enabling Coromandel to leverage IIT Madras's research infrastructure to translate science into scalable agri solutions focused on agriculture, sustainability and emerging technologies.
January 12, 2026
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ED raid on I-PAC office sparks allegations of political vendetta and calls to counter the narrative.
The article reports an Enforcement Directorate search of I-PAC premises and a director's home in a coal scam-linked money laundering probe, with accused selective targeting of the Bengal office and calls for equivalent searches of other directors. It highlights allegations of politically motivated misuse of investigative powers and records the ED's applications to the Calcutta High Court and the apex court seeking a CBI probe into alleged removal of documents from ED custody.
January 12, 2026
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Sarpanch murder arrests: seven detainees, including two shooters, arrested after inter state intelligence and forensic leads.
Seven accused, including two shooters arrested after intelligence led, inter state operations and transit remand, are linked to a pre planned, point blank killing of a village sarpanch. Investigators say an alleged gangster based abroad orchestrated the conspiracy; the shooters used forged identity documents and moved across multiple states, while five others provided logistics, shelter, weapons and transport. Police attribute the breakthrough to combined technical surveillance, human intelligence and central agency cooperation and frame the arrests within a broader campaign against organised crime and cross border fugitives.
January 12, 2026
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Youth urged to become cyber peace ambassadors to educate on AI-enabled online fraud and protect MSMEs and citizens.
The initiative urges youth to serve as cyber peace ambassadors to educate traders, MSMEs, students and citizens about AI-enabled online financial fraud and safe digital payment use, focusing on skill development, victim reporting guidance, and collaborative implementation of government cyber-fraud measures to protect budget-constrained small and medium enterprises.
January 12, 2026
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January 12, 2026
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POCSO case: court found custodial detention unnecessary after consensual elopement and allowed release with conditions.
Bail in a POCSO Act prosecution was granted after the court found no allegations of forcible sexual assault, close age proximity between the parties, affidavits from the alleged victim and her sister stating no objection, limited investigative steps and that custodial interrogation was unnecessary; release was ordered on a personal bond with surety and conditions to cooperate, not influence witnesses or tamper with evidence, notify address changes and appear during trial.
January 12, 2026
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Building an emergency fund while repaying loans means starting small, prioritising high interest debt, automating savings and cutting expenses.
Balancing emergency fund creation with loan repayment requires starting modest regular contributions while prioritising payoff of high-interest loans; continue small emergency savings to avoid new credit use, automate transfers for EMIs and savings, cut discretionary expenses to free cash, and review budgets periodically to reallocate income toward greater debt reduction or emergency contributions as circumstances change.

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Maharashtra votes for high-stakes civic polls on Jan 15; Mumbai key battleground

January 14, 2026

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Mumbai, Jan 14 (PTI) As Maharashtra heads to the elections on Thursday for 29 municipal corporations, the spotlight is firmly on Mumbai, where the BJP-led Mahayuti is locked in a keen battle with the united Thackeray cousins Raj and Uddhav for control of the cash-rich BMC.

Polling for the 2,869 seats spread across 893 wards will begin at 7.30 am and end at 5.30 pm. A total of 3.48 crore voters are eligible to decide the fate of 15,931 candidates. In the Brihanmumbai Municipal Corporation (BMC), whose annual budget is over Rs 74, 400 crore, 1,700 candidates are vying for 227 seats in elections being held after a four-year delay.

Except for Mumbai, the other urban bodies have multi-member wards. Vote count will take place on January 16.

The polls, being held after a gap of several years due to various legal and administrative delays, are being seen as a "mini-assembly" battle that will test the ground strength of the split factions of the Shiv Sena and the NCP, as well as the electoral prowess of the ruling Mahayuti and the Congress.

Chief Minister Devendra Fadnavis, who spearheaded the campaign for BJP-led Mahayuti, has predicted that MNS leader Raj Thackeray would emerge as the biggest loser in his alliance with cousin and Shiv Sena (UBT) president Uddhav.

He dismissed the coming together of rival NCP factions in Pune and Pimpri Chinchwad as merely a localised development.

The CM led the ruling alliance’s canvassing, traversing the state to campaign for candidates of the Mahayuti, which includes his party BJP and the Eknath Shinde-led Shiv Sena.

These are the first BMC polls since the 2022 split in the Shiv Sena when Eknath Shinde broke away with a majority of the party’s MLAs. The undivided Shiv Sena held sway over India's richest civic body for 25 years (1997-2022).

More than 25,000 police personnel will be deployed across Mumbai to oversee elections to the BMC and vote counting.

In a significant political turn ahead of the elections, estranged cousins Uddhav and Raj Thackeray reunited after two decades in their bid to consolidate Marathi votes even as rival NCP factions forged a local alliance in Pune and Pimpri-Chinchwad.

The Congress has asserted its presence in Mumbai by stepping out of the shadow of its Maha Vikas Aghadi allies - Shiv Sena (UBT) and NCP (SP). The Congress has joined hands with Prakash Ambedkar’s Vanchit Bahujan Aghadi (VBA) and the Rashtriya Samaj Paksh in the state capital, even as it contests independently in Nagpur.

Elections to 29 municipal corporations are being held after a gap of over 6 years, with their terms having ended between 2020 and 2023. Of these, nine fall within the Mumbai Metropolitan Region (MMR).

The cities and towns going to polls are: Chhatrapati Sambhajinagar, Navi Mumbai, Vasai-Virar, Kalyan-Dombivli, Kolhapur, Nagpur, Mumbai, Solapur, Amravati, Akola, Nashik, Pimpri-Chinchwad, Pune, Ulhasnagar, Thane, Chandrapur, Parbhani, Mira-Bhayandar, Nanded-Waghala, Panvel, Bhiwandi-Nizampur, Latur, Malegaon, Sangli-Miraj-Kupwad, Jalgaon, Ahilyanagar, Dhule, Jalna and Ichalkaranji.

Fadnavis, along with his deputies Shinde and Ajit Pawar, campaigned across Maharashtra, while cousins Uddhav and Raj Thackeray concentrated their efforts on Mumbai, Thane, Nashik, and Chhatrapati Sambhajinagar.

Telangana minister Mohammad Azharuddin, AIMIM chief Asaduddin Owaisi and Tamil Nadu BJP leader K Annamalai were also among the star campaigners.

Populist promises for women were key features of the manifestos of both Mahayuti and the Shiv Sena (UBT)-MNS.

The Mahayuti has promised a 50 per cent concession for women in BEST bus travel, while the Thackeray cousins have assured a Rs 1,500 monthly allowance for women domestic helps and a property tax waiver on houses up to 700 sq ft.

The Congress manifesto, by contrast, prioritises combating Mumbai’s pollution, upgrading the BEST fleet, and strengthening the city’s financial health.

The race for Mumbai’s mayoral post took centre stage in the campaign, with the BJP claiming that a Sena (UBT) victory could lead to a Muslim mayor, a charge the Uddhav Thackeray-led party countered by assuring voters of a Marathi mayor.

Fadnavis also guaranteed that the next mayor will be a "Hindu and Marathi".

In Mumbai, the BJP is contesting on 137 seats, the Shiv Sena 90, while the NCP is fighting separately on 94 seats. The Shiv Sena (UBT) has fielded 163 candidates, the MNS 52, the Congress 143 and the VBA 46. The Congress has fielded 1,263 candidates across the rest of the state.

Mumbai will see several prominent candidates battling it out for supremacy in civic polls. These include former MLA Sada Sarvankar's son and Shiv Sena candidate Samadhan, who is contesting from Ward 194 in Worli, the constituency of Shiv Sena (UBT) MLA Aaditya Thackeray.

Sada Sarvankar's daughter Priya Gurav Sarvankar is contesting from Ward 191 (Mahim). Saurabh Ghosalkar (Shiv Sena-UBT), son of former MLA Vinod Ghosalkar, is contesting from Ward 7 (Dahisar).

Nishikant Shinde (Shiv Sena-UBT), brother of Shiv Sena (UBT) MLC Sunil Shinde, is locked in a prestige battle in Central Mumbai. Assembly Speaker Rahul Narwekar's relatives Makrand, Harshita and Gauravi Shivalkar are in the fray in different wards in Colaba.

Shiv Sena (UBT) MLA Sunil Prabhu's son and BJP leader Kirti Somaiya's son Neil are also in the fray. Former mayors who are once again in the poll ring include Kishori Pednekar, Shraddha Jadhav, Milind Vaidya and Vishakha Raut.

Several leaders who lost Assembly or parliamentary polls are also in the ring. Yamini Jadhav (Shiv Sena), who lost in the 2024 Lok Sabha and assembly polls, is contesting from Ward 209 (Byculla). Praveena Morajkar (Shiv Sena-UBT), an ex-corporator and assembly poll candidate, is contesting from Ward 169 (Kurla). PTI MR GK RSY

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