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    UCO Bank launches IFSC Banking Unit at GIFT City
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    Unlimit Mobile Ties Up with ICICI Bank Canada, RBC Royal Bank to Add Mobile Connectivity Benefits to Student GIC Journey
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August 13, 2026
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International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
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Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
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Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
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GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
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Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
August 13, 2026
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Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
August 13, 2026
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Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
August 13, 2026
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Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.
August 13, 2026
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Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
August 13, 2026
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Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
August 13, 2026
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Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
August 13, 2026
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EXIM operations at international seaport to commence after customs clearance, bonded-area establishment, and temporary highway connectivity.
Vizhinjam International Seaport is scheduled to commence EXIM operations after Customs clearance, issuance of Customs notifications, establishment of a Customs-bonded area, and temporary connectivity to NH-66. The port had previously handled transshipment operations. A proposed transfer of a stake in the port concessionaire to a foreign shipping company remains under committee examination and requires Central Government consideration of strategic and security aspects.
August 13, 2026
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Renewable energy reliability requires storage, grid readiness and ancillary service markets alongside competitive clean-power procurement.
Renewable energy procurement is shifting beyond lowest tariffs towards dependable, dispatchable and affordable clean power, assessed through capacity value, balancing capability and system economics. Storage-backed renewable and hybrid projects can improve renewable utilisation, reduce variability and curtailment, and support peak demand. Higher renewable penetration also requires supportive storage policies, timely approvals, aligned intrastate transmission planning, stronger distribution infrastructure, and market mechanisms for ramping reserves, frequency response and fast-response balancing services.
August 13, 2026
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Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
SEBI's Accredited Investor framework enables eligible investors and entities to obtain certification that may allow lower minimum investment thresholds for Portfolio Management Services, Alternative Investment Funds and other alternative investment products, along with applicable regulatory flexibilities. PMS Bazaar and NSDL Database Management Limited's Accreditation Agency facilitate end-to-end applications, subject to required documentation and prescribed payment. Assistance is available to individual investors and eligible clients of investment providers without additional platform, service or processing charges, while prescribed certification fees remain payable.
August 13, 2026
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Manufacturing GVA growth under the revised national accounts series highlights stable sectoral contribution and resilience-focused industrial measures.
Manufacturing performance is assessed under the revised National Accounts Statistics series using 2022-23 as the base year. Manufacturing's share of total Gross Value Added at current prices remained broadly stable through 2025-26, and Manufacturing GVA at constant prices achieved a compounded annual growth rate of 10.88% from 2022-23 to 2025-26. Production Linked Incentive schemes, logistics and industrial-corridor measures, semiconductor initiatives, and MSME support seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence, and improve resilience.
August 13, 2026
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Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
August 13, 2026
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CBDC-based food subsidy transfers enable eligible beneficiaries to use Digital Rupee wallet credits for traceable foodgrain purchases.
CBDC-based Direct Benefit Transfer under the Pradhan Mantri Garib Kalyan Anna Yojana will credit eligible beneficiaries' food subsidies as programmable Digital Rupee tokens directly into CBDC wallets. Beneficiaries may use these credits to purchase foodgrains from empanelled merchants through secure, real-time and traceable payments, replacing conventional bank-account transfers. The model is intended to improve traceability, reduce leakages and cash handling, enable real-time monitoring of subsidy use, and provide a scalable framework for CBDC integration with welfare schemes.
August 13, 2026
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Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
India and the Southern African Customs Union have signed Terms of Reference to commence negotiations for a Preferential Trade Agreement. Negotiations are envisaged on trade in goods and market access, rules of origin, customs procedures and trade facilitation, trade remedies including bilateral safeguards, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, and legal and horizontal provisions. The Terms of Reference establish the negotiating framework only; preferential tariff treatment and other operative commitments depend on conclusion of a final agreement.
August 12, 2026
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Prepaid plan restructuring eliminates mid-tier daily-data options and channels subscribers toward higher-priced plans with expanded data access.
Bharti Airtel has discontinued prepaid plans combining 1.5 GB daily data allowances with unlimited calling, directing subscribers towards higher-priced plans with expanded data access, including unlimited 5G data. The restructuring reduces low-priced unlimited-data offerings and changes the pricing architecture for customers using discontinued mid-tier plans. Management links tariff repair to differentiated mobile-plan categories and sustained average revenue per user growth.
August 12, 2026
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Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.

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Poll-bound Bengal interim budget turns welfare into electoral currency

February 5, 2026

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Kolkata, Feb 5 (PTI) With assembly elections looming, West Bengal's interim budget on Thursday leaned heavily on Chief Minister Mamata Banerjee's well-worn political grammar of welfare-first governance, deploying cash transfers, job assurances and symbolic pay hikes to lock in women, youth and frontline workers -- the TMC's reliable electoral currency.

The Rs 4.06 lakh crore vote-on-account for 2026-27, tabled by Finance Minister Chandrima Bhattacharya, read less like a conventional fiscal statement and more like a campaign document, sequencing cash transfers, allowances and symbolic concessions to stitch together the ruling party's most dependable social coalitions ahead of the high-stakes polls.

At the heart of the budget lay a renewed and sharpened pitch to women voters, nearly half of West Bengal's electorate, who have underpinned the TMC's electoral dominance since 2011.

The Rs 500 monthly hike in the flagship financial assistance scheme 'Lakshmir Bhandar', raising the allowance to Rs 1,500 for general category women and Rs 1,700 for SC/ST women, was announced with immediate effect, ensuring the enhanced amount reaches beneficiaries' bank accounts well before the polls.

Within the ruling party, the scheme is often spoken of not merely as welfare but as political infrastructure.

A senior TMC leader described Lakshmir Bhandar as "the one scheme voters will measure us by", particularly in rural and semi-urban households where the transfer has acquired the texture of what many beneficiaries call "Mamata's guarantee".

The timing of the hike underlined the party's intent to convert policy into memory.

Youth, a more volatile and vocal constituency, were offered a parallel narrative. The announcement of the Banglar Yuva Sathi scheme promises Rs 1,500 a month to unemployed youths aged 21 to 40 years for up to five years or until they secure employment, whichever is earlier.

The scheme, with an allocation of Rs 5,000 crore for the financial year, is to be rolled out from August 15, 2026, provided the TMC returns to power.

The conditionality was seized upon by the opposition as evidence of "vote-linked welfare".

Yet within the TMC, the scheme is viewed as a direct rejoinder to sustained BJP attacks on unemployment, particularly in districts where the ruling party ceded ground in the 2024 Lok Sabha polls.

"This buys time and trust," a party MLA remarked. "Jobs are the question. Allowance is the answer for now." For the BJP, the interim budget offered fresh lines of attack. State leaders dismissed it as a "pre-election shopping list", accusing the TMC of mortgaging Bengal's fiscal future for immediate political returns.

Privately, however, party functionaries concede that countering the emotional appeal of direct cash transfers remains their steepest challenge in the state.

Leader of the Opposition Suvendu Adhikari said that if the BJP is voted to power, it would hike the monthly allowance under the Lakshmir Bhandar scheme to Rs 3,000, effectively conceding the centrality of cash-transfer politics in Bengal's electoral contest.

The promise, made without a financial roadmap, signalled the BJP's attempt to blunt the TMC's advantage among women voters by outbidding the ruling party on its own flagship welfare plank.

Frontline workers, the often invisible scaffolding of Bengal's welfare delivery system, were also brought firmly into the budget's electoral calculus.

Monthly allowances for Anganwadi workers and helpers, ASHA workers, civic volunteers, village police and Green Police personnel were increased by Rs 1,000, accompanied by a Rs 5 lakh death compensation assurance.

These groups, deeply embedded at the last mile of governance, double as informal opinion-makers in villages and urban neighbourhoods -- a reality the TMC has leveraged in previous campaigns.

Their inclusion reflects a recognition that organisational reach and welfare delivery frequently converge at the booth level.

Government employees, another restive bloc, were offered a four per cent hike in dearness allowance, alongside a reiteration of the state's intent to work towards implementing the 7th Pay Commission. While unions have long demanded parity with central DA rates, the move appeared calibrated to temper discontent without straining the exchequer ahead of elections.

Beyond welfare, the budget attempted to signal balance.

Five new MSME industrial parks were announced, alongside plans to develop "business, environment and employment-friendly cities", seeking to counter criticism that Bengal's growth model is excessively consumption-driven.

An allocation of Rs 2,000 crore for the Mahatma Shree scheme, the state's rural 100-day job programme, reinforced the government's emphasis on employment-linked spending.

In a politically sensitive intervention, the budget also unveiled a master plan to prevent Ganga erosion in Muslim-majority Murshidabad and Malda, districts where displacement, migration and communal polarisation have sharpened electoral faultlines.

The move, though framed as developmental, carries clear political resonance in constituencies where demographic churn has become a campaign issue.

As the countdown to the Assembly polls begins, the interim budget leaves little doubt about the terrain Mamata Banerjee has chosen. Once again, she is betting that welfare-front-loaded, personalised and visibly delivered-will trump ideological contestation, turning the election into a referendum not just on governance, but on gratitude. PTI PNT NN

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