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February 27, 2026
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DTAA narrowing prompts NRIs to move from traditional offshore structures to IFSCA regulated Gift City USD fund structures.
Tightening of treaty shopping rules under foreign exchange regulation, expanded beneficial ownership disclosure and increased tax authority scrutiny have eroded the cost benefit of Singapore and Mauritius structures, prompting NRIs to consider IFSCA regulated Gift City USD denominated funds. Gift City offers open ended equity funds, Category II AIFs with multi year lock ins and Category III AIFs for active equity strategies; advisers emphasise modelling embedded gains, consulting tax advisors on DTAA applicability, and assessing currency risk, liquidity profiles and the distinction between MOIC and IRR before restructuring.
February 27, 2026
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Pre-trial detention under the PMLA risks indefinite incarceration unless predicate offences and proceeds are judicially established.
The PMLA should not be deployed to permit coercive arrest and prolonged pre-trial detention based on provisional allegations before the foundational facts of the predicate offence and the status of alleged proceeds of crime are judicially established; provisional attachment may be justified to preserve investigation, but arrest and onerous bail conditions must not operate mechanically absent a crystallised, judicially cognisable predicate offence, and statutory powers must be harmonised with constitutional safeguards protecting personal liberty.
February 27, 2026
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Tariff rebalancing: joint statement allows modification of commitments if tariff changes affect the bilateral trade pact.
The joint statement accompanying the interim bilateral trade agreement provides for tariff rebalancing, permitting either party to modify its commitments if the other changes agreed tariff measures, thereby preserving reciprocal balance. This mechanism functions as an operative safeguard to adjust negotiated tariff concessions in response to unilateral tariff actions while the parties finalise the legal text.
February 27, 2026
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Basic salary threshold changes require employers to restructure pay and update payroll systems under new laws.
New labour codes and the Income Tax Act 2025 require employers to reconfigure compensation structures so Basic Pay meets the prescribed threshold, increasing provident fund, social security, gratuity and leave liabilities; update payroll systems and TDS reporting to new rules and forms; effect prompt final wage settlement on separation via automated HRMS workflows; maintain fully digitized statutory records for real time inspections; and extend proportionate statutory benefits to fixed term employees, prompting reassessment of project and seasonal workforce liabilities.
February 26, 2026
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Free trade agreement strengthens market access and builds on earlier economic reforms enabling sustained growth potential.
Economic reforms liberalised foreign exchange, dismantled bureaucratic restrictions and opened the Indian market to foreign investors, stabilising public finances and enabling prolonged economic growth. The recently concluded free trade agreement with the European Union is presented as a further deepening of market integration that builds on those reforms and enhances bilateral market access.
February 26, 2026
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Executive tariff authority struck down; bilateral trade negotiations paused pending legal text to implement tariff reductions.
Presidential tariff authority was found invalid, prompting immediate temporary tariff adjustments and delaying bilateral trade negotiations because the interim framework reducing duties must be converted into a legally binding text before implementation. Chief negotiators' meetings were postponed pending clarity on tariff legality and future orders, and India indicated it will resume talks once tariff treatment is clarified.
February 26, 2026
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Money laundering probe prompts extended questioning and attachment of assets in alleged bank fraud matter.
Allegations of large scale bank fraud and resultant money laundering underpin the probe: extended questioning under the Prevention of Money Laundering Act concerns alleged diversion of funds through foreign subsidiaries and offshore entities tied to a group company. Investigative measures include constitution of a specialized investigation team, attachment of assets under anti money laundering provisions, searches, arrests of former executives, and parallel criminal case registrations alleging bank cheating in separate loan transactions.
February 26, 2026
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Simultaneous insolvency proceedings allowed against principal debtor and guarantor, enabling creditors to pursue parallel recovery routes.
There is no statutory bar under the Insolvency and Bankruptcy Code to initiating concurrent CIRP proceedings against a principal debtor and its corporate guarantor for the same debt; a creditor's right to realize a guarantee must not be frustrated by requiring sequential insolvency processes, the IBC does not exempt guarantors during pendency of another process, and adjudicating authorities must examine such applications independently, consistent with the principle that a surety's liability is co-extensive with the principal debtor.
February 26, 2026
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Prosecution sanction requirement in PMLA cases accelerates trial after agency files requisite approvals before the special court.
Enforcement Directorate placed competent prosecution sanction and an equivalent CrPC sanction order before the Special PMLA Court to remedy procedural defects identified by the Supreme Court and to expedite trial in two money laundering prosecutions arising from the Aircel Maxis and INX Media matters. The agency's action validates earlier ED chargesheets and aims to overcome delays caused by challenges to PMLA sanction requirements.
February 26, 2026
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Free Trade Agreement negotiations between India and Israel progress, covering goods, services, rules of origin, and digital trade.
Negotiations commenced under a signed Terms of Reference to establish a structured framework for an ambitious Free Trade Agreement between India and Israel, with the first round of talks addressing core chapters-trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers, customs procedures, intellectual property rights and digital trade-and agreeing continued virtual engagements and a further in person round in Israel.
February 26, 2026
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Recovery of real estate regulatory dues intensified, with stricter property-tracing and revenue recovery measures to enforce orders.
The government will intensify recovery of unpaid dues under the Real Estate Regulatory framework by directing district collectors to expedite recoveries, identify and attach defaulting developers' properties across districts, and trace assets using land records, stamp and registration data, property tax rolls, company registrations, vehicle registration records and, where necessary, tax authority assistance; recovery will be pursued through statutory revenue-recovery mechanisms and overseen via periodic reviews by senior administrators.
February 26, 2026
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Tribunal accountability undermined as technical members outsource judgments, prompting urgent tenure and vacancy reforms and oversight action.
Tribunal functioning and accountability are the central concerns: tribunals have become a "no-man's land" lacking accountability and producing questionable orders. Structural defects in the appointment and tenure regime allow technical members to assume chairpersonship and, in some instances, outsource drafting of judgments. The court directed the executive to expedite vacancy-filling mechanisms and granted interim tenure extensions for chairpersons while urging reforms to appointment, training, and accountability processes.
February 26, 2026
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Consumer financing enables AC purchases on Easy EMI, improving affordability but requires checking eligibility and costs.
Guidance advises matching AC capacity and inverter technology to room conditions to avoid high bills and uneven cooling, factoring installation and maintenance costs into total ownership, and prioritising warranty, spare parts, and after sales support. Easy EMI financing options with online eligibility checks, Insta EMI card facilitation, zero down payment offers, and variable promotional terms are available, but buyers must verify precise loan limits, service availability, and partner store conditions before purchase.
February 26, 2026
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Bank fraud allegations prompt fresh probe into diversion of loan funds and related money laundering inquiries.
A central investigative agency registered a fresh criminal case alleging that the promoter and his telecom group diverted and misutilised sanctioned loan funds, created fictitious related party transactions, manipulated accounts, and layered funds to conceal true flows, leading to the account's NPA classification; the bank's complaint and forensic findings allege systematic diversion through group entities and liquidation of investments to effect payments inconsistent with sanction terms.
February 26, 2026
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Unsecured personal loans: flexible repayment and competitive rates available, subject to credit score, income, and eligibility.
Bajaj Finance markets unsecured personal loans with competitive, credit based interest pricing, flexible repayment tenures chosen to manage EMI burden, minimal documentation, online application and expedited disbursal. Loan amounts cover a range of consumer needs and eligibility is determined by nationality, age limits, employment status and a minimum credit score, with rates and approval conditioned on income, employment type, credit profile and repayment capacity. The lender is a deposit taking institution registered with the Reserve Bank and classified as an NBFC D and NBFC ICC.
February 26, 2026
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Regulatory approval for stake acquisition with holding cap and time bound conditions, and prior approval required for increases.
RBI approved SBI Mutual Fund's acquisition of up to 9.99 per cent of Bandhan Bank's paid-up share capital or voting rights, subject to compliance with the Banking Regulation Act, 1949, RBI Directions 2025, FEMA, and SEBI regulations. The approval expires if the specified major shareholding is not acquired within one year, the aggregate holding must not exceed the approved cap at any time, and any increase to or beyond 5 per cent after falling below that level requires prior RBI approval.
February 26, 2026
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Trade facilitation advances India's digital customs reforms and TFA Plus measures, enhancing MSME integration into global value chains.
India has implemented comprehensive trade facilitation reforms to fulfil and extend WTO Trade Facilitation Agreement commitments by advancing TFA Plus measures under the National Trade Facilitation Action Plan 3.0. Core elements include a Single Window Interface, Customs Automated System, Risk Management System, pre-arrival processing, electronic exchange of origin data, electronic cargo tracking and coordinated border management. Capacity building through recognised institutions and partnerships supports other countries' implementation, while measures such as advance rulings, an Authorised Economic Operator programme and trust-based processes aim to reduce compliance burdens for MSMEs and facilitate e commerce exports.
February 26, 2026
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Bilateral trade agreement negotiations progress amid recent U.S. tariff policy adjustments affecting tariff treatment and transitional arrangements.
Senior-level discussions between India's commerce minister and U.S. commerce officials focused on advancing the legal text for the first phase of a bilateral trade agreement and expanding economic partnership. The talks were contextualized by a recent U.S. tariff policy adjustment-imposition of a uniform temporary tariff-which was noted as relevant to negotiations on tariff treatment, transitional arrangements, and safeguards in the prospective agreement.
February 26, 2026
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Aadhaar-enabled attendance strengthens identity-verified workforce accountability through certified biometric terminals and streamlined government procurement.
Aadhaar-enabled biometric attendance systems address attendance verification failures by replacing manual registers with identity-verified entries. The T502F Mini, listed on the Government e Marketplace for streamlined procurement, offers multi-modal biometric authentication (face recognition and fingerprint), real-time data sync, STQC-certified fingerprint sensor, SafetyNet compliance, and multiple connectivity options to operate across diverse network environments, supporting government mandates for Aadhaar-integrated attendance and enhancing tamper-resistant accountability in public sector and related institutional settings.
February 26, 2026
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Tax analytics modernization enables AI-driven tax administration, integrating secure cloud and citizen-facing portals to improve compliance and governance.
The program will deploy a secure cloud environment powered by NVIDIA AI infrastructure with LTM's BlueVerse as the intelligence backbone to consolidate analytics, simplify workloads, and deliver real-time insights. The integrated platform supports a smart citizen portal, automated campaign management, enhanced case workflows, and AI-driven helpdesk assistance to improve governance, reduce leakages, and strengthen taxpayer compliance and service experience.

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Digitalisation for Inclusive Finance and Sustainability: Priorities for the Next Phase - Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India at the CAB–NIBM International Conference on Digitalisation for Inclusive Finance and Sustainability, in Pune on March 6, 2026

March 10, 2026

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Professor Partha Ray, Director, National Institute of Bank Management (NIBM), Shri Jaikish, Principal, College of Agricultural Banking (CAB), distinguished delegates, researchers, faculty, policymakers, industry leaders, colleagues from India and overseas, ladies and gentlemen. Good afternoon.

2. As we come to the close of this International Conference on Digitalisation for Inclusive Finance and Sustainability, let me begin by congratulating CAB and NIBM for convening an important conversation at the right time. I am sure the participation over the last two days has been strong, and the discussions have been both forward-looking and grounded in practical realities.

3. As I reviewed the papers presented, one message came through clearly. Digitalisation is not a goal by itself. It is a means. The real question is: how do we use digital tools to deliver financial services that are accessible, affordable, safe, and useful, while also supporting sustainability and resilience.

4. Against this backdrop, I would like to reflect on three shifts shaping this landscape, then underline what I would call the confidence architecture needed for digital finance at scale, and finally offer a few closing priorities for the road ahead.

From access to capability and confidence

5. The first shift is in how we look at inclusion.

6. For a long time, access meant inclusion but the next phase of that is about something deeper: capability and confidence. Inclusion becomes meaningful when households and small businesses can use financial products and payment rails regularly and safely.

7. Indeed, many discussions in the papers presented here highlight the idea that barriers to inclusion are not only physical. They can also be informational and behavioural. People may have connectivity but lack confidence. They may have access but not agency. They may have a digital tool but not the ability to resolve a problem.

8. This is why design matters. Effective inclusion solutions often look simple on the surface, but they are thoughtfully engineered underneath. They use plain language. They work in low bandwidth settings. They allow assisted journeys. They respect the realities of irregular incomes and modest savings.

9. A special dimension of capability is the gender gap in digital finance. Bridging this gap is not about devices and connectivity. It requires building women’s digital and financial skills and improving safety and privacy further in digital journeys. If we want digital inclusion to endure, products and processes must be designed around these realities.

From faster finance to fair finance

10. The second shift is about digital credit and digital intermediation.

11. Digital lending and platform-based models have expanded quickly because they offer speed and convenience. That is a real benefit. But credit is not like any other routine transaction. Credit can strengthen livelihoods. But, if poorly underwritten, it can also deepen distress through over indebtedness.

12. The discussions here highlighted a central point: the next phase of digital credit must be not only fast, but fair, transparent, and affordable.

13. A related theme is the growing role of data and algorithmic rule engines in credit decisions. Data can reduce frictions and widen access, but it also brings up some important questions. Are we pricing risk, or pricing vulnerability? Are decisions explainable in plain language? Are models being monitored for bias and drift?

14. These questions shape customer confidence, market discipline, and the credibility of the digital finance ecosystem.

From sustainability as a separate agenda to sustainability as core resilience

15. The third shift is the assimilation of sustainability into mainstream finance.

16. Sustainability is sometimes treated as a specialised product line or a reporting exercise. As climate and environmental risks do translate into financial risks, especially for climate-sensitive sectors and regions, sustainability has to be integral to our products and processes.

17. At the same time, digitalisation offers tools to strengthen resilience. Better data can improve risk understanding. More responsive credit can support adaptation investments. Digital monitoring can improve transparency and reduce the cost of compliance and reporting.

18. But we should also be realistic. Sustainability outcomes require more than digital tools. They require sound institutions, robust capital and good governance. Digital transformation can enable, but it cannot substitute for the fundamentals.

Confidence architecture is the next frontier

19. If you bring these three shifts together you will see that the next frontier is not simply building more digital finance. It is building digital finance that people can rely on. This calls for an ecosystem with strong foundations, with four key elements.

20. The first is security and resilience. As participation scales up, vulnerabilities also scale up. We must invest continuously in cyber security, fraud prevention, incident response, and business continuity. Confidence is built through reliability in ordinary times, and through competence and clarity when disruptions occur.

21. The second is accountability and effective redress. When a customer is harmed in a digital journey, they should not be passed from one entity to another. Responsibility must be clear. Grievance redress should be simple, time-bound, and effective. A system earns confidence when people experience that help is real, accessible, and fair.

22. The third is data discipline and meaningful consent. Digital finance runs on data. But data must be handled with discipline: purpose limitation, minimum necessary collection, secure storage, and transparent sharing. Consent must be meaningful, not hidden in fine print.

23. The fourth is inclusion with dignity. Inclusion is not only onboarding. It is ongoing service. It is also language, appropriate accessibility and respectful treatment. It is designing for the person who is least comfortable with technology, not only for the person who is most fluent.

24. Before I turn to the closing priorities, let me briefly underline the critical contribution of digital public infrastructure and interoperability. When core rails are resilient, widely usable, and interoperable, they reduce the cost of reaching the last mile and allow providers to compete on service quality rather than on customer lock-in. They also make it easier to deliver targeted support at scale, whether through faster benefit transfers, smoother onboarding, or quicker delivery of small-value financial services.

25. However, the wider the rails, the higher the responsibility. Strong governance is essential: clear standards, reliable uptime, auditable processes, and proportionate safeguards, so that innovation can scale without weakening system stability.

Closing: Five priorities going forward

26. As someone who has watched India’s digital finance ecosystem evolve at close quarters, permit me to close with five practical priorities that can help digitalisation deliver inclusion and sustainability.

27. First, build for outcomes, not optics. We should track adoption, but our focus should remain on what matters: active use, reliability, affordability, customer wellbeing, and resilience.

28. Second, design for the last user. If the journey works for the most constrained user, it will work for everyone. Simple interfaces, low-data design, assisted options, and clear grievance pathways should be treated as core features.

29. Third, make fairness non-negotiable. Innovation is welcome, but fairness is essential. Transparent pricing, explainable decisions, respectful collections, and strong redress mechanisms, all should be built into digital credit models.

30. Fourth, treat resilience as a design requirement. Operational resilience and cybersecurity are not mere compliance items. They are integral to service quality. People experience credibility through consistency and reliability, not through policy documents.

31. Fifth, collaborate, because no one actor can solve this alone. Digital finance and sustainability sit at the intersection of regulation, technology, business incentives, and human behaviour. Progress requires collaboration across regulators, financial institutions, fintechs, researchers, and civil society. Conferences like this help build shared understanding and improve the quality of solutions.

32. In conclusion, digitalisation increases reach and speed. It also increases the vulnerabilities. The task before us therefore, is to ensure that digital finance scales what is good: inclusion that is usable, innovation that is responsible, and finance that supports resilience and sustainability.

33. On behalf of the Reserve Bank of India, I thank CAB and NIBM for hosting this conference, and I thank all participants for contributing to a meaningful and constructive dialogue. I hope the ideas discussed here translate into safer rails, better products, and more sustainable outcomes for our citizens and our economy.

34. Thank you. Jai Hind.

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