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    Fourth Session of the India-Namibia Joint Trade Committee held in New Delhi
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August 12, 2026
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Bilateral trade cooperation advances through investment focal points, services and health working groups, and planned preferential trade agreement negotiations.
India-Namibia economic cooperation is being progressed through agreed follow-up mechanisms focused on value addition, investment facilitation and sectoral collaboration. Investment focal points have been designated, and a Services Working Group is to prepare a work plan for the Joint Trade Committee. Priority areas include health and pharmaceuticals, critical-mineral processing, gems and jewellery, digital payments, FinTech, railways, renewable energy and green hydrogen. Terms of Reference for the India-SACU preferential trade agreement were finalised, with negotiations to begin after signature and conclude within one year.
August 12, 2026
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AI governance in banking requires explainability, board accountability, rigorous testing, vendor controls and meaningful human oversight for customer-facing decisions.
AI adoption in banking should be governed through a principles-based and proportionate framework that aligns innovation with financial stability, customer protection and accountability. Banks should maintain inventories of AI systems, adopt board-approved governance policies, ensure explainability for material lending and fraud decisions, conduct periodic red-teaming and stress testing, and preserve meaningful human oversight. Key risks include opacity, bias, vendor concentration, third-party dependence, data misuse, cyber vulnerability and loss of institutional accountability. Vendor arrangements require audit and explanation rights and credible exit plans.
August 11, 2026
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Land acquisition funding and regulatory approvals advance satellite-city development, tax relief, identity enrolment, employment verification, and jail reform.
Assam Cabinet approvals include first-phase funding for land acquisition and development of the Aerotropolis Satellite City Project and a lease deed for a hotel supporting the Jagiroad semiconductor ecosystem. Measures also provide Aadhaar enrolment relaxation for Moran and Matak communities, zero agricultural tax up to the prescribed net-income threshold, OBC Non-Creamy Layer certificates, and trainee and graduate-assistance funding. Government jobs will be provisionally held pending police verification, with automatic confirmation where no report is submitted within six months. Jail rules will be amended to promote non-discrimination, sanitation, security and fair work allocation.
August 11, 2026
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Money-laundering investigation into alleged liquor-sale proceeds led to arrest and custodial questioning amid contested political allegations.
Money-laundering investigation concerning an alleged liquor scam led to the Enforcement Directorate's arrest of Ramgopal Agrawal and seven days' custodial remand under the Prevention of Money Laundering Act. The agency alleged his connection with proceeds of crime, non-attendance despite multiple summonses, and evasiveness during questioning. Allegations concern purported control of the state excise department, illegal liquor sales, and sharing of commissions. The Congress has denied the allegations and described the investigation as politically motivated.
August 11, 2026
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GST inquiry closure bribery allegations prompted anti-corruption proceedings against a Sales Tax officer under corruption law.
Alleged bribery in GST inquiry closure led to the arrest of a Sales Tax Assistant Commissioner after a scrap trader complained of a demand for illegal gratification to close an inquiry initiated through a GST show-cause notice. Anti-corruption officials reportedly verified the allegation through intermediaries, during which the officer allegedly agreed to accept payment for closing the matter. A criminal case was registered under the Prevention of Corruption Act, with further investigation ongoing.
August 11, 2026
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Direct tax collection growth reflected stronger non-corporate taxes and securities transaction tax receipts alongside slower refund issuances.
Net direct tax collections increased by 23 per cent to over Rs 8.11 lakh crore through August 10, driven by higher non-corporate tax collections and slower refund growth. Gross direct tax collections grew by 19.75 per cent to about Rs 9.55 lakh crore. Net corporate tax collections rose about 20 per cent, net non-corporate tax collections rose 23 per cent, and Securities Transaction Tax collections increased 51 per cent. Refund issuances grew by 3.8 per cent year-on-year.
August 11, 2026
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Vicarious liability in cheque dishonour cases cannot attach to trust associates without statutory status or transaction-specific involvement.
Vicarious criminal liability for cheque dishonour under section 141 of the Negotiable Instruments Act does not extend to a trust, because a trust is not a juristic person. A person cannot be summoned merely for alleged active involvement in a trust where the person was neither drawer nor signatory of the cheques, trustee, office-bearer, authorised account operator, guarantor, or executor of transaction documents.
August 11, 2026
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Cross-border payment integration through CBDCs and fast payment systems remains under BRICS discussion to reduce transfer costs.
Cross-border payment integration is under discussion through potential linkages between central bank digital currencies and fast payment systems, including UPI-type platforms. These approaches seek faster and less costly trade and remittance transfers, particularly retail payments, but remain at a discussion stage. Rupee internationalisation is also being pursued through central-bank memorandums of understanding for bilateral trade settlement in local currencies, with existing arrangements covering Indonesia, Maldives, Mauritius and the UAE.
August 11, 2026
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Integrated infrastructure planning under PM GatiShakti coordinates project evaluation, multimodal connectivity, geospatial data use, and decentralized implementation.
PM GatiShakti National Master Plan provides an integrated, data-driven infrastructure planning framework using geospatial data, satellite imagery and API integration. Project approval, implementation and funding remain with the respective Central Ministries, Departments and States or Union Territories under their own plans and budgetary provisions; the framework sets no separate budgetary allocation or quantified targets. The Network Planning Group evaluates critical Central Government projects at the planning stage for multimodality, synchronisation, last-mile connectivity, comprehensive local development and coordinated decision-making.
August 11, 2026
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MSME procurement through GeM has expanded alongside analytics-driven controls against suspicious bidding, collusion, and vendor misconduct.
GeM uses AI/ML analytics to detect order splitting, suspicious bidding, abnormal pricing, repeated participation and potential buyer-seller collusion. Flagged cases are placed before buyer organisations for review and action, while suspected cartels are assessed through digital-footprint, pricing and bid-timing indicators. Its Incident Management framework addresses false documents, fraud, collusive behaviour and other misconduct through administrative measures, including suspension. Anti-competitive conduct and cartel formation are Severe/Grave deviations, with proven cases attracting suspension for up to 365 days.
August 11, 2026
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Direct tax collections show stronger corporate, non-corporate and securities transaction tax receipts, alongside increased refunds during the fiscal period.
Net direct tax collections grew by 23.09 per cent to over Rs 8.11 lakh crore up to August 10 of the current fiscal year, while gross direct tax collections increased by 19.75 per cent to about Rs 9.55 lakh crore. Corporate tax, non-corporate tax including personal income tax, and Securities Transaction Tax receipts recorded growth. Refunds issued between April 1 and August 10 also rose over the corresponding earlier period. Direct tax collections are budgeted at Rs 26.97 lakh crore for the fiscal year.
August 11, 2026
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Mobile food testing laboratory accreditation expands quality-assured testing access and supports coordinated food-safety surveillance and regulatory efficiency.
NABL has launched an Accreditation Scheme for Mobile Food Testing Laboratories under the Integrated Assessment Programme. The framework enables mobile laboratories to provide reliable, quality-assured and internationally benchmarked food-testing services closer to communities, extending accredited testing beyond conventional laboratory settings. It is intended to strengthen food-safety surveillance, improve access to quality testing, support faster regulatory intervention and enhance consumer confidence. Coordinated assessments, regulatory harmonisation and mutual recognition are also intended to reduce duplication and improve regulatory efficiency while maintaining quality and compliance standards.
August 11, 2026
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Digital public procurement will expand AI-led price intelligence, marketplace integrity, inclusive access, credit linkages and sustainable purchasing.
Government e-Marketplace is advancing an AI-enabled public procurement ecosystem focused on efficiency, transparency, competition, price intelligence and marketplace integrity. Priorities include last-mile access through Suvidha Kendras, integration of public entities, credit linkages, sustainable procurement and university outreach. A nationwide five-digit Helpdesk short code, 14550, mapped to existing infrastructure, is intended to maintain service continuity and improve access to support and official communications. The platform seeks to provide enterprises with a more accessible and predictable procurement market and buyers with a data-driven procurement experience.
August 11, 2026
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Expedited flood insurance claims require insurers and partners to simplify documentation and provide immediate service to affected policyholders.
Expedited insurance-claim handling for flood-affected policyholders in Assam is being pursued through simplified documentation, prompt settlement and immediate service response. PolicyBazaar is coordinating with insurer partners to reduce processing delays. The Insurance Regulatory and Development Authority of India has directed insurers, including life insurers and standalone health insurers, to mobilise resources for immediate assistance, alongside governmental efforts for expeditious and hassle-free claim disposal.
August 11, 2026
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Money laundering investigation in alleged liquor scam leads to arrest and proposed custodial-remand proceedings under anti-money-laundering law.
Money laundering investigation concerning an alleged liquor scam in Chhattisgarh led to the arrest of Congress leader Ramgopal Agrawal under the Prevention of Money Laundering Act. Custodial remand is to be sought for interrogation. The allegations concern an alleged syndicate that purportedly controlled the state excise department, enabled illegal liquor sales and distributed resulting commissions. Chargesheets name political figures, excise officials and officials associated with the Chief Minister's Office.
August 11, 2026
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Money-laundering investigation into an alleged liquor scam leads to arrest and proposed custodial interrogation under the prevention law.
Money-laundering investigation under the Prevention of Money Laundering Act concerns an alleged liquor scam in Chhattisgarh. A former state political party treasurer has been arrested for alleged involvement and is to be produced before a local court for a request for custodial interrogation. The alleged scheme is stated to have involved control of the state excise department by a criminal syndicate, with multiple accused named in six chargesheets.
August 11, 2026
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Immediate FIR registration for every missing person is mandatory, with missing children treated as suspected kidnapping or abduction cases.
Immediate FIR registration is required whenever information is received that any person is missing, irrespective of age or gender, without preliminary inquiry. Missing-person FIRs must include relevant provisions concerning kidnapping and trafficking. A missing child must be treated from the outset as a suspected case of kidnapping or abduction. States and Union Territories may face contempt action for non-compliance. Traced children should ordinarily be restored to their families within 24 hours unless trafficking or exploitation by the family is suspected.
August 11, 2026
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Money-laundering investigation targets alleged chit-fund collections, investor-fund diversion, concealed deposits, and irregular land transactions.
Money-laundering investigation into an alleged multi-state chit-fund scheme involved searches at premises linked to Wellfare Buildings and Estates Pvt Ltd and its directors, seizure of cash, vehicles, property-related records and digital devices, and freezing of bank accounts. The alleged scheme concerns unauthorised public-fund collection through land-allotment schemes, followed by closure of operations. Allegations include diversion of investor funds, manipulation of financial statements to conceal deposits, and irregular land transactions intended to suppress actual consideration and evade statutory obligations.
August 11, 2026
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Rupee exchange-rate pressure intensified as crude oil, regional uncertainty and weaker equities constrained the local currency in early trade.
Foreign-exchange market conditions placed the rupee under pressure against the US dollar amid West Asia uncertainty, higher crude oil prices, and weaker domestic equity markets. Foreign institutional investor inflows and Reserve Bank of India intervention supported the rupee and limited further depreciation. Reported dollar sales through state-run banks helped contain downside pressure despite rising Brent crude prices and uncertainty concerning the Strait of Hormuz.
August 10, 2026
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GST refund facilitation expands provisional input tax credit refunds and removes the minimum threshold for export-related IGST refunds.
Punjab's GST amendments facilitate voluntary compliance and reduce procedural burdens by allowing a 90 per cent provisional input tax credit refund in inverted duty structure cases and removing the minimum threshold for IGST refunds on exported goods. Additional measures cap annual fee increases by private unaided educational institutions, establish digital open universities for technology-enabled higher education, protect trees and green cover, and address common infrastructure, panchayati raj, and contractual engagement of outsourced State personnel.

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News and Press Release

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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