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February 23, 2026
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Misuse of government funds prompts arrests in alleged DMF and overtime payment diversion probes and ongoing money laundering inquiry.
Anil Tuteja and Anwar Dhebar were arrested on allegations of diversion of public funds: Tuteja is accused of facilitating DMF project allotments to known firms in exchange for commissions, establishing prima facie offences of misuse of government funds, criminal conspiracy and corrupt practices, while the ED probes money laundering; Dhebar is accused of receiving commissions from diverted overtime payments billed by agencies for CSMCL workers, causing reported financial loss to the state. Both were remanded to custodial investigation and further probe is underway.
February 23, 2026
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Exchange rate volatility: Rupee edges higher as oil weakness supports the currency while geopolitical tensions cap gains.
Exchange rate movement recorded the rupee appreciating modestly against the US dollar, settling marginally stronger after declines in global crude oil prices and a softer dollar. Market dynamics included importer and foreign portfolio investor dollar purchases on dips, rising domestic debt yields that capped gains, and geopolitical tensions limiting upside. The report also notes that India's foreign exchange reserves rose to a new high, a factor relevant to reserve adequacy and forex market liquidity.
February 23, 2026
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Flexible inflation targeting review may adjust the CPI inflation target after adoption of a new CPI series.
The RBI will incorporate the new 2024-base CPI series, which broadens the consumption basket and reduces volatility, into upcoming CPI projections and the April policy estimate; this change occurs alongside the review of the flexible inflation targeting regime and the government's periodic determination of the CPI inflation target, for which the RBI has submitted recommendations after stakeholder consultation.
February 23, 2026
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Banking sector review to explore creation of mega-lenders while no current roadmap for public sector bank mergers.
No roadmap exists for public sector bank mergers; the Budget proposes a High-Level Committee on Banking for Viksit Bharat to review the sector and explore creation of mega-lenders while safeguarding financial stability, inclusion and consumer protection. The Budget also proposes restructuring select public sector NBFCs to improve scale and efficiency. The central bank states banks are adequately capitalised to sustain credit growth and notes rising gross FDI alongside moderated net FDI due to repatriations and increased outward investment.
February 23, 2026
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Privacy guidelines extended to advertising data; companies to comply and furnish compliance report following tribunal directions.
Extension of privacy and consent safeguards to advertising-related user data is required, with Meta and WhatsApp indicating they will implement NCLAT directions to apply CCI standards to data collection and sharing for advertising. Stay applications were dismissed without prejudice and a compliance report was ordered. The CCI will examine the companies' affidavit on privacy policy and file a response, while its cross-appeal challenges the tribunal's modification permitting advertising-related data-sharing; a monetary penalty previously imposed by the CCI was retained by the tribunal.
February 23, 2026
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Tariff ruling spurs safe-haven demand, lifting precious metals prices amid renewed trade-policy uncertainty and tariff adjustments.
A US Supreme Court ruling against the contested tariff measure and a subsequent executive increase in the global tariff rate from ten per cent to fifteen per cent intensified trade-policy uncertainty, triggering cross-asset volatility and prompting safe-haven demand that drove silver and gold to multi-week highs in domestic and international markets.
February 23, 2026
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Skill development and sustainability urged to boost competitiveness through technology, design innovation and industry collaboration for graduates.
FDDI's 5th convocation conferred degrees and academic medals across programmes, with the institute stressing its contribution to skill development, research, innovation and industry engagement in the footwear, leather, fashion and retail ecosystem. Speakers urged adoption of technology, sustainability and design innovation to enhance global competitiveness, noted sectoral support for employment and MSME growth, and highlighted Hyderabad campus developments including a Centre of Excellence, modern laboratories and strengthened industry collaborations.
February 23, 2026
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Mis-selling prohibition: banks must stop bundling non-bank products and refund customers with compensation when mis-selling occurs.
Banks must stop mis-selling non-bank financial products and prioritise core banking-mobilising deposits, improving CASA, understanding customers, and lending responsibly. The Finance Minister supported RBI draft guidance that mandates full refunds and compensation for mis-selling and highlighted regulatory gaps between banking and insurance supervisors. The RBI characterised upcoming stricter mis-selling norms as consumer protection measures with effect from the announced implementation timeline.
February 23, 2026
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Workplace certification signals sustained employee trust and cultural investments as bank advances toward universal banking transition.
AU Small Finance Bank's consecutive workplace certification, grounded in employee feedback and an improved Trust Index Score, evidences its focus on employee trust and culture. The recognition reflects targeted investments in leadership, learning and development, inclusion, career mobility and a strengthened digital and IT capability to create future-ready roles, supporting the Bank's strategic progression toward universal banking.
February 23, 2026
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Regulatory clarity for crypto mining: compliance with tax, KYC and disclosure regimes shapes viable mining operations.
India's bitcoin mining market is professionalising as buyers shift to energy efficient ASICs and localised support while infrastructure improvements enable co location and data centre deployments. Electricity availability and sustainability measures (including hybrid renewables and off peak strategies) materially affect operational viability. Mining remains permitted within broader tax, AML, exchange control and emerging disclosure frameworks; operators should observe tax and KYC obligations, transparent accounting, and anticipate formalised reporting or environmental disclosure requirements.
February 23, 2026
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Gold import monitoring: government and RBI flag a recent import spike while keeping external account risks in check.
The government and the Reserve Bank of India are monitoring gold imports after a sudden January surge in value and volume; the RBI is analysing data, attributes part of the rise to global central bank purchases and domestic seasonal demand, and considers the situation not yet alarming while noting the current account remains manageable and external-sector resilience intact.
February 23, 2026
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Taxation of capital gains shifted to the company's residence; dividend rates, PE and information exchange provisions updated.
The Amending Protocol reassigns full taxing rights on capital gains from company share sales to the company's State of residence, removes the MFN clause, replaces a single dividend rate with a split withholding regime based on a ten percent ownership threshold, aligns the Fees for Technical Services definition with an established bilateral model, and expands Permanent Establishment to include Service PE.
February 23, 2026
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Banking and regulatory career preparation integrated into a BBA accelerates readiness for Grade A and Grade B recruitment while studying.
An institution launched an integrated BBA programme that combines an accredited undergraduate degree with concurrent, exam aligned preparation for Grade A and Grade B banking and regulatory recruitment. The modular curriculum covers quantitative aptitude, reasoning, English, finance, economics, current affairs, and interview training, delivered by faculty experienced in elite competitive examinations. The programme emphasises mentorship, mock testing, and time optimisation across three undergraduate years to prepare candidates for public sector regulatory posts and allied private financial sector roles.
February 23, 2026
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Quality-led manufacturing: institutionalise uniform standards and testing to convert market access into sustained export competitiveness.
Policy emphasis focuses on a quality-first agenda anchored in the zero defect, zero effect vision to convert expanded market access into export growth. A five-pillar roadmap mandates standard operating processes with continuous compliance and inspection, skilling and reskilling, gap analysis and global benchmarking, streamlined testing and certification, and shared modern testing infrastructure. Government support will finance testing facilities and assist micro and small enterprises in meeting international conformity requirements. The National Quality Conclave's multi-city, sector-specific consultations will feed into a National Quality Roadmap for Manufacturing to coordinate action across government, regulators and industry.
February 23, 2026
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Mis selling safeguards: banks must stop pushing non bank products and refocus on deposit mobilisation and lending.
The Finance Minister urged banks to stop mis selling non bank financial products and focus on core functions of deposit mobilisation and lending. She identified a regulatory gap between banking and insurance regulators that enabled unnecessary insurance sales. The RBI's draft guidelines require full refunds and compensation for mis sold products, invited public feedback until March 4, and set a proposed implementation date of July 1; the RBI also emphasised deposit and credit growth and its approach to policy rate decisions and liquidity provision.
February 23, 2026
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International drug trafficking leads to seizures and arrests after coordinated police and customs operation
An investigation targeted an international drug trafficking syndicate that used export consignments, logistics firms and courier services to smuggle psychotropic tablets abroad. Police coordination with Customs led to interception of a shipment misdeclared as household goods and, after obtaining police custody remand, a joint raid at a port warehouse recovered and seized a massive quantity of psychotropic tablets, following earlier local seizures and successive arrests that mapped the syndicate's supply chain roles.
February 23, 2026
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Tariff policy struck down spurs market rally while raising questions about future trade renegotiations and investor positioning.
The invalidation of the reciprocal tariff policy prompted investor reassessment of trade risks and the possible scope of renegotiations, boosting domestic equities-notably banks, power, FMCG and consumer discretionary-while IT faced pressure; currency moves, long-term yields, crude prices and a shift in institutional flows (foreign selling, domestic buying) moderated the overall market response.
February 23, 2026
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Currency movement: rupee edged higher as oil and dollar softened, but outflows and geopolitics limited gains.
Rupee appreciation to 90.87 was driven by falling global crude and a weaker dollar but capped by foreign fund outflows and geopolitical concerns; importers and FPIs bought dollars on dips, intraday volatility was influenced by equity and debt yields, and the RBI reported a rise in forex reserves.
February 23, 2026
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Mis-selling offence under criminal law prompts banks to stop cross-selling and face refund and compensation obligations.
Mis-selling of financial products is treated as a criminal offence under the Bharatiya Nyaya Sanhita; the RBI's draft mis-selling guidelines require banks to refund the full amount paid and compensate customers for any loss under an approved policy, with the draft open for public feedback and stricter norms proposed to take effect from July 1. The Finance Minister urged banks to focus on core banking activities and address a regulatory gap between banking and insurance oversight, while the RBI framed the guidance within broader deposit, credit growth and liquidity considerations.
February 23, 2026
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SEBI registered advisory: protects investors through fiduciary duty, transparency, suitability and grievance mechanisms.
Unregulated investment advice creates significant investor risk due to lack of accountability and remedies. SEBI registration imposes qualification, recordkeeping, communication limits, and a duty to act in clients' best interests. Registered advisers must provide transparent fee and risk disclosures, assess client suitability, document recommendations to create an audit trail, and operate within formal grievance redressal frameworks, while promoting investor education and disciplined long-term planning.

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Customs & Trade

Strategic trade mission capitalises on UK-India Free Trade Agreement opportunity

March 11, 2026

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• Mayoral-led mission to India strengthens economic and cultural partnerships during the year of the Free Trade Agreement in order to deliver impact for the West Midlands. • New civic, academic and innovation partnerships secured across Ahmedabad, Mumbai and Bengaluru to boost bilateral collaboration, trade and tourism BIRMINGHAM, England, March 10, 2026 /PRNewswire/ -- A strategic trade mission to the UK's West Midlands region has strengthened economic and cultural ties with India's subregions, building on the recent signing of the landmark UK-India Free Trade Agreement. Led by West Midlands Mayor, Richard Parker between 22nd and 27th February and representing the first outbound mission from the UK in 2026, the delegation of business, political and academic leaders visited Ahmedabad, Mumbai and Bengaluru. With the aim of reinforcing the long-established, trusted partnership between the West Midlands and India, the mission set out to deliver real impact for the West Midlands, strengthening economic and cultural links and boosting collaboration for the benefit of the region's businesses, people and academic institutions. The mission was organised by the West Midlands Growth Company (WMGC), with support from the India Global Forum and Greater Birmingham Chambers of Commerce. The delegation included Dr Julie Nugent, CEO at Coventry City Council, Prof. David Mba, Vice-Chancellor at Birmingham City University and Greg Clark, Executive Chair of University of Warwick Innovation District. Official trade mission partners included Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. The delegation was also made up of a number of high-potential West Midlands businesses, led by the Greater Birmingham Chambers of Commerce, interested in exploring trade opportunities in India. These included Goldilock; School of Coding Limited; World Wide Generation Limited; Agilyx EMEA Ltd; Econominds; CyberQ Group and Cybercy Group. Throughout the week, the West Midlands delegation attended a series of meetings with senior figures from leading Indian manufacturing companies, with discussion centred around their shared commitment to the future of engineering innovation. This included clean energy company Atri Energy Transition and motorcycle manufacturer and major investor into the West Midlands, TVS Motor Company. Mayor Richard Parker also met with Natarajan Chandrasekaran, Chair of Tata Group – the region's biggest source of foreign direct investment (FDI) – to discuss how to accelerate collaboration across technology, energy, steel and communications between the two markets. This momentum was reflected through the announcement of a new alliance between the University of Warwick and Tata Power, focused on energy storage and industrial decarbonisation. Marking an important step toward strengthening long-term research capability, talent development, and global academic engagement aligned with Tata Power's strategic priorities, the collaboration highlights the importance of West Midlands-borne research expertise to Indian industry partners. During the mission, Aston University also entered into new partnerships with Indian academic institutions the All India Management Association and Xavier School of Management, creating new pathways for skills and talent. In line with the mission's focus on opening pathways around digital innovation and AI collaboration, the delegation visited some of India's most significant industry hubs. These included the Confederation of Indian Industry (CII) - which hosted an interactive industry session focused on unlocking cross-border growth and scaling innovation following the UK-India FTA – the offices of multinational technology company and West Midlands investor Infosys and Tata Consultancy Services. The delegation also visited Gujarat-based GIFT City – India's globally connected financial centre – with the region is now taking forward plans for a joint taskforce with the State of Gujarat, with the ambition of establishing a formal partnership for growth across shared priority sectors. In support of the region's ambition to grow its creative industries, the delegation visited the iconic Yash Raj Films to discuss how to build partnerships between Mumbai and the West Midlands, focused on attracting productions and opening up new opportunities for the region's studios, freelancers and young creatives. Throughout the mission, the West Midlands delegation hosted activity to promote cultural exchange and building strong foundations for future partnership with India. This included an event on "The Commonwealth Legacy", to share lessons from hosting the Birmingham 2022 Commonwealth Games, ahead of Ahmedabad hosting the major sporting event in 2030. The mission also successfully profiled the West Midlands across Ahmedabad, Mumbai and Bengaluru – engaging 30 tour operators through targeted roundtables, alongside five hosted meetings to focus on educational product development, route development and forward planning. Organised in collaboration with VisitBritain, this activity also focused on commemorating the top travel agents for driving inbound tourism from India into the region, with the number of visits from Indian tourists to the region having grown by more than 20 per cent over the last decade. India and the West Midlands have strong economic links, with India representing the UK's second largest source of investment projects for six consecutive years and the West Midlands representing the UK's largest recipient of FDI projects from India outside London. These strong economic ties are supported by organisations including the CII, Federation of Indian Chambers of Commerce & Industry (FICCI) and the National Association of Software and Service Companies (NASSCOM), with plans in place to host the NASSCOM UK Forum in Birmingham in the near future, following the trade mission. Richard Parker, Mayor of the West Midlands, said: "This mission was about turning the UK-India Free Trade Agreement into real opportunities for the West Midlands. "In just one week we strengthened relationships with some of India's biggest employers and fastest growing industries. We opened the door to new partnerships in clean energy, technology, education and the creative industries - sectors that will create jobs, investment and opportunity for people across our region. "The West Midlands already has one of the strongest relationships with India anywhere in the UK outside London. My job is to build on that foundation and turn it into practical results for our businesses, universities and communities. "We've come back with a strong pipeline of partnerships and projects. The next step is simple - turn those conversations into investment, collaboration and growth here in the West Midlands." Harjinder Kang, His Majesty's Trade Commissioner to South Asia & Deputy High Commissioner to Western India, said: "We were delighted to welcome the West Midlands Mayoral-led trade delegation to India. As a result of the UK-India FTA, we have witnessed a great deal of interest amongst Indian businesses to deepen their collaboration with this key UK region. Beyond business ties, a number of exciting new partnerships spanning research, energy, skills, and talent were also announced - reflecting the strength of the region and our bilateral relationship. The success of this mission, underpinned by growth across both countries, is inspiring to see." Further commentary from the delegation: Professor Gurpreet Singh Jagpal OBE, Chief Commercial Officer at Aston University, said: "Aston University was proud to sponsor the mission to focus on strengthening economic and cultural ties between the West Midlands and India. We explored new education and business partnership opportunities to help boost investment and deepen UK–India collaboration. "While there we were delighted to sign agreements with two Indian higher education institutions. XLRI has a reputation for producing employer-ready graduates which makes it a strong platform for promoting West Midlands-India engagement in skills, talent, and business ties, and AIMA is a national management body with wide reach across corporate and institutional leaders. These agreements will help foster education, research and business engagement initiatives with the West Midlands. The mission also gave us the opportunity to contribute to several round table panels and host some of our esteemed Indian alumni at networking events." Professor David Mba, Vice-Chancellor at Birmingham City University, said: "The Mayoral Trade Mission was a powerful opportunity to deepen Birmingham's partnership with counterparts across India. "From Commonwealth Games collaboration to visits to world-leading cultural and technology hubs, I return with new relationships secured and clear ambition for how BCU can work more closely with the institutions we met. We are ready to turn dialogue into delivery and ambition into lasting impact." Vijay Tank, Chief Commercial Officer at E.ON Energy Infrastructure Solutions, said: "The free trade agreement between India and the UK opens up major opportunities for new investment and deeper partnerships between our two countries. Both nations share a commitment to an energy transition that boosts business competitiveness while driving cleaner and more secure energy – an ideal foundation for long–term collaboration. "It was a privilege to join the Mayor in meeting political and industry leaders in Ahmedabad, Mumbai and Bengaluru. Those conversations reinforced that the opportunities ahead of us are real and significant. With a shared sense of purpose we have a genuine chance to build scalable, sustainable solutions that will benefit our people, businesses and communities." Kevin McCole, Managing Director at GEDU Global Education, said: "The week in India was really enjoyable and successful for the West Midlands and the delegates. There was a positive response from the political and business leaders in all three cities, and a genuine commitment to deepening the trade, investment and cultural ties." Professor Mark Lee, Deputy Pro-Vice-Chancellor at the University of Birmingham, said: "The West Midlands mission to India has been a powerful opportunity to deepen the partnerships that connect Birmingham with one of our most important global collaborators. Through initiatives such as our joint postgraduate programmes with IIT Madras and our new Future Skills scholarships for Indian students, the University of Birmingham is committed to creating opportunities that strengthen talent pipelines, support sustainable growth, and bring our region closer to India." Greg Clark, Executive Chair of Warwick Innovation District, said: "The University of Warwick has extensive and long-standing connections with India through our students, alumni, research collaborations and industrial and innovation Partnerships. The dynamism and confidence of the Indian economy and the UK-India free trade agreement present further opportunities for the West Midlands and India to deepen our relationships. "The University of Warwick's new strategic alliance with Tata Power, announced during the visit, is a clear example of how world-class research and education can work with Indian businesses to make for a better and more prosperous world together. The West Midlands delegation advanced those connections at a time of momentum in the UK-India relationship." West Midlands Growth Company The West Midlands Growth Company focuses on the WMCA geography of Greater Birmingham and Solihull, Coventry and Warwickshire, and the Black Country.Once the powerhouse of the industrial revolution, the West Midlands has evolved into a world-class and highly sought-after international business destination, with an economy worth £117bn. Situated at the heart of the UK, the region is home to three major cities (Birmingham, Coventry, Wolverhampton) and four thriving boroughs, which come together to form one of Europe's most dynamic and diverse metropolitan clusters. Photo - https://mma.prnewswire.com/media/2930557/West_Midlands_Growth_Company.jpg' alt='Embedded Media' /> Logo - https://mma.prnewswire.com/media/2702236/5856235/WMGC_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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