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August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
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Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.
August 27, 2026
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Financial inclusion through basic bank accounts enables direct welfare transfers, digital payments, insurance access and credit for excluded households.
PMJDY provides unbanked adults with basic bank accounts without minimum-balance or maintenance-charge requirements, free RuPay debit cards with accident insurance cover, and eligible overdraft support. Through the JAM framework, PMJDY accounts enable direct transfer of welfare benefits using bank accounts, Aadhaar-based biometric verification and mobile connectivity, reducing intermediary involvement and delays. The scheme emphasises rural, semi-urban, marginalised and women account holders while supporting access to insurance, pensions, savings, digital payments and credit, including MUDRA loans.
August 27, 2026
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Contract food services expansion strengthens Rassense's nationwide institutional operations through new academic partnerships and technology-led service delivery.
Rassense Pvt Ltd reports crossing a workforce of more than 5,000 employees and projects revenue exceeding INR 600 crore. Its contract food services operations serve educational institutions, corporate campuses, healthcare facilities and industrial locations. New operations at IIM Jammu, IIM Bangalore and IIT Guwahati strengthen its nationwide institutional presence. Expansion is supported by academic institution partnerships, local workforce development, operational excellence, and technology-led capabilities in food production, food waste reduction and supply-chain management.

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Europe faces stray Ukrainian drones as Kyiv targets Russian oil exports

May 21, 2026

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Kyiv, May 21 (AP) Over the past months, Ukrainian drones have crashed into the chimney of a power plant in Estonia, hit empty fuel tanks in Latvia and been shot down by Romanian fighter jets stationed in Lithuania.

For the first time in a NATO and European Union capital, Lithuanians were pictured sheltering in underground car parks in Vilnius on Wednesday, as authorities warned of unidentified drone activity.

No one has died or been injured recently, but the increasing airspace incursions have prompted some Baltic ministers to chastise Ukraine for the violations. In Latvia, officials' handling of the stray drones led to a political crisis that triggered the collapse of the government earlier this month.

Ukraine has ramped up attacks on Baltic Sea ports used for Russian energy exports in an attempt to hit Moscow's war chest as US President Donald Trump's war in Iran has driven up the price of oil, a key revenue stream for the Kremlin.

As Ukraine's drones have snaked up north, they have skirted the borders of NATO members Latvia, Lithuania, Estonia and Finland. Some of them were not detected before they crashed and landed in some of the Baltic states.

Ukrainian officials apologised and said the drones were aimed at military targets inside Russia but were sent off course by Russian electronic interference.

The string of airspace violations has prompted questions about the state of air defences on NATO's eastern flank.

Ukraine is targeting Russian ports on the Baltic Sea ----------------------------------------------------------- Ukraine's intensifying attacks against Russia have focused on arms factories, ports on the Baltic Sea and energy facilities as the war in Iran has boosted oil prices.

It has particularly targeted the ports of Ust-Luga and Primorsk, close to the borders of Estonia and Finland. Russia uses the ports to load up ships taking its oil exports through the Baltic Sea.

During one attack in May, which set part of the port of Primorsk on fire, more than 60 Ukrainian drones were shot down, Leningrad region governor Alexander Drozdenko said.

After stray Ukrainian drones entered Latvian airspace on May 7, the country's Defence Minister Andris Spruds resigned, leading Prime Minister Evika Silina to also quit days later because she was left without a majority in the coalition government.

On May 19, a Romanian fighter jet based in Lithuania shot down a Ukrainian drone over southern Estonia. Estonian Defence Minister Hanno Pevkur said it was likely aimed at targets in Russia and that he told Ukraine to send its drones “as far from NATO territory as possible.” On Wednesday, NATO fighter jets escorted an unidentified drone which crossed into Lithuania, prompting a red alert urging citizens to take cover around the capital Vilnius, Lithuania's defence ministry said. Contact with the drone was lost, and the military was searching for it, the ministry said.

Russian electronic interference sends drones off course ---------------------------------------------------------------- Since Russia's 2022 invasion of Ukraine, Nordic and Baltic nations have increasingly warned about electronic interference from Russia disrupting communications with planes, ships and drones.

In the Baltic region, Russia often uses jamming and spoofing to send drones off course.

Satellite communications systems — known collectively as the Global Navigation Satellite System, or GNSS — receive precise time signals from satellites around 20,000 kilometres (12,400 miles) away in space. A smartphone, car, marine or aircraft navigation system compares how long it takes to receive signals from several different satellites to calculate an exact location.

Jamming occurs when a receiver is overwhelmed by a strong radio signal transmitted in the same frequency range as GNSS and other satellite navigation signals, leaving the receiver unable to fix its location or time. Spoofing involves transmitting fake signals that imitate a real GNSS satellite signal, commonly known as GPS, to mislead a phone, ship, or aircraft into thinking it is in a different place.

Lithuanian Foreign Minister Kestutis Budrys said Tuesday that Russia is “deliberately” redirecting Ukrainian drones into Baltic airspace with electronic interference.

Drones have been entering Baltic airspace for many months --------------------------------------------------------------------- In September 2025, about 20 Russian drones flew into Poland, putting the spotlight on holes in NATO's air defences, as multimillion-dollar jets were scrambled. Those drones were not detected in advance, Estonia's defence minister said at the time.

Neither was a Ukrainian military drone which crashed with explosives in Lithuania last week, Vilmantas Vitkauskas, chief of Lithuania's National Crisis Management Centre, said on Sunday.

While Poland and Romania responded to the drone incursions last year by deploying new anti-drone technology — the first used by the NATO alliance aimed specifically at countering drones — that system is not in place across the entire Baltic region.

Defending against drones requires solving a complex set of technological, financial and bureaucratic problems and "there is no one solution against every type of drone,” Colonel Janno Mark of the Estonian Defence Forces said.

Tackling various types of drones operating at different speeds and altitudes requires a layered air defence response, Mark said during military exercises in southeastern Estonia.

Budrys, the Lithuanian foreign minister, told AP in an interview Saturday that the Baltic countries are likely going to have to continue to counter incursions from Ukrainian drones as Kyiv now has the capability to reach targets “deep in Russia” as well as ports on the Baltic Sea. The way to counter those drones, he said, is actually with Ukraine's help, as the most effective anti-drone systems have been developed in the country.

Ukraine denies claims it is preparing attacks from the Baltics --------------------------------------------------------------------- Writing on X, Budrys accused Moscow of “waging smear campaigns” after Russia's Foreign Intelligence Service, the SVR, claimed on Tuesday that Ukraine is preparing to launch drone attacks against Russia from the territory of the Baltic countries.

The SVR claimed Ukrainian military personnel had already deployed to Latvia and warned that the country's NATO membership wouldn't protect it from “just retribution.” It did not provide evidence for its claims.

Ukraine's foreign ministry spokesman, Heorhii Tykhyi, said Tuesday that none of the Baltic states or Finland has ever allowed Ukraine to use their airspace for strikes against Russia.

Budrys called the SVR claim a “transparent act of desperation” and an attempt to sow chaos and distract from a “simple reality” — that Ukraine is hitting Russia's military machine hard.

NATO Secretary-General Mark Rutte praised the alliance's reaction to the drone incidents, saying that they had been met with “a calm, decisive and proportionate response.” “This is exactly what we planned and prepared for,” Rutte said, blaming Russia's war on Ukraine for the incursions. (AP) SKS SKS

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