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    A Vision for Responsible AI, Resilient Banking - Keynote Address [Contributions by RBI colleagues Ms. Chandni Trehan Saluja and Ms. Kavita Gangwal, De...
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August 20, 2026
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Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
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Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
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Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
August 20, 2026
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Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
August 20, 2026
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Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
August 20, 2026
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Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
August 20, 2026
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Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.
August 19, 2026
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Forged health-scheme cards allegedly enabled ineligible treatment and misuse of public healthcare funds through false beneficiary details.
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August 19, 2026
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MSME competitiveness requires affordable credit, technology adoption, formalisation, sustainable trade and stronger export-market access for inclusive growth.
MSME development is identified as central to employment generation, exports, entrepreneurship, economic resilience and self-reliance. Key priorities include affordable credit, technology upgradation, supply-chain integration, market access, brand-building and reduced red tape. Formalisation of micro industries is emphasised to expand institutional credit access, while sustainable trade is promoted through green technologies and renewable energy. Export competitiveness is to be strengthened through regional production capabilities and the "One District, One Export Hub" initiative.
August 19, 2026
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Supply-side inflation risks support a policy pause pending evidence of broad-based, persistent price pressures and de-anchored expectations.
Monetary policy calibration remained on hold because food and fuel inflation had not yet produced broad-based or persistent price pressures. The policy pause was supported by limited pass-through of supply-side shocks, contained core inflation and no clear demand-driven overheating. Recalibration depends on incoming evidence of persistent inflation, entrenched supply-side pressures, de-anchored expectations and the evolving growth-inflation dynamic. Geopolitical disruption, volatile oil prices, monsoon conditions and El Nin o-related agricultural risks remain material inflation risks.
August 19, 2026
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Examination irregularities investigation examines alleged answer-sheet cheating, managed centres and suspected solver-gang involvement by a biometric operator.
Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.
August 19, 2026
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Trade restrictions on Iran halt commercial and financial exchanges as regional security threats disrupt maritime commerce and re-export access.
UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.
August 19, 2026
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Inflation persistence and expectations guide continued rate hold amid supply shocks and uncertainty over broader price pressures.
Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.
August 19, 2026
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Online credit card applications streamline comparison, eligibility screening and e-KYC, while approval remains subject to issuing-bank criteria.
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August 19, 2026
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Comprehensive strategic partnership drives ministerial and business engagements on investment, market access, technology collaboration, skills and agri-food trade.
India-Singapore economic engagement is being advanced through ministerial and business roundtables under the Comprehensive Strategic Partnership. A multidisciplinary business delegation is undertaking business-to-business, government-to-business and institutional engagements focused on partnerships, investment, market access, technology collaboration and talent development. Agricultural trade cooperation includes promotion of Indian agri-food exports through a retail initiative. The engagement seeks to strengthen trade, investment, digitalisation, advanced manufacturing, skills development, green-economy cooperation and people-to-people ties.
August 19, 2026
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International senior notes issuance diversifies the bank's funding sources and expands access to global debt capital markets.
IDFC FIRST Bank accessed international debt capital markets through its IFSC Banking Unit at GIFT City by issuing inaugural fixed-rate senior notes with a three-year tenor, due in 2029. The notes were offered to investors outside the United States under the Regulation S format. The issuance followed an investment-grade long-term issuer credit rating with a stable outlook, diversifies the bank's funding sources, and creates an avenue for access to global capital markets in support of long-term growth.
August 19, 2026
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Closing auction session safeguards market transparency through pooled order matching, backed by immediate action against manipulation and stronger monitoring.
Closing auction session (CAS) improves transparency and reduces manipulation in end-of-trading price formation by pooling buy and sell orders during a designated closing window for auction-style matching. Manipulation intended to undermine CAS is subject to prompt and stringent action, supported by enhanced monitoring. Responsible use of artificial intelligence and machine learning requires tiered accountability and governance, including kill-switch, human-in-the-loop and data controls. Regulated entities remain responsible for privacy, security and integrity of investor data used by every AI tool they deploy.
August 19, 2026
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Foreign exchange market movement shows rupee pressure from elevated crude prices, moderated by reserves, intervention and FCNR(B) inflows.
Foreign exchange market movement saw the rupee depreciate marginally against the US dollar amid higher global crude oil prices, heightened West Asia tensions, a stronger dollar environment and weaker domestic equity markets. Central-bank intervention and foreign fund inflows provided support. Adequate foreign-exchange reserves and stronger-than-expected FCNR(B) scheme inflows were identified as factors limiting the scope for sharp depreciation.
August 19, 2026
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AI reliability engineering expands through an enterprise hub supporting AI assurance, agentic engineering, observability and trusted AI deployment.
QualityKiosk Technologies has established a Hyderabad engineering hub to expand AI reliability engineering, AI assurance and agentic engineering capabilities. The centre supports engineering, marketing, branding, analyst-relations and advisory functions, while serving enterprise demand for AI reliability, product engineering, CloudOps and automation. It advances an AI reliability operating framework covering AI for reliability, reliability of AI, agentic engineering, shift-right engineering, frontier-system reliability, observability and platform-based delivery to promote governance, resilience, operational trust and assurance in AI-powered systems.
August 19, 2026
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Money laundering investigation examines alleged diversion of government contract funds and their use in creating trust and university assets.
Money-laundering investigation under the Prevention of Money Laundering Act led to searches of premises associated with the Maulana Mohammad Ali Jauhar Trust, its university, linked companies, promoters and a chartered accountant. The inquiry concerns alleged diversion of government contract funds through private contractors and their alleged subsequent use, including for creating assets of the Trust and university. Separate planning-law issues concern allegations that most university buildings were constructed without approved plans.

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NICDC Holds Workshop on BHAVYA Scheme and NTH–BIS Testing Infrastructure in New Delhi

May 30, 2026

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Consultation Sessions Held on Strengthening Implementation Framework of BHAVYA Scheme

National Industrial Corridor Development Corporation Limited (NICDC), under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), organised a workshop on the BHAVYA Scheme Framework and NTH & BIS Testing Facilities at Vanijya Bhawan, New Delhi.

The workshop was chaired by Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, Shri Amardeep Singh Bhatia, and Secretary, Department of Consumer Affairs (DoCA), Government of India, Smt. Nidhi Khare. More than 100 representatives from 31 States and Union Territories participated in the session. The workshop was also attended by senior officials from DPIIT and DoCA, Industrial Development Corporations, State Special Purpose Vehicles (SPVs), Bureau of Indian Standards (BIS), National Test House (NTH), NICDC and other stakeholder agencies.

Delivering the welcome and context-setting address, Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, highlighted the importance of creating investment-ready industrial ecosystems supported by robust infrastructure, quality assurance mechanisms and efficient institutional frameworks. He noted that initiatives aimed at developing world-class industrial parks and strengthening testing and certification infrastructure would contribute significantly towards the vision of Viksit Bharat@2047, Make in India, PM GatiShakti National Master Plan and the National Logistics Policy.

The workshop was organised in two sessions. The first session focused on quality infrastructure and testing facilities. It included an address by Secretary, Department of Consumer Affairs, Smt. Nidhi Khare, followed by a presentation by Director General, National Test House (NTH), Dr. Alok Srivastav, on commercial testing of products and establishment of NTH laboratories. This was followed by a presentation by Deputy Director General, Bureau of Indian Standards (BIS), Shri Harmohan Jit Singh Pasricha, on the Quality Control framework, including Quality Control Orders (QCOs). The session concluded with an interactive discussion with participating States, Union Territories and stakeholder institutions.

During the session, National Test House showcased its expanding testing and quality assurance ecosystem, including capabilities in emerging areas such as drone certification, EV battery testing, aerospace components, solar equipment and organic food testing. NTH also highlighted its ongoing collaboration with NICDC to establish testing facilities and sample collection centres within industrial corridor projects, enabling industries to access testing and certification services closer to manufacturing locations. Appreciating NICDC’s industrial infrastructure, NTH noted that the industrial nodes provide an enabling environment for deployment of testing and certification facilities.

The Bureau of Indian Standards presented the evolving national quality infrastructure framework and highlighted the growing network of standards, certification systems, Quality Control Orders (QCOs) and laboratory infrastructure supporting industrial development. BIS emphasised that greater adoption of standards and quality compliance would enhance product reliability, facilitate market access, improve export competitiveness and strengthen investor confidence in India’s manufacturing ecosystem.

The second session focused on the BHAVYA Scheme framework and implementation roadmap. The session commenced with an address by Secretary, DPIIT, Shri Amardeep Singh Bhatia, followed by a detailed presentation on the BHAVYA Scheme framework covering scheme objectives, implementation structure, eligibility conditions, land requirements, SPV structures, funding provisions and the role of implementing agencies. The presentation was well received by participants and queries raised during the session were addressed.

Secretary, DPIIT, Shri Amardeep Singh Bhatia, emphasised that the success of BHAVYA would be measured not merely by creation of infrastructure but by the extent to which industrial parks attract investors and become operational manufacturing hubs. He urged States and Union Territories to prepare investor-centric proposals, highlighting competitive advantages, ease of doing business measures and supporting ecosystems that would enable industries to commence production within a reasonable timeframe.

He further encouraged States and Union Territories to submit implementation-ready proposals and noted that project evaluation would focus on long-term industrial viability and investment potential. He reiterated that the scheme seeks to create industrial parks where infrastructure readiness translates into rapid investment grounding, manufacturing activity, employment generation and export competitiveness.

Joint Secretary, DPIIT, Smt. Gurneet Tej, highlighted that the scheme has been designed with a strong focus on immediate operability and investment readiness. She encouraged States and Union Territories to identify sector-specific industrial parks, undertake parallel investor outreach activities and align infrastructure planning with the requirements of targeted industries to facilitate faster grounding of investments. She also noted that the flexibility built into the scheme should be leveraged to develop industrial parks based on local strengths, connectivity advantages and existing industrial ecosystems.

Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, made a detailed presentation on the General and Operational Guidelines of the Bharat Audyogik Vikas Yojana (BHAVYA) Scheme. The presentation covered key provisions of the scheme, including eligibility criteria, challenge-mode selection process, implementation framework, funding structure, release of funds, monitoring mechanism, timelines, evaluation matrix, focus on social infrastructure and the framework for private developer-led industrial parks. Detailed clarifications were provided on the scheme guidelines and operational aspects to enable States and Union Territories to prepare quality proposals. States and Union Territories were also requested to examine the guidelines and provide inputs, suggestions and clarifications for consideration.

A separate presentation by NICDC focused on preparation and submission of Detailed Project Reports (DPRs) for projects proposed under BHAVYA. It covered project identification, land readiness, infrastructure planning, multimodal connectivity, utility provision, institutional arrangements, appraisal processes and documentation requirements. The presentation was followed by detailed discussions with stakeholders on practical implementation issues and suggestions for strengthening the scheme guidelines.

Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, also demonstrated the BHAVYA portal and requested States and Union Territories to furnish the requisite information through the portal.

The workshop concluded with a call to State Governments and Union Territories to identify suitable projects, prepare robust DPRs, establish clear institutional mechanisms and ensure timely implementation of projects under BHAVYA.

BHAVYA, notified by the Government of India on 10 April 2026, with operational guidelines issued on 23 May 2026, is a transformative national initiative with an outlay of ₹33,660 crore aimed at developing 100 investment-ready, plug-and-play industrial parks across the country. The scheme seeks to create complete industrial ecosystems with ready infrastructure, multimodal connectivity, reliable utilities, smart services, logistics access, investor facilitation mechanisms and sustainable industrial planning.

A key feature of BHAVYA is its inclusive and partnership-based approach, enabling participation from State Governments, Union Territories, Central Public Sector Undertakings and the private sector. The scheme marks an important step towards broadening industrial infrastructure development in the country while leveraging private sector efficiency, investment capacity and project execution expertise.

NICDC, with its experience in developing integrated industrial corridors and smart industrial cities under the National Industrial Corridor Development Programme, is well positioned to support implementation of BHAVYA. Its work on projects such as Dholera, AURIC, Vikram Udyogpuri, Integrated Industrial Township Greater Noida and other corridor nodes provides a strong foundation in master planning, trunk infrastructure development, multimodal connectivity, SPV-based implementation, investor facilitation and creation of plug-and-play industrial ecosystems.

As BHAVYA is at an early stage of implementation, the workshop provided a valuable platform for stakeholders to share practical inputs on eligibility, land requirements, DPR preparation, institutional structures, appraisal mechanisms and project implementation. The interactions and suggestions received during the workshop are expected to support smooth, effective and time-bound implementation of the scheme.

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