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    Kerala banking sector posts healthy growth; CM Satheesan calls for closer collaboration
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June 1, 2026
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Banking sector growth drives priority lending, while emergency credit support scheme implementation gets expedited for eligible borrowers.
Kerala's banking sector showed strong growth in deposits, advances and priority-sector lending, with the credit-deposit ratio above the RBI benchmark. The review meeting also examined implementation of the Emergency Credit Line Guarantee Scheme and directed banks to identify eligible borrowers and deliver benefits expeditiously while supporting broader economic development.
June 1, 2026
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GST revenue growth driven by AI-based compliance and data integration lifted Andhra Pradesh to its best-ever May collections.
Andhra Pradesh recorded its highest-ever May GST revenue since the introduction of GST, with strong year-on-year growth in total collections and net GST receipts despite GST 2.0 rate rationalisation measures. The revenue increase was supported by higher IGST settlement, petroleum VAT, professional tax and liquor VAT collections, along with technology-driven compliance measures. The department also expanded data integration and enforcement through AI-based analytics, scrutiny systems, UPI transaction analytics, Aadhaar integration and inter-departmental data sharing.
June 1, 2026
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Bank loan misuse allegations lead to formal arrest permission and judicial custody in the ongoing fraud investigation.
CBI investigation into alleged misuse and diversion of bank loan funds in relation to Reliance Communications proceeded against a former senior executive, with the court permitting formal arrest in connection with the bank fraud case and remanding him to judicial custody in the meantime. The proceeding arose from allegations that loan funds and credit facilities sanctioned by a consortium of banks were managed and utilised in a manner that caused wrongful loss to the lending banks, while investigation against the accused remained ongoing.
June 1, 2026
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Rupee depreciation reflects geopolitical tensions, crude price gains and a stronger dollar, with RBI policy now in focus.
The rupee weakened against the US dollar amid renewed geopolitical tensions, higher crude oil prices, a stronger dollar, and softer global risk sentiment. Forex traders noted intraday volatility in the interbank foreign exchange market and said the currency was under pressure from external market conditions, while any continued peace talks could limit further downside. Market attention shifted to the upcoming RBI Monetary Policy Committee meeting and the central bank's policy signal.
June 1, 2026
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PMLA investigation dispute over scheduled offence timing and natural justice challenge in CMRL appeal
Appeal against a single-judge order permitting the Enforcement Directorate to continue a PMLA investigation was admitted, with no precipitative action to be taken until judgment. The dispute centres on whether a later SFIO complaint could justify an investigation that had allegedly begun before any scheduled offence existed, and whether additional affidavits filed after reservation violated natural justice. The company also challenged the ECIR, summons and related proceedings on jurisdictional grounds.
June 1, 2026
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Money laundering probe in alleged Chhattisgarh liquor scam leads to major asset attachments and four fresh accused
Properties worth more than Rs 1,000 crore were provisionally attached under the Prevention of Money Laundering Act in connection with the alleged Chhattisgarh liquor scam, on the basis that the probe had identified proceeds of crime exceeding Rs 2,883 crore. The investigation alleged manipulation of the excise system through inflated procurement rates, unaccounted liquor manufacture and commission extraction through FL-10A licences. The attachment orders covered properties linked to Vikas Agrawal and alleged benami properties of Dhebar, Hotel Westinn Goa, and financial assets of three FL-10A licence-holder companies. A fresh supplementary prosecution complaint named four additional accused.
June 1, 2026
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Money laundering investigation under the Prevention of Money Laundering Act turns on alleged layering and concealment of public funds.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged embezzlement of public funds from bank accounts linked to government departments and private schools. The investigation records an arrest for allegedly receiving proceeds of crime and participating in the generation, layering and concealment of laundered funds. It also alleges use of shell entities, jewellers and linked accounts to route, distribute and invest the proceeds, while the money trail and related assets are being traced.
June 1, 2026
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Steel safeguard and carbon border adjustment issues are emerging as key sticking points in India-UK trade pact implementation.
India and the United Kingdom are expected to discuss Britain's steel safeguard measure and proposed carbon border adjustment mechanism as implementation issues under the bilateral trade pact. The reported concern is that UK restrictions on tariff-free steel imports and the planned carbon pricing on carbon-intensive goods have become sticking points, prompting India to consider re-balancing duty concessions, including those on Scotch whisky, if the matters are not addressed.
June 1, 2026
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Duty-free market access expands under India-Oman trade pact, boosting exports, services commitments and skilled professional mobility.
Duty-free market access under the India-Oman Comprehensive Economic Partnership Agreement has come into force, granting duty-free entry for 99.38 per cent of India's exports by value and covering textiles, engineering products, gems and jewellery, pharmaceuticals and electronics. The arrangement also provides quota-based tariff concessions on selected Omani exports to India, while India has withheld concessions in several sensitive sectors. The pact further expands services commitments and skilled-professional mobility, and contemplates future discussions on social security continuity. Pharmaceutical access is reinforced through binding zero-duty treatment and streamlined marketing authorisation conditions.
June 1, 2026
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Trade liberalisation and market access drive India-UK FTA implementation talks in New Delhi.
UK Business and Trade Secretary Peter Kyle is scheduled to visit New Delhi to accelerate implementation of the India-UK Comprehensive Economic and Trade Agreement and bring the bilateral Free Trade Agreement into force as quickly as possible. The visit is intended to advance the modern economic partnership, support businesses and consumers, and prepare industry for the agreement's entry into force through wider trade opportunities and tariff liberalisation.
June 1, 2026
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Bilateral trade agreement talks focus on final drafting, tariff recalibration, and broader market access negotiations.
India and the United States have largely finalised the first phase of their bilateral trade agreement, with remaining discussions focused on drafting details, legal wording, and adjustments needed to reflect changes in the US tariff environment. The two sides are working toward completion of the interim agreement and then broader negotiations on market access, non-tariff measures, customs and trade facilitation, investment promotion, and economic security alignment. The framework contemplates tariff reductions and expanded Indian purchases of US goods, while current talks may recalibrate the framework in light of changed tariff measures and Section 301 developments.
June 1, 2026
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Export levies on petrol, diesel and ATF are revised fortnightly to support domestic fuel availability.
Export levies in the form of Special Additional Excise Duty and Road and Infrastructure Cess are imposed on exports of petrol, diesel and aviation turbine fuel to support domestic availability of petroleum products by discouraging exports. The levy rates are reviewed and revised on a fortnightly basis according to average international prices of crude oil and petroleum products prevailing since the last review. No change is made to the existing excise duty rates on petrol and diesel cleared for domestic consumption.
June 1, 2026
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Customs duty exemption on cotton imports aims to ease input costs and improve raw material availability for the textile sector.
Temporary exemption from all customs duties on import of cotton is provided to improve cotton availability for the Indian textile sector during the specified period. The measure is intended to reduce input costs across the textile and apparel sector, support manufacturers and consumers, and balance the interests of domestic farmers. It is also expected to assist small and medium enterprises by easing raw material constraints.
June 1, 2026
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India-Oman CEPA expands duty-free access, services commitments and trade facilitation across goods, investment and professional mobility.
The India-Oman Comprehensive Economic Partnership Agreement (CEPA) entered into force on 1 June 2026, creating a framework for trade, services, investment, logistics and regulatory cooperation. The Agreement gives duty-free access to 99.38% of India's exports to Oman, while India liberalizes tariff lines with safeguards for sensitive sectors such as dairy, cereals, fruits, vegetables, edible oils, oilseeds, rubber, leather and spices. It also includes trade-facilitation measures, non-tariff barrier reduction, sector-specific market access and commitments on services and professional mobility.
June 1, 2026
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PMLA bail turns on limited role, minimal traced transactions, prolonged custody, and parity with a co-accused.
Regular bail under the PMLA turned on the accused's limited alleged role, the small quantum of traced transactions, and the stage of the proceedings. The court treated the petitioner's involvement as non-pivotal, considered the custody period and likely trial delay, and held that prolonged pre-trial incarceration would not be justified on the material placed before it. Parity with a co-accused and the non-determinative nature of protest-related allegations were also relevant.
June 1, 2026
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Cross-border business connectivity drives Citi's India Conference focus on investment, capital markets, and economic growth themes.
Citi is set to host its flagship India Conference 2026 in Mumbai as a two-day forum bringing together corporate leaders, investors, clients and thought leaders from the financial and business ecosystem. The conference will serve as a platform for discussions, networking and knowledge-sharing on themes shaping business, investment and economic activity in India and globally. Sessions are expected to cover the macroeconomic outlook, policy environment, capital markets, emerging investment trends, artificial intelligence, digital infrastructure and innovation.
June 1, 2026
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Rupee weakness against the US dollar intensifies as geopolitical tensions, crude prices and dollar strength weigh on sentiment
Rupee depreciated against the US dollar amid renewed geopolitical tensions, higher crude oil prices and a stronger dollar overseas. Market participants linked the weakness to adverse global risk sentiment, rising US Treasury yields and uncertainty around continued peace talks, while attention shifted to the upcoming RBI Monetary Policy Committee meeting. The broader backdrop included a firmer dollar index, higher Brent crude futures, lower domestic equity indices, net foreign institutional outflows, a fall in India's forex reserves and higher gross GST collections in May.
June 1, 2026
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Voice AI banking expands accessibility as Clayfin acquires Louie Voice to enable simpler digital transactions.
Clayfin has acquired Louie Voice, a voice banking platform that uses Voice AI to enable end-to-end banking transactions through natural voice commands within mobile applications and websites. The platform is designed to improve accessibility and inclusivity by reducing manual navigation and supporting users across different literacy levels, age groups, language preferences, and accessibility needs. It supports 11 Indian and 40 global languages and is intended to expand AI-led digital engagement and voice banking experiences for financial institutions.
June 1, 2026
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Comprehensive Economic Partnership Agreement opens preferential market access for Indian exporters in Oman across key sectors.
India and Oman have brought into force their Comprehensive Economic Partnership Agreement, enabling preferential market access in Oman for Indian exporters in sectors such as textiles, leather, plastics, marine products, automobiles, sports goods and agri-items. The agreement was signed in Muscat on 18 December 2025 and entered into force on 1 June 2026, after completion of internal processes by both parties.
June 1, 2026
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Online education programmes expand industry-aligned training in product management, fintech, digital banking, applied AI and modern computing.
Online education programmes were launched to address demand for industry-aligned digital talent in product-led business models, fintech, artificial intelligence and modern computing. The launch includes an Online MBA in Product Management, together with an Online MBA in Fintech & Digital Banking and an Online MCA in Applied AI and Modern Computing. The product management curriculum combines management study with product strategy, user-centric innovation, agile methodologies, analytics, go-to-market execution and digital transformation.

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ESDS Software Solution Launches Swaraj Cloud: India’s AI-Autonomous Architect Cloud Platform

July 2, 2026

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ESDS Software Solution Limited launches Swaraj Cloud, India’s AI-autonomous architect cloud platform built, and operated entirely on Indian soil. Designed for the enterprises, banks, government bodies and regulated industries that cannot afford to keep building India’s digital future on infrastructure governed by foreign law, Swaraj Cloud delivers the compute power, AI capability and developer tooling of a global hyperscaler with a key foundational difference: servers, data, and decisions are designed to remain under Indian ownership and Indian legal jurisdiction.

Mumbai, India, 2nd July 2026: ESDS Software Solution Ltd., India's Sovereign End-to-End AI Ecosystem Provider, today announced the launch of Swaraj Cloud an AI-Autonomous Sovereign Cloud Platform built, operated entirely on Indian soil. Running on ESDS-owned physical infrastructure housed in Indian Data Centers and governed under Indian jurisdiction, Swaraj Cloud delivers enterprise-grade compute, AI, security and developer capabilities with 100% Indian data residency and minimal foreign infrastructure dependency.

The platform addresses a regulatory and operational gap that has grown more acute with the enforcement of the Digital Personal Data Protection (DPDP) Act 2023, MeitY's Cloud Selection Framework for government workloads and RBI cloud guidelines governing data residency in the banking sector. Indian enterprises in regulated industries banking, government, healthcare and public services have been required to meet increasingly stringent data sovereignty obligations while operating on infrastructure not subject to Indian legal jurisdiction. Swaraj Cloud is built to resolve that gap at the infrastructure level, not through contractual overlays or data processing agreements.

"India stands at the defining inflection point of its digital century. Over the last decade, India has built one of the world's largest Digital Public Infrastructure ecosystems, yet the foundation powering our digital economy continues to rely on foreign cloud platforms, foreign AI ecosystems, and imported compute. Today, over 70% of India's workloads continue to run on foreign infrastructure , resulting in significant economic outflows and strategic dependence on technologies beyond our control. The cost of inaction as a nation is reflected in geopolitical risks, compliance obligations and the increasing need for digital self-reliance.

It is this vision that inspired the creation of Swaraj Cloud - India's AI Autonomous Architect Cloud Platform, built in India, governed in India, and engineered for global scale. Purpose-built to deliver sovereign cloud capabilities through autonomous intelligence, hyper-scale architecture and AI-driven automation, Swaraj Cloud harnesses a comprehensive sovereign AI digital IT ecosystem that brings together 30+ services and 80+ integrated intelligent capabilities, enabling organizations to scale their digital transformation through a single, unified sovereign platform.

A defining capability of Swaraj Cloud is its Prompt-to-Production architecture , powered by an integrated Solution Generator that enables organizations to transform a business requirement into a production-ready live environment.

Built on five foundational pillars - AI Intelligence, Scalability, Security, Compliance and Data Sovereignty - Swaraj Cloud seamlessly unifies Cloud Service Provider (CSP) and Managed Service Provider (MSP) capabilities into a single sovereign ecosystem.

The path ahead for India lies unequivocally in Digital Sovereignty , where our data, cloud, AI, compute, cybersecurity and critical digital infrastructure are developed, governed and continuously innovated within India. This is a collective national responsibility and ESDS is committed to enabling this vision by delivering a sovereign end-to-end AI and IT ecosystem that empowers large enterprises, governments and BFSI institutions. Our purpose extends to enabling the AtmaNirbhar Bharat mission and building sovereign digital foundations through platforms like Swaraj Cloud that will enable India's Sovereign AI future and strengthen its leadership in the age of Artificial Intelligence"— Piyush Somani Promoter, Managing Director and Chairman ESDS Software Solution Ltd.

ESDS owns and operates the physical servers, storage and networks that Swaraj Cloud runs on. It is not a rebranded or resold foreign cloud service. Workloads processed on Swaraj Cloud are designed to remain within Indian borders, under Indian law, seeking to minimise foreign legal exposure on data.

Prompt to Production: Redefining How Cloud Infrastructure Is Built The defining capability of Swaraj Cloud at launch is its Prompt-to-Production Solution Generator, a deployment engine designed to be a distinctive offering among Indian cloud platforms. An enterprise describes its requirement in plain language or through a guided input wizard. Swaraj Cloud's AI layer translates that input into a validated cloud architecture, maps it against applicable compliance frameworks including BFSI regulatory requirements, generates a complete Bill of Materials with line-item INR pricing and auto-deploys the entire environment in a single, uninterrupted automated run.

The complete workflow runs across six automated stages: requirements input, architecture recommendation with a visual preview, Bill of Materials generation in INR, compliance mapping and validation, auto-deployment of all components in sequence and a live billing preview the moment the environment goes live. The enterprise sees the architecture before a single resource is provisioned. It sees the cost before a single rupee is charged. And it receives a fully operational, compliance-validated cloud environment without a single infrastructure configuration step performed manually.

For Indian enterprises where procurement cycles, infrastructure provisioning timelines and compliance validation have historically been multi-week exercises, Prompt-to-Production is designed to compress that journey into minutes. It is a highly differentiated capability of the platform at launch and a clear expression of Swaraj Cloud's AI-autonomous design philosophy.

"Every regulated enterprise in India has been navigating a difficult trade-off, capable cloud infrastructure that does not meet sovereignty requirements, or sovereign infrastructure that does not meet capability requirements. Swaraj Cloud is built to remove that trade-off. With Prompt-to-Production, built-in compliance monitoring, and a sovereign AI platform, enterprises now have a single platform that meets regulatory obligations and operational demands without compromise." Komal Somani, Whole-time Director, ESDS Software Solution Ltd.

Beyond the Solution Generator, Swaraj Cloud launches with a service portfolio spanning the full enterprise cloud stack. The Enlight AIOps platform provides GPU-enabled virtual machines for AI model training, managed Jupyter Notebooks, fine-tuning-as-a-service, automated MLOps pipelines, model governance, drift detection, built-in AI safety controls and a [library of 20+ pre-built industry models all running on Indian infrastructure. Infrastructure services include a multi-hypervisor IaaS platform with Software-Defined Networking, DDoS protection and elastic IP management; Managed Kubernetes Service; an OCI-compliant Container Registry with automated vulnerability scanning; and agentless VM backup with point-in-time restore. Security operations are supported by a built-in SIEM platform with MITRE ATT&CK threat categorisation and CERT-In breach notification integration. Compliance-as-a-Service is embedded natively into the platform providing continuous monitoring against PCI DSS, NIST and TSC (Trust Service Criteria) frameworks, automated compliance scoring across all provisioned resources and one-click audit evidence export. Billing is managed entirely in Indian Rupees, with real-time usage dashboards, resource-level cost breakdowns and an in-platform billing calculator. A cloud marketplace with one-click deployment and a developer platform with multi-language SDKs, CLI tooling and an interactive API documentation portal complete the launch offering.

Swaraj Cloud is available immediately to Indian enterprises across Government, PSU, BFSI and regulated sectors. The platform is MeitY-empanelled and DPDP Act-aligned. Enterprises can access the platform at www.esds.co.in/swaraj-cloud or by contacting ESDS at 1800-209-3006.

About ESDS Software Solution Ltd.

ESDS Software Solution Ltd. Is India's Sovereign End-to-End AI Ecosystem Provider headquartered in Nashik, Maharashtra. ESDS operates Tier III certified data centers and serves enterprises across Government, BFSI, Healthcare and regulated industries with cloud infrastructure, AI platforms, cybersecurity solutions and managed services. Swaraj Cloud is ESDS's sovereign enterprise cloud platform. For more information, visit www.esds.co.in.

Important Disclosure ESDS Software Solution Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the Company at www.esds.co.in, the website of SEBI at www.sebi.gov.in, as well as on the websites of the Book Running Lead Manager, DAM Capital Advisors Limited, the website of the National Stock Exchange of India Limited at www.nseindia.com, and the website of BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus which may be filed with the Registrar of Companies, Maharashtra at Mumbai, in future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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