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September 23, 2026
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Monetary policy tightening may follow resilient growth as inflation, conflict risks, and weather pressures reshape economic projections.
FY27 GDP growth projections were raised to a range of 6.9%-7.1% on stronger June-quarter activity, resilient demand, investment, consumption, exports, capital inflows and limited supply disruptions. Growth may moderate as energy costs reduce purchasing power, activity slows and weather risks persist. Policy-rate tightening is projected as an inflation response, with forecasts of a 25-basis-point increase and temporary rate rises to offset price pressures.
September 23, 2026
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September 23, 2026
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Essential banking service continuity requires Sunday operations by public sector and regional rural banks during the proposed strike.
Public Sector Banks and Regional Rural Banks will function normally on Sunday, 27 September 2026, to prevent an extended interruption to public banking needs during the proposed nationwide strike. Reserve Bank approval covers full operation of branches, offices, ATM-link branches and Currency Chests, alongside measures intended to maintain uninterrupted essential banking services.
September 23, 2026
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Money laundering allegations in public recruitment describe CSR-linked payments, examination manipulation, and candidate payments treated as proceeds of crime.
Money-laundering allegations concerning state public-service examinations identify two alleged streams of proceeds of crime: corporate social responsibility funding allegedly routed to an institution controlled by the former commission chairman in return for favouring selected candidates, and money allegedly collected from candidates and families for advance access to examination papers and secured selection. The alleged CSR payment was projected as legitimate institutional funding, while candidate-related collections were allegedly possessed, used, transferred, or projected as legitimate transactions.
September 23, 2026
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Banking service continuity measures require public sector and regional rural banks to operate on Sunday during the proposed strike.
Banking-service contingency arrangements require Public Sector Banks and Regional Rural Banks to operate normally on Sunday, 27 September 2026, ahead of a proposed three-day bank strike. Reserve Bank approval permits bank branches, offices, ATM-linked branches and currency chests to remain fully operational. Customers are advised to use mobile banking, ATMs, internet banking, BC Points and UPI if the strike occurs, and to complete essential transactions in advance.
September 23, 2026
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Inflation-driven monetary tightening may accompany strong growth as demand, price increases and adverse supply conditions shape rate expectations.
Inflationary pressures, robust demand, price rises and adverse supply developments are expected to lead to policy-rate tightening by RBI. Fitch anticipates a 25-basis-point rate rise in October, further tightening in early 2027, followed by easing in 2028. Growth projections were upgraded following stronger-than-expected June-quarter activity, but activity is expected to moderate as the effects of GST rationalisation and income-tax cuts recede, manufacturing and services slow, and below-normal monsoon conditions affect activity.
September 23, 2026
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September 23, 2026
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Primary and secondary investment funds ammunition manufacturing expansion, increasing small-caliber capacity and establishing medium-caliber production.
Hughes Precision Manufacturing Pvt. Ltd. completed a Rs. 250+ crore investment round through primary and secondary investments. The capital will expand small-caliber ammunition capacity from approximately 80 million to 220 million rounds and establish a dedicated medium-caliber ammunition manufacturing facility. The expansion broadens its product portfolio and is supported by an order book exceeding Rs. 1,000 crore, including domestic defence and export orders scheduled for execution over approximately two years.
September 23, 2026
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GDP growth outlook signals resilient expansion, but inflation, weaker rural demand, and supply pressures may prompt monetary tightening.
India's FY 2026-27 GDP growth forecast is raised to 6.9 per cent from 6.4 per cent, reflecting strong June-quarter growth and economic resilience. Economic momentum is projected to moderate as slower manufacturing and services expansion, below-normal monsoon rains, and rising inflation constrain demand. Strong demand, price increases and adverse supply conditions are expected to lead to monetary tightening.
September 23, 2026
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FEMA scrutiny of insolvency acquisitions examines fund flows and possible indirect control by potentially ineligible resolution participants.
FEMA investigation concerns suspected foreign-exchange contraventions and the source and movement of funds used to acquire control of McNally Bharat Engineering Company Limited following its corporate insolvency resolution process. The inquiry also examines whether the process may have enabled persons potentially ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016, to regain indirect control of the company.
September 23, 2026
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Export facilitation reforms integrate local support, digital trade intelligence, and streamlined Free Trade Agreement procedures to improve market access.
Export facilitation reforms contemplate integrated Commerce and Industry offices and trained local personnel to provide exporters with common access points and district-level handholding support. The Trade Connect platform is envisaged to provide product-wise and HSN-code-wise tariff, Free Trade Agreement and procedural information, supported by digital and AI-enabled tools. Reforms also address electronic verification of Certificates of Origin, integration across the export cycle, digitalisation, simplified trade documentation, reduced compliance burden, and adherence to international quality standards.
September 23, 2026
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Monetary policy outlook: resilient growth and persistent inflation support a projected policy-rate increase amid weather and geopolitical risks.
India's FY27 growth outlook is revised upward to 7 per cent from 6.6 per cent, supported by industrial activity, consumption, goods exports and government investment. Consumer inflation is projected to average 5.1 per cent. Persistent inflationary pressures, solid growth, conflict in West Asia and weather-related risks are expected to support higher interest rates, while below-normal monsoon rainfall may affect agricultural output and food inflation.
September 23, 2026
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Trade partnership frameworks seek diversified market access through proposed economic agreements, investment cooperation, stronger business linkages, and improved connectivity.
Trade and market-access cooperation is to be advanced through a proposed Comprehensive Economic Partnership Agreement with Chile, a proposed Free Trade Agreement with Peru, and expansion of the Preferential Trade Agreement with MERCOSUR. The frameworks seek mutually beneficial outcomes while respecting respective sensitivities and priorities. Diversified trade, investment and business partnerships are envisaged through stronger business-to-business linkages, improved connectivity and more predictable market access.
September 23, 2026
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Diplomatic engagement amid armed conflict continues as parties discuss reopening strategic waterways, energy security, and a potential negotiated settlement.
Diplomatic engagement between the United States and Iran resumed amid an ongoing armed conflict. The engagement concerned reopening the Strait of Hormuz and returning to negotiations toward a settlement, while the United States position combined willingness to engage with threats of escalated military action if an agreement was not reached. Regional consultations also addressed risks to oil carriage, energy supplies, and navigation through strategic waterways.
September 23, 2026
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Bilateral comprehensive trade agreement negotiations aim for conclusion at the G20, supporting diversification and renewed economic ties.
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September 23, 2026
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Diesel export restrictions may worsen refinery constraints and consumer fuel costs amid global refining capacity disruptions.
Possible restrictions on diesel exports are being considered to address rising domestic diesel prices amid disruption to global refining capacity. Oil industry representatives oppose an export ban, contending that it could aggravate refinery-sector constraints and worsen supply conditions. They advocate increased supply and operational flexibility instead of new export restrictions, while farm-state senators support a diesel export ban.
September 22, 2026
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District-led economic development will align local resources, enterprise support and export promotion to strengthen regional economic opportunities.
The Uttar Pradesh Enabling District-Led Economic Growth project is proposed to convert district-specific resources into investment, employment, entrepreneurship and export opportunities. Its framework combines economic activity with stronger local administration and major investment proposals suited to local needs. Economic diversification is to expand manufacturing and services alongside agriculture, while local products are to receive improved design, packaging and access to global markets. Proposed measures also include enterprise development, women entrepreneurship, skills training, healthcare, agricultural processing and polyhouse development.
September 22, 2026
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Healthcare access integration enables local outpatient ticketing and appointment booking through banking correspondents, alongside employee banking and patient-support initiatives.
The partnership integrates SKIMS outpatient ticketing and appointment booking with J&K Bank's Banking Correspondent network on a six-month pilot basis, enabling local access for patients in rural and remote areas. J&K Bank serves as SKIMS's banking partner, offers customised employee banking benefits, supports hospital infrastructure through corporate social responsibility assistance, enables public contributions to the poor-patient endowment fund through a mobile application, and provides digital financial literacy and wealth-management programmes.

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PMLA / Black Money

CGPSC scam: ED alleges Rs 45 lakh 'CSR' payment to ex-CGPSC chief for favouring businessman's kin

September 23, 2026

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Raipur, Sep 23 (PTI) The ED has claimed that arrested former Chhattisgarh Public Service Commission (CGPSC) chairman Taman Singh Sonwani received Rs 45 lakh through an institution controlled by him in return for favouring a businessman's son and daughter-in-law in the 2021 state service examination.

The money he received was shown as corporate social responsibility (CSR) funding, it said, adding that the total proceeds of crime in this case is quantified so far to the tune of Rs 3.28 crore.

The federal agency filed its first prosecution complaint before a special court in Raipur in connection with the alleged irregularities and corruption in the CGPSC examination scam during the previous Congress government in the state.

Seven accused -- Sonwani; Director of Shri Bajrang Power and Ispat Ltd Shravan Goyal; the then CGPSC Deputy Controller (Examination) Lalit Ganvir; Utkarsh Chandrakar, his brother-in-law Anil Chandrakar, medical officer Dr Vikas Chandrakar, and Additional Collector Chetan Borghariya were named as accused in the prosecution complaint.

Utkarsh Chandrakar is the nephew of K K Chandravanshi, a former personal assistant to the then Chief Minister Bhupesh Baghel, while Borghariya was an Officer on Special Duty in the then chief minister's office and is presently an Additional Collector in Balrampur-Ramanujganj.

The Enforcement Directorate (ED) claimed that money generated through alleged corrupt examination arrangements was received through Gramin Vikas Samiti (GVS) as CSR funding and that money collected from candidates was subsequently possessed, used, transferred or projected as legitimate transactions.

Sonwani, who headed the CGPSC from 2020 to 2023, was arrested by the ED in July in connection with its money laundering investigation into alleged corruption, question paper leaks and manipulation of examinations conducted by the commission in 2020 and 2021 for recruitment to posts, including deputy collector and deputy superintendent of police.

Earlier this month, the ED arrested Borghariya and Utkarsh Chandrakar.

The money laundering probe stems from an FIR registered by the Chhattisgarh Economic Offences Wing (EOW), another FIR lodged by the state police in Balod district and a subsequent complaint filed by the CBI in 2024. The CBI filed a chargesheet and two supplementary chargesheets in 2025, and Sonwani was also arrested by the central agency in 2024.

According to the ED, the proceeds of crime identified in the case originated through two separate streams.

The first related to alleged manipulation of the CGPSC State Service Examination in which Sonwani, as chairman, had a role in the custody and availability of question papers and the examination process.

The ED alleged that in consideration of favour shown to the son and daughter-in-law of businessman Shravan Kumar Goyal, Gramin Vikas Samiti (GVS), an institution controlled by Sonwani, received Rs 45 lakh from Shri Bajrang Power and Ispat Ltd through its CSR mechanism. The agency said the payment was made in two instalments of Rs 20 lakh and Rs 25 lakh and was projected as legitimate institutional funding.

It said that Sonwani's position as CGPSC chairman, his directions concerning applications made in the name of GVS, his management of the institution and approvals obtained on those applications established his alleged knowing acquisition, possession and use of the money.

The complaint said Goyal's son Shashank Goyal and daughter-in-law Bhumika Katiyar were selected at ranks three and four respectively. It also referred to the selection of Sonwani's nephews Nitesh Sonwani and Sahil Sonwani as deputy collector and deputy superintendent of police, and his nieces-in-law Misha Kosle and Deepa Adil as deputy collector and district excise officer.

The agency has also attributed a role to CGPSC Deputy Controller of Examinations Lalit Ganvir, claiming he held the post from December 2020 while simultaneously serving as treasurer of GVS and as a joint authorised signatory of its Bank of Maharashtra account.

The ED claimed the second stream involved collection of money from candidates and their families on the promise that examination papers would be provided in advance and selections secured.

The agency quantified this collection at Rs 3.13 crore. The total proceeds of crime identified so far have been quantified at Rs 3.28 crore -- Rs 45 lakh in the first stream and Rs 3.13 crore collected from candidates in the second, the agency said.

The ED clarified that cash deposits of Rs 72.18 lakh in Utkarsh Chandrakar's bank account represented placement of part of the Rs 3.13 crore and were not additional proceeds. It also treated Rs 69.85 lakh deposited in Borghariya's accounts as proceeds of crime in his possession.

The agency said the investigation suggested that candidates were allegedly offered access to examination papers and selection for payments ranging from Rs 50 lakh to Rs 60 lakh per candidate.

Dr Vikas Chandrakar allegedly acted as a recruiter and aggregator, approaching candidates and their families and collecting money. Statements recorded by the ED described payments carried by him to Anil Chandrakar and Utkarsh Chandrakar, with an approximate figure of Rs 3.20 crore, including amounts he allegedly borrowed where candidates had not paid the full amount, it said.

The ED also cited bank transactions as evidence of the movement of money, including transfers of Rs 9.90 lakh on April 8, 2022 and Rs 5.10 lakh on April 11, 2022 from Anil Chandrakar's bank account to Utkarsh Chandrakar. PTI TKP NP

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