Despite large inflows of foreign funds mobilised through the Reserve Bank of India's (RBI's) concessional swap schemes, the rupee has seen little impact because the dollars have largely been absorbed into the central bank's reserves instead of being released into the spot market, according to market participants.
The CBI has registered a case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, and others for an alleged Rs 2,684.57-crore fraud involving investments made by the Life Insurance Corporation of India (LIC). Anil Ambani has denied any wrongdoing. The LIC alleges criminal conspiracy, misrepresentation, and fraudulent diversion of funds.
In the next 36 months nearly 25 to 40 per cent of jobs will be under threat from AI and job losses are inevitable.
Indian benchmark indices, Sensex and Nifty, experienced a significant downturn, with Sensex tanking 778 points and Nifty closing at a five-month low, driven by surging crude oil prices, geopolitical tensions, and fears of further interest rate hikes by major central banks.
Potential external candidates include Anup Bagchi, Rajiv Sabharwal and CSB Bank's Pralay Mondal.
HDFC Bank, India's largest private sector lender, reported a reduction of 3,343 employees in FY26, bringing its total workforce to 2,11,178, even as its balance sheet expanded by 12 per cent. The bank's MD and CEO, Sashidhar Jagdishan, attributed the headcount reduction to redeploying talent from back-end functions to customer-facing roles due to technology-led efficiencies. The annual report also addressed the challenging resignation of part-time chairman Atanu Chakraborty, which raised questions about the bank's governance standards.
India's wholesale price-based inflation (WPI) increased to 9.92 per cent in August, up from 9.78 per cent in July, primarily due to rising prices across food, manufactured items, and fuel and power sectors.
The Finance Ministry has clarified that the decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000 was made independently, refuting claims of foreign influence. The ministry stated the policy aims to build a self-sustaining digital payments ecosystem, with MDR funding infrastructure and supporting small merchants.
Andhra Pradesh and Punjab National Bank (PNB) have signed an MoU to establish the PNB Quantum Finance Hub at Amaravati Quantum Valley. This initiative aims to foster innovation and adopt next-generation technologies like AI and Quantum Computing in the banking sector, focusing on cybersecurity, fraud detection, and customer experience.
Experts laud the decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective October 15. This move, along with a dedicated fund for small merchants, is seen as crucial for creating a sustainable digital payments ecosystem, incentivising expansion in rural areas, and funding innovation while keeping most transactions free for users.
Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India to accelerate its central bank digital currency initiatives, emphasising the need to sharpen capabilities with the digital rupee amidst rapid advancements in tokenisation, agentic AI, and quantum computing. She also highlighted critical concerns regarding cybersecurity, warning that autonomous AI systems are evolving rapidly and require robust safeguards. Sitharaman proposed a federated industry platform to give India's technology ecosystem a collective international voice.
Zoho has launched Zia Chat, a unified AI interface designed to streamline business operations across various functions by providing a single conversational platform for information, lead generation, and data analysis. Concurrently, the company has expanded into vertical SaaS with seven new industry-specific applications for sectors like retail, automotive, healthcare, and education, reinforcing its position as a homegrown alternative to global tech giants.
Homegrown software company Zoho has launched Zia Chat, a unified AI interface designed to streamline business operations across various functions. Alongside this, Zoho announced its entry into vertical SaaS with seven industry-specific applications for sectors like retail, automotive, healthcare, and education, reinforcing its position as a 'Swadeshi' alternative to global tech giants.
The Nifty 50 experienced significant volatility during its closing auction session, leading to losses for both long and short retail options traders due to thin liquidity and rapid price swings, particularly in private-sector banks.
RBI Governor Sanjay Malhotra stated that the central bank consistently views fintechs as 'valuable partners' in shaping India's future financial system, crediting the sector with expanding financial inclusion, enhancing customer experience, and streamlining credit delivery, particularly for MSMEs.
The Shapoorji Pallonji (SP) Group, the second-largest shareholder in Tata Sons, has publicly endorsed a listing of the Tata Group's holding company, aligning with the board's push for greater transparency and public accountability despite opposition from the Tata Trusts.
India's MSME sector faces a significant formal credit gap of approximately Rs 60 lakh crore, with traditional channels meeting only a fraction of the demand. A new report suggests that a centralised, interoperable digital layer could effectively bridge this gap and enhance productivity across the formal business sector by digitising workflows and enabling cash-flow-based underwriting.
Arunachal Pradesh Chief Minister Pema Khandu highlighted that the success of UPI, which handles nearly half of the world's real-time digital transactions, stems from a collaborative ecosystem including financial inclusion, digital identity, and affordable internet. He attributed this digital payments revolution to the vision of PM Narendra Modi.
Within days of the RBI's letter to Tata Sons that its CIC deregistration application had been rejected, the regulator filed a caveat in the Bombay High Court so that it could be heard before any order is passed on the matter in case there's a petition challenging its listing directive.
India's banking system liquidity has fallen to its lowest level in over three weeks, driven by robust credit growth and potential RBI intervention in the foreign exchange market, according to the latest data from the Reserve Bank of India.
Sumit Nagal, India's top singles player, believes sheer desire will be crucial in the Davis Cup qualifier against Korea, especially on the slow Seoul courts.
India is relying heavily on its boxing, weightlifting, and athletics contingents to maintain its two-decade streak of top-five finishes at the Commonwealth Games, which opens in Glasgow.
Thailand's Puripol Boonson made history by winning the 200 metres gold, completing an Asian Games sprint double and matching the Asian record, while China's 18-year-old javelin sensation Yan Ziyi defeated an Olympic champion for her first gold.
The National Stock Exchange of India's (NSE) mega Rs 22,569-crore initial public offering (IPO) was fully subscribed on the second day of bidding, driven by strong interest from qualified institutional buyers and non-institutional investors.
Finance Minister Nirmala Sitharaman stated that India is likely to sustain economic growth of 7 per cent or more in 2026-27, continuing the pace recorded since the Covid-19 pandemic, despite geopolitical uncertainties and supply-chain disruptions.
The move comes amid growing demand from organisations in India for local access to Claude.
Civil Aviation Minister Kinjarapu Rammohan Naidu stated that no decision has been made regarding allowing Delhi and Mumbai airport operators to own and run airlines, as the government is carefully considering the implications of relaxing cross-ownership restrictions, including potential conflicts of interest and the need for more airlines.
Indian benchmark indices Sensex and Nifty opened higher, extending gains from the previous session, driven by a rally in global markets and a slight cooling in crude oil prices. Optimism around a potential meeting between US and Iranian presidents also contributed to positive sentiment.Later both indices pared gains and were trading in red. Track Sensex, Nifty on September 22.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
Institutional portion subscribed 12.68 times; retail crosses quota.
India published 929 generative AI patents in 2024 and 2025 alone -- equating to nearly 70 per cent of the 1,350 patents it published over the entire previous decade (2014 to 2023).
The CBI has registered a case against Arunachal Pradesh environmental activist and lawyer Bhanu Tatak for allegedly receiving Rs 20.94 lakh in foreign funds without mandatory FCRA registration or prior permission. The agency claims these funds were used to organise and sustain protests against two hydropower projects in the state. A preliminary enquiry indicated Tatak received foreign contributions directly into her personal account and did not file income tax returns declaring these funds.
The Indian rupee experienced its sharpest single-day decline in eight weeks, settling at 94.83 per dollar, primarily due to escalating crude oil prices and persistent risk-off sentiment driven by heightened geopolitical tensions and limited foreign inflows.
The Retailers Association of India (RAI) has voiced concerns that the government's new 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000 could reverse the progress of digital payment adoption among small retailers. This fee, effective October 15, places the burden on merchants operating on thin margins, potentially pushing them back to cash transactions and undermining the government's formalisation agenda, especially ahead of the festive season.
Prime Minister Narendra Modi celebrated the Unified Payments Interface (UPI) completing a decade, calling it a major turning point in India's digital payment journey. Launched in 2016, UPI has become the backbone of India's digital payments ecosystem, showing exponential growth in transaction volume and value, and is a key pillar of the Digital Public Infrastructure.
Indian benchmark indices Sensex and Nifty experienced significant declines in early trade, driven by soaring crude oil prices amidst escalating tensions in West Asia, coupled with weak global market trends and foreign fund outflows.
'Banking is the only sector that can see double-digit growth in FY27.'
Indian benchmark indices, Sensex and Nifty, extended their losses for a second consecutive day, primarily due to HDFC Bank's disappointing quarterly earnings and escalating tensions in West Asia, coupled with persistent foreign fund outflows.
The Congress party has criticised the government's new 0.4% charge on UPI transactions above Rs 2,000 for merchants, terming it a "Modi tax". Opposition leaders, including Rahul Gandhi and Mallikarjun Kharge, allege that this move will ultimately burden consumers through price hikes and accuse the government of succumbing to American pressure to dilute India's zero-MDR policy. The government states the charge will support banks and fintechs.
Hospital chain Fortis Healthcare has filed a special leave petition in the Supreme Court against a Delhi High Court order directing a forensic audit into the alleged erosion of assets by its former promoters, Malvinder and Shivinder Singh, during enforcement proceedings initiated by Japanese drugmaker Daiichi Sankyo.
