The Enforcement Directorate has arrested Kirshanu Sharda, an alleged middleman for suspended Punjab Police DIG Harcharan Singh Bhullar, in a money laundering case. Sharda is accused of facilitating illegal gratification for Bhullar, with investigations revealing unexplained cash deposits and frozen assets worth over Rs 1.42 crore.
The Enforcement Directorate has arrested Deepesh Bajoria, a principal bookie from Guwahati, in connection with a large-scale money-laundering investigation linked to an illegal T20 cricket-betting syndicate operating during IPL seasons across the Northeast. Bajoria allegedly used online platforms and encrypted channels to facilitate betting, routing over Rs 28 crore through a non-operational firm's bank account.
The Indian government has introduced a 0.4% transaction fee on Unified Payments Interface (UPI) payments exceeding Rs 2,000 for merchants, effective October 15, marking the end of nearly six years of free service. Person-to-person transfers and small-value transactions below Rs 2,000 remain free. The new Merchant Discount Rate (MDR) is capped at Rs 300 for transactions above Rs 75,000, with differentiated rates for essential sectors and investments, and safeguards to prevent costs from being passed to consumers.
The Indian government has introduced a 0.4 per cent charge on UPI payments exceeding Rs 2,000 made to merchants, with a cap of Rs 300 for transactions of Rs 75,000 and above. This policy shift ends the zero-MDR regime, which was previously criticised by financial institutions. While essential sectors and capital markets have specific fee structures, small merchants with monthly UPI QR code earnings up to Rs 1 lakh remain exempt. Person-to-person transfers are unaffected, and measures are in place to prevent merchants from passing these costs to customers.
Kerala Police have issued a warning against online fraudsters selling fake tickets for the upcoming India-West Indies first ODI match in Thiruvananthapuram. Scammers use social media to lure victims, collect personal details, and demand multiple payments under various pretexts, advising the public to only use official booking platforms.
'PowerBank-50 is now space proven, made in India, and ready for every satellite builder in the world.'
A bank employee in Lucknow allegedly shot dead his wife and sister before taking his own life, reportedly due to marital discord. The incident involved shootings outside an ICICI Bank branch and at his home, with the accused posting a WhatsApp status alleging 'betrayal' by his wife.
Punjab Police have successfully dismantled three significant drug and illegal arms supply networks in Amritsar, leading to the arrest of eight individuals. The operations resulted in the recovery of over 9.5 kg of heroin, 5.4 kg of opium, and a pistol. Investigations suggest links to foreign-based smugglers using drones for consignments, with further probes underway to uncover the full extent of the trafficking network.
Shares of major private lenders, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, experienced a sharp selloff after their June-quarter results indicated persistent pressure on net interest margins (NIMs), despite healthy credit growth. This decline overshadowed gains in ICICI Bank and Punjab National Bank (PNB), which reported resilient or stronger-than-expected earnings.
A joint report by Dell Technologies and Zinnov reveals that despite high ambition, nearly 70% of India's Global Capability Centres (GCCs) are stuck at the pilot stage for AI adoption. Foundational gaps in data, infrastructure, and governance are identified as key bottlenecks preventing the scaling of AI initiatives into enterprise-wide production. The report highlights the need for significant reskilling of the workforce and robust foundations for industrialising AI responsibly.
The Reserve Bank of India (RBI) has endorsed the introduction of a Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective October 15. This move, which levies a 0.4 per cent fee on merchant payments above the threshold, aims to bolster the long-term sustainability and growth of India's digital payments ecosystem. The RBI clarified that person-to-person (P2P) transactions and small person-to-merchant (P2M) payments below Rs 2,000 will remain free for users, ensuring no direct charge on customers.
United States Treasury Secretary Scott Bessent has warned that Iranian airlines could be effectively shut out of international travel from Wednesday, September 23, as Washington threatens secondary sanctions against foreign companies that continue providing services to Iran's carriers.
Bandhan Bank has launched a new digital Provident Fund (PF) payment service, integrated with EPFO, allowing business customers to make statutory PF payments via the bank's internet banking platform. This service aims to streamline payments, optimise cash flows, and ensure timely compliance for businesses.
The government is introducing a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant payments above Rs 2,000, effective October 15. This move ends the zero-MDR regime, aiming to fund UPI infrastructure and sustainability, as the previous government subsidy was insufficient to cover operational costs. Payments between individuals and most everyday merchant transactions will remain free.
The Indian government has mandated that banks and payment providers cannot levy charges on UPI transactions up to Rs 2,000 or on payments made via RuPay debit cards. This directive follows an amendment to the Payment and Settlement Systems Act, 2007, aiming to sustain and expand the digital payments ecosystem.
A high-level committee, including representatives from banks and payment associations, is set to decide on Merchant Discount Rate (MDR) for UPI transactions exceeding Rs 2,000 to merchants. While person-to-person and person-to-merchant transactions up to Rs 2,000 remain free, the move follows a recent amendment to the Payment and Settlement Systems Act, sparking debate and clarification from the Finance Minister that only certain high-value merchant transactions might incur charges.
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.
The BJP has accused the Congress of spreading "fake news" regarding UPI transaction charges, asserting that the government has clarified that consumers will not be levied merchant discount rate (MDR) charges. This comes after the Congress criticised a government notification, alleging it paves the way for imposing fees on UPI transactions. The BJP has strongly refuted these claims, highlighting that most UPI transactions remain free and the government provides incentives to maintain a charge-free ecosystem for users.
HDFC Bank's board has imposed a monetary penalty of Rs 1 lakh each on its Managing Director and CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head (Retail Assets) Arvind Vohra for divergence from RBI directions in the Maharashtra State Road Development Corporation (MSRDC) case.
Scientists have discovered a rare leafless orchid species, Gastrodia keyiensis, in a remote gorge along the Keyi River in Arunachal Pradesh. This elusive orchid, which lacks leaves and chlorophyll, relies on soil fungi for nutrients and was found at an altitude of around 1,000 metres. The discovery highlights the rich biodiversity of Arunachal Pradesh and the need for conservation.
Shimla Police have seized assets worth Rs 4.13 crore from 19 drug traffickers and their associates, believed to be acquired through illegal drug trade. The action followed an arrest in August 2026, leading to a detailed financial investigation under the NDPS Act. This seizure is part of a larger effort in 2026, where assets worth Rs 12.52 crore have been confiscated in 15 NDPS cases.
Indian benchmark equity indices, Sensex and Nifty, rebounded in early trade after two days of losses, driven by strong buying in blue-chip IT stocks and a rally in global markets.
Indian benchmark indices Sensex and Nifty opened higher, driven by a significant drop in crude oil prices and a positive trend in global equities, with foreign fund inflows further bolstering domestic markets.
'Nitishji as CM never supported the UCC and publicly expressed his strong reservations over UCC.'
Since recruiters need to be able to spot relevant information quickly, adding unnecessary details can weaken your most important qualifications, says rediffGURU Nayagam PP.
'This rise in foreign exchange reserves was expected given the amount of FCNR(B) flow.'
The Congress party has criticised the government's recent notification regarding UPI transactions, alleging it paves the way for users to be charged fees, particularly for transactions above Rs 2,000. The party claims the government lacks transparency and questions if the move is to benefit American firms. The government, however, states that charges are necessary for the system's sustainability and infrastructure upgrades, with the Finance Minister clarifying that Merchant Discount Rate (MDR) applies to merchants, not customers.
Congress leader Rahul Gandhi has accused the Modi government of quietly paving the way for imposing fees on UPI transactions, alleging it's a surrender to American pressure. The government's recent notification exempts charges only up to Rs 2,000, sparking concerns that higher value transactions and eventually all UPI payments could incur fees. Finance Minister Nirmala Sitharaman, however, clarified that Merchant Discount Rate (MDR) applies to merchants, not customers, and supports digital infrastructure.
The Reserve Bank of India (RBI) is planning to extend tokenisation to various financial asset classes, building on its successful trials with certificates of deposit (CDs). This move aims to enhance the efficiency of issuance, trading, and settlement of financial assets, leveraging blockchain technology and wholesale Central Bank Digital Currency (CBDC) for atomic settlements.
A top SBI official has highlighted the challenges bankers face in lending to MSMEs using only GST data, advocating for the integration of alternative data sources like power consumption and telecom records through credit bureaus to improve credit assessment.
The National Stock Exchange of India's (NSE) mega Rs 22,569-crore initial public offering (IPO) was subscribed 43 per cent on its first day of bidding, making it India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024.
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.
Indian benchmark equity indices, Sensex and Nifty, closed lower due to persistent geopolitical tensions in the Middle East and elevated crude oil prices, with investors remaining cautious ahead of fresh US sanctions on Iran.
The National Stock Exchange of India's (NSE) mega Rs 22,569-crore initial public offering (IPO) opened for subscription, receiving 9 per cent bids on its first day, with strong participation from anchor investors.
Assam Chief Minister Himanta Biswa Sarma launched the North East Seva Innovation Challenge (NESFIC), envisioning the region as India's 'living laboratory' for technology and problem-solving. The initiative aims to empower young innovators to address real-world challenges faced by government, industries, and citizens, with a focus on practical implementation and government procurement.
Despite aggressive expansion, India's solar power sector faces significant hurdles from rising regional disparities in installed capacity and a looming manufacturing glut due to overcapacity in domestic solar equipment production, potentially leading to consolidation and pricing pressures.
BJD chief Naveen Patnaik has voiced concerns over the Centre's decision to introduce Merchant Discount Rate (MDR) charges on UPI transactions above Rs 2,000 from October 15, urging protection for small traders and common people. This move has sparked a political debate, with the BJP defending the charges as beneficial for digital infrastructure and largely not impacting consumers, while the Congress and traders' associations criticise it as an additional burden.
Indian benchmark equity indices, Sensex and Nifty, traded marginally higher in early deals despite cautious global cues stemming from elevated crude oil prices due to geopolitical uncertainties and a sharp fall in US markets. Track Sensex, Nifty on August 21, 2026.
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.
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.
