The Kerala Legislative Assembly has passed a motion urging the central government to completely withdraw the proposed Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000. Chief Minister V D Satheesan and CPI MLA K Rajan highlighted concerns that the MDR would increase business costs, harm small businesses, and reduce the appeal of digital payments, while the BJP argued it would not affect general public or small merchants.
An Australian public servant of Indian origin, Suyash Sinha, has been arrested and denied bail in Canberra for allegedly stalking a woman and threatening to use government databases to obtain information about her and her family. Sinha, who became an Australian citizen last week, is accused of continuing to harass the woman after she rejected his advances, even claiming he could access her family's details through government systems. The case has been adjourned to November 4.
While India and the US have narrowed their differences, the remaining issues will be the hardest to resolve
The GST Council, chaired by Finance Minister Nirmala Sitharaman, has begun deliberations on significant reforms, including decriminalising nine offences, softening provisions for 24, and raising the threshold for criminal prosecution to Rs 5 crore. The proposed changes also include scrapping the arrest powers of GST officers and introducing an 'invoice matching system' to combat fake input tax credit claims, aiming for a trust-based taxation approach and enhanced ease of doing business.
Marco Rubio will visit Mumbai and Jamnagar to discuss energy cooperation as S Jaishankar says India-US trade talks are nearing a landing point, with a few issues unresolved.
Opposition parties in Punjab have strongly criticised the Aam Aadmi Party (AAP) government following the murder of anti-drug activist Parminder Singh Jhota in Mansa. They allege a breakdown of law and order and "jungle raj," demanding accountability from Chief Minister Bhagwant Mann and a CBI probe into the killing. The incident has raised serious concerns about the safety of those fighting the drug menace in the state.
Two minors have been detained in Thane, Maharashtra, for allegedly murdering a 17-year-old boy. The motive behind the crime was to steal the victim's gold chain to fund a birthday party and purchase a motorcycle. The accused reportedly stabbed the victim, bludgeoned him with a stone, and later attempted to destroy evidence by burning the body and discarding the victim's mobile phone on a moving bus.
Indian banks are projected to achieve healthy profit growth in the second quarter of financial year 2027 (Q2FY27), driven by lower credit costs, robust advance growth, and fee income. However, net interest margins (NIMs) are expected to face pressure due to significant mobilisation of foreign currency non-resident (bank) FCNR(B) deposits.
Kanpur police have uncovered a Rs 2.66-crore cyber fraud operation, leading to the arrest of two individuals and the identification of 89 bank accounts nationwide. The investigation began after a bank manager reported alleged fake complaints filed by one of the accused, Akhil Singh Chauhan, who was denied banking facilities. The fraud involved a fake investment scheme that targeted an exporter, with money routed through numerous mule accounts.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
Indian benchmark indices Sensex and Nifty saw a significant rebound in early trade, with the Sensex surging over 700 points, driven by a decline in crude oil prices, easing concerns over Federal Reserve tightening, and the appointment of Anup Bagchi as the new MD and CEO of HDFC Bank.
Eighteen of India's 28 states exceeded the fiscal deficit ceiling of 3 per cent of GSDP in FY25, a deterioration comparable to the Covid year of 2020-21, according to the Comptroller and Auditor General (CAG). The report also noted a decline in states reporting a revenue surplus, with Bihar, Mizoram, and Telangana moving into deficit.
India's private sector capital expenditure is projected to reach approximately 3.2 trillion in the financial year 2026-27, up from 2.6 trillion in FY26, according to a Reserve Bank of India bulletin report, indicating sustained confidence despite global uncertainties.
Union Minister H D Kumaraswamy has alleged that Karnataka Chief Minister D K Shivakumar met a person linked to sting operations and demanded a probe into the targeting of five Cabinet ministers. Kumaraswamy questioned the state government's inaction and sought clarification on the identity of the person and the purpose of the meeting. The Leader of Opposition also called for an FIR and investigation into the matter.
The Economic Offences Wing (EOW) of the Crime Branch has filed a chargesheet against four individuals in a 16-year-old fraud case involving Johar Veer Goga (JVG), an unauthorised non-banking finance company in Jammu. The case stems from an investor's complaint in 2010 regarding an unpaid fixed deposit from 1996-97, revealing that JVG operated without proper regulatory registration.
Coal India Ltd (CIL) has refuted claims by NTPC Ltd regarding critically low coal stocks, stating it has met and exceeded its contractual supply commitments to the power producer. CIL reported supplying 97 million tonnes to NTPC and its joint ventures during April-September of FY27, a 5% increase year-on-year.
A special MPID court in Mumbai has framed charges against developer Vijay Machhindar, his wife, and their company Ornate Spaces Pvt Ltd for allegedly cheating homebuyers and investors of Rs 28 crore. The charges relate to failing to deliver flats in an Oshiwara residential project and not returning the invested money, leading to a trial under IPC, MPID, and MOFA provisions.
Boxing Federation of India president Ajay Singh has suspended secretary general Pramod Kumar with immediate effect. The suspension is pending an inquiry into alleged financial irregularities, non-cooperation with investigations, and misuse of authority. Allegations include unauthorised work orders for broadcasting and failure to cooperate with inquiries into championship cancellations.
The National Payments Corporation of India (NPCI) has deferred the implementation of a 0.4 per cent Merchant Discount Rate (MDR) on Person-to-Merchant UPI transactions above Rs 2,000. Originally set for October 15, the new date will be announced after Diwali, providing relief to users and merchants, especially during the festive season. The decision came amidst opposition concerns about the levy burdening consumers.
Opposition leaders from CPI-M and AAP faced detention in Delhi and Chandigarh while protesting against Chief Election Commissioner Gyanesh Kumar over serious allegations of voter-list manipulation and suppression of democratic rights.
Rohan Bopanna, India's former world number one doubles player, has been excluded from the AITA's Sportspersons of Outstanding Merit (SOM) roster. This exclusion is due to his failure to meet the mandatory one-year retirement criterion, as he announced his professional retirement on November 1, 2025, just shy of the October 16, 2026, deadline for the roster. Despite inquiring about his eligibility and receiving initial assurance, his continued participation on the Pro ATP tour until October 2025 meant he was still considered active.
IBM India and South Asia MD Sandip Patel stated that India is at a defining moment with a unique opportunity to shape exponential technologies like artificial intelligence, emphasizing that "when India builds, it builds for billions," leading to scalable impact. Speaking at the IBM Think 2026 event, Patel highlighted that the AI revolution is still in its early stages, requiring enterprises to redesign their operations around agents, real-time data, automation, hybrid architecture, and trust. He also introduced the concept of "digital swaraj" or sovereignty in the Indian context, stressing the importance of control over operating environments, data, technology, and AI execution. IBM also announced an MoU with MeitY Startup Hub to accelerate India's deep tech innovation and startup ecosystem, providing startups access to IBM's technology expertise and platforms like watsonx and Sovereign Core.
A country that makes the isotope sets the timetable for everyone who needs it.
The GST Council has approved a proposal allowing pharmaceutical companies to claim Input Tax Credit (ITC) on free samples and goods destroyed or written off due to expiry, effective from the next fiscal year. This move aims to support manufacturing, liquidity, and exports within the sector.
The Supreme Court has referred actor Rajpal Yadav's long-running cheque-dishonour dispute to mediation after he deposited Rs 2 crore with the court's registry. The court also directed the trial court to release his passport for professional commitments abroad. The dispute stems from a 2010 financial agreement for his directorial debut, leading to multiple cheque-bounce cases and a three-month imprisonment sentence upheld by the Delhi High Court.
The Supreme Court advised actor Rajpal Yadav to make good movies and entertain people to rebuild his image, as it acknowledged his payment of Rs 1.15 crore in a long-running cheque-bounce case. The court also noted a prospective buyer for his property willing to deposit Rs 85 lakh. Yadav expressed financial losses from his film 'Ata Pata Laapata' and the impact on his career.
American singer Mary Millben has become a prominent figure in Indian political discourse due to her outspoken support for Prime Minister Narendra Modi, using social media to defend him against critics and appeal to young Indians, despite her musical career being less known in the country.
Police in Kerala have arrested four individuals, including the driver, in connection with a fatal Mini Cooper crash that killed three youngsters. The driver, Suhail, was allegedly under the influence of alcohol and driving at high speed. The victims' family is demanding that murder charges be invoked against the accused, while the Excise Department has registered cases against three bars for serving alcohol to underage individuals.
The GST Council is set to discuss the application of GST on merchant fees for UPI transactions exceeding Rs 2,000. This comes as a new Merchant Discount Rate (MDR) of 0.4% (capped at Rs 300) is effective from October 15 for such transactions, which, as a service, would typically attract an 18% GST levy. The Council's decision is anticipated to consider consumer interests, with merchants potentially able to claim Input Tax Credit.
Life Insurance Corporation of India (LIC) is facing a thinning of its top management as Managing Director Dinesh Pant exits to join Irdai, leaving one of four MD posts vacant. This comes amidst broader staffing challenges across several public sector insurers and a headless Financial Services Institutions Bureau (FSIB).
AAP workers in Mohali protested against Enforcement Directorate search operations at the GMADA office, alleging misuse of central agencies by the BJP-led Centre. The protests involved clashes with police and damage to property, while the ED's investigation targeted GMADA officials, an IAS officer, a realty company, and residences linked to political figures.
Public and private sector banks in India experienced significant deposit growth in the July-September quarter of FY27, largely propelled by foreign currency non-resident (bank), or FCNR(B), deposits mobilised under the Reserve Bank of India's concessional swap window, which closed on August 31.
India remains one of the Hyundai Motor group's most important and strategic markets globally. The initiative positions India as a strategic core market for the group's growth, emerging market expansion, and next-generation automotive innovation.
Finance Minister Nirmala Sitharaman has strongly refuted Opposition allegations that the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on specific UPI transactions above Rs 2,000 was influenced by external pressure. She clarified that the decision was a professional one made by the payment ecosystem, not a government imposition or a tax on consumers, with collected funds distributed among banks and UPI entities to ensure a sustainable digital payments framework.
The state-run Pakistan Sports Board is only funding a fraction of the country's 248-member Asian Games contingent, with many athletes and officials relying on federations, the POA, or self-financing. The Pakistan Olympic Association secretary, Khalid Mahmood, confirmed that self-funded medal winners would be compensated and highlighted Pakistan's medal hopes across various disciplines.
The Congress party has strongly refuted claims by Parliamentary Standing Committee on Finance Chairperson Bhartruhari Mahtab that opposition MPs supported levying a Merchant Discount Rate (MDR) on UPI transactions. Congress MP Manish Tewari termed Mahtab's remarks "erroneous and fallacious," clarifying that the committee's recommendation was to "explore" revenue models, not to implement MDR. The party accused Mahtab of misleading due to his recent switch to the BJP.
The Indian government has confirmed there will be no rollback of the 0.4 per cent Merchant Discount Rate (MDR) charges on Unified Payments Interface (UPI) transactions exceeding Rs 2,000, effective from October 15. Despite opposition, officials state the decision aims to make the UPI ecosystem self-sustainable and secure, with charges applying only to merchant payments, not person-to-person transactions.
External Affairs Minister S Jaishankar, addressing the UN General Assembly, condemned the targeting of commercial shipping and seafarers in the Gulf, calling it "simply unacceptable." He also voiced deep concern over the "weaponisation of everything," which he stated has severe consequences for Global South nations, impacting peace, progress, and development globally. India urged restraint, de-escalation, and protection of civilians, while also highlighting the 4F crisis (food, fuel, fertiliser, finance) faced by developing countries.
Union Finance Minister Nirmala Sitharaman has urged significant investment in AI infrastructure, semiconductors, and quantum technology, identifying them as India's next major growth frontiers. Speaking at an IIT Madras Alumni Association event, she emphasized the need to build hardware, skills, and institutional ecosystems to harness these technologies, countering perceptions that India is lagging in AI. Sitharaman also highlighted the potential for increased investment in defence production, particularly in unmanned systems and drones, stressing collaboration between academia and industry.
Bank of Baroda has launched 'bob World 2.0', an AI-powered mobile banking app featuring voice-command capabilities for payments and navigation. The updated app also includes a personal finance management module and a persona-based customer experience, aiming to offer intuitive, secure, and personalised banking services.
