India's leading private-sector banks, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, reported robust deposit growth in the July-September quarter (Q2FY27), significantly aided by the Reserve Bank of India's concessional FCNR(B) swap window.
'Separate needs from wants and minimise discretionary spending.'
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4% Merchant Discount Rate (MDR) on select UPI payments. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI to foster a domestic payment ecosystem and that the MDR introduction aims to create a sustainable revenue model for smaller domestic companies, thereby protecting India's sovereignty in digital payments.
Pakistan's Prime Minister Shehbaz Sharif used his UN General Assembly address to thank former US President Donald Trump for his "timely intervention" in the 2025 conflict with India, a claim India consistently denies. Sharif also raised the Kashmir issue and discussed the Indus Waters Treaty, while touting Pakistan's role in mediating US-Iran peace.
West Indies head coach Darren Sammy emphasised the critical importance of winning both powerplays (batting and bowling) to defeat India in the ongoing T20I series. He highlighted the team's struggle to contain India in the initial overs while bowling and stressed the need for improvement. Sammy also defended all-rounder Roston Chase, praising his discipline and tactical understanding amidst criticism of his selection.
Dhiraj Bommadevara, India's top recurve archer, expresses no regrets despite missing an individual medal at his second Asian Games. He highlights his Games-record qualification score and team silver medals, viewing the experience as crucial for his preparation for the 2028 Los Angeles Olympics. Bommadevara emphasizes learning from past failures, the importance of a positive team environment, and the need to focus on improvement rather than dwelling on mistakes.
A report by IIT Bombay suggests that the proposed Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions needs rationalisation before implementation to safeguard public trust in the digital payments system, highlighting that UPI's long-term economic benefits outweigh potential incremental income from merchant fees.
UPI processed an average 802 million transactions a day in September, about 1 per cent more than the 792 million a day over the same period in August.
India concluded its Asian Games campaign in Nagoya with a creditable fourth place, securing 85 medals, including 21 golds. The final days saw a surge in gold medals, notably from the cricket and hockey teams, and historic individual wins by 17-year-old archer Kumkum Mohod and golfer Pranavi Urs.
The Finance Ministry has dismissed allegations of US pressure influencing the 0.4% Merchant Discount Rate (MDR) on select UPI transactions. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI and do not favour international cards. The ministry also asserted that the MDR, applicable to person-to-merchant transactions above Rs 2,000, is unlikely to increase cash transactions or cause inflation, with measures in place to prevent burdening consumers.
Fitch Ratings forecasts a 9 per cent aggregate revenue increase for rated Indian corporates in the current fiscal year (FY27), a stronger outlook compared to the 5 per cent estimated for FY26, which is expected to keep credit metrics stable despite potential global and domestic challenges.
Indian wrestler Deepak Punia secured a bronze medal in the men's 97kg category at the Asian Games, defeating Mongolia's Gankhuyang Ganbataar. This marks his second Asian Games medal, following a silver in 2023, and adds to his impressive international record including a 2019 World Championships silver.
Non-banking financial companies (NBFCs) in India saw their overall credit growth accelerate to 14.2 per cent year-on-year in May, primarily driven by significant increases in loans against gold jewellery and commercial real estate, according to recent Reserve Bank of India (RBI) data.
NPCI chief Dilip Asbe stated that only about 10 per cent of the total value of UPI transactions might see charges passed to consumers under the merchant discount rate (MDR). He clarified that large corporates are expected to absorb most costs, and a significant portion of transactions will remain charge-free. A new fund from MDR collection is also proposed to boost UPI acceptance among small merchants.
NPCI chief Dilip Asbe stated that only about 10% of UPI transaction value might see charges passed to consumers, primarily from large corporates already absorbing credit card fees. He highlighted that 80% of Merchant Discount Rate (MDR) would come from businesses with over Rs 1,000 crore turnover, and a significant portion of transactions will remain charge-free. A new fund, potentially Rs 3,000 crore, will also be created from MDR collection to support small merchants and accelerate UPI acceptance.
Mumbai Mayor Ritu Tawde has been fined Rs 1,000 by a city court for her repeated non-appearance in a 10-year-old assault case. The court warned that failure to appear at the next hearing on November 2 for framing of charges could lead to a warrant and cancellation of bail bonds. The case stems from a 2016 incident at a BMC school.
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.
The GST Council has approved significant reforms including removing the arrest power of tax officials, raising the prosecution threshold fivefold to Rs 5 crore, and introducing faster, largely automated refunds for taxpayers. These changes, aimed at fostering trust and easing business, will be implemented from April 1, 2027.
Net office space leasing in India's top eight cities declined by 20 per cent in the January-September period to 36.7 million sq ft, primarily due to limited fresh supply of quality workspaces and a high base effect from the previous year, according to a report by Cushman & Wakefield. Despite this, gross leasing saw a 1 per cent increase, reaching a record 64.6 million sq ft, indicating strong underlying market activity.
Avengers: Endgame Encore adds four crucial scenes that connect the old MCU to Avengers: Doomsday, from Loki's shocking return to Doctor Doom's sinister plans for the multiverse.
India all-rounder Naman Dhir made an impressive T20I debut, contributing significantly with his off-spin bowling to help India secure a win against West Indies. Despite his bowling success, Dhir, whose primary strength is batting, is eager for an opportunity to showcase his skills with the bat. He credited the IPL for preparing him for international cricket and expressed his joy at fulfilling his dream of representing India.
For generations, women in Bishkhor, Uttar Pradesh, have lived with stigma and limited choices. Designer Anurag Gupta hopes to help change that narrative, one livelihood at a time.
Economic think tank GTRI has urged the Indian government to withdraw the proposed UPI charges, set to begin on October 15, arguing that the digital payment system should remain free for merchants and consumers. GTRI warns that these charges could lead to higher prices, reduced earnings for small businesses, and weakened household demand, while also benefiting international card networks by eroding UPI's price advantage. The think tank also called for an independent audit of UPI's running costs.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on select UPI payments. The ministry clarified that the NPCI guidelines prioritise RuPay credit cards on UPI to promote domestic alternatives and ensure a self-sustaining revenue model for smaller domestic companies, countering claims of favouring foreign payment providers.
Commercial banks in India recorded their highest credit growth in two years, accelerating to 18.6 per cent year-on-year by June 27, while also mobilising nearly 7 trillion in deposits, marking the third-highest fortnightly deposit growth in 29 years.
The Finance Ministry has clarified that the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, is not expected to increase cash transactions or cause inflation. The ministry also dismissed allegations of US pressure influencing the decision, asserting that the policy aims to promote RuPay credit cards within the UPI ecosystem, and a monitoring mechanism will ensure the MDR burden is not passed on to consumers.
Anup Saha, currently a Wholetime Director at Kotak Mahindra Bank, has been appointed as the new Managing Director and Chief Executive Officer for a three-year term, effective January 1, 2027, with the Reserve Bank of India's approval.
Sonam Maskar, a silver medallist in the women's 10m air rifle team event, has expressed her ambition to secure a quota place for the 2028 Los Angeles Olympics at the upcoming ISSF World Championship in Doha. She also reflected on her journey, highlighting financial struggles and her father's support. The article also features kabaddi player Raj Rani, who won a gold medal at the Asian Games, sharing her joy and acknowledging her father's role in her success.
'Existing borrowers who have surplus cash should make partial loan prepayments to offset the impact of rising EMIs and reduce the overall interest burden.'
Suraj Prabodh, an unseeded player, caused a major upset at the 31st Fenesta Open National Tennis Championship by defeating second seed Aditya Balsekar in a thrilling three-set match. The tournament also saw other upsets in men's singles and doubles, while top seeds advanced in women's and junior categories.
'Being a mother is not an easy job and you are a working single mother. Give yourself some credit for managing all of this. Be proud of yourself. That positivity and confidence will naturally rub off on your daughter,' says rediffGURU Archana Deshpande.
Indian archers returned from the Asian Games with a historic haul of 5 gold medals, 2 Olympic quotas, and other medals, celebrating their success and triumphs over global powerhouse South Korea. Coaches and athletes expressed elation, crediting rigorous training, teamwork, and a supportive ecosystem for their unprecedented performance.
Indian men's doubles badminton player Satwiksairaj Rankireddy discusses the reasons behind his and Chirag Shetty's unexpected first-round exit from the Asian Games. He highlights the need to improve their mental game and acknowledges their opponents' strong comeback, while Chirag Shetty admits they could have played smarter.
75% of India's 60 million digital-payment merchants have never recorded a transaction above 2,000.
Indian quarter-miler MR Poovamma, 36, secured her third Asian Games 4x400m relay gold, marking a triumphant return after a two-year doping ban. She expressed immense satisfaction in proving her critics wrong and credited her family and husband for their unwavering support during her challenging comeback journey.
Asian Games bronze medallist Salman Khan received a grand welcome in his ancestral village of Pure Singai Kherouna, Amethi. He credited his achievement to his parents, coach, and community support, urging local youth to embrace sports, discipline, and hard work for success.
Punjab & Sind Bank MD and CEO Swarup Kumar Saha clarified that merchants cannot pass on Merchant Discount Rate (MDR) charges to customers for UPI payments, ensuring consumers only pay the displayed price. The new MDR structure, effective October 15, applies a 0.4% charge on P2M transactions above Rs 2,000, with specific flat rates for certain sectors, but small-value transactions remain free.
Non-banking financial companies (NBFCs) experienced a significant 68.5 per cent year-on-year growth in gold-backed credit in July 2026, while banks saw their gold loan growth moderate to 88.1 per cent from 136.4 per cent a year prior, according to RBI data.
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.
Uttar Pradesh Chief Minister Yogi Adityanath announced the state's ambitious shift from mobile phone assembly to advanced microchip manufacturing, data centres, and artificial intelligence. He highlighted significant investments and growth in the digital economy, attributing the transformation to the "double-engine government's" alignment with national initiatives like 'Make in India' and 'Aatmanirbhar Bharat'. Adityanath also criticised previous administrations for hindering the state's potential.
