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 RSS-affiliated Swadeshi Jagran Manch (SJM) has urged the government to reconsider imposing a merchant discount rate (MDR) on UPI transactions above Rs 2,000, arguing that the costs do not warrant such a move. This comes after the government announced a 0.4 per cent fee on merchant transfers over Rs 2,000 from October 15, while assuring that person-to-person and small payments remain free. SJM co-convener Ashwani Mahajan highlighted that banks have not demanded MDR and that UPI has reduced their transaction costs.
Xi brought in asymmetrical power play by stating that India should have 'strategic cognition' and 'strategic judgement made on the basis of the stage of development the two countries are at'. This is a very nuanced way of asserting China's coercive diplomatic posture and reflects Beijing's penchant to unleash border instability at will, restrict rare earth metal exports, exert pressure on India at global and regional orders, asserts China expert Srikanth Kondapalli.
US Ambassador to India, Sergio Gor, highlighted the evolving US-India space partnership, moving from cooperation to "co-creation" at the Bengaluru Space Expo. He emphasised joint design, funding, and co-authoring the future of human discovery, citing the NISAR satellite and India's participation in the Artemis Accords as key examples of this growing synergy.
The UN General Assembly has adopted a resolution, backed by India, to correct the world map for a more accurate representation of continental landmasses. The resolution addresses the distortions caused by the widely used Mercator projection, which minimises the perceived sizes of regions like Africa, Latin America, and South Asia, promoting an unbalanced global view. India supports the move towards more accurate cartographic practices, specifically endorsing broader use of Equal Area map projections.
Government sources state that Meta, due to its algorithmic amplification of content, can no longer be considered a "simple intermediary" but rather a "service provider," implying greater responsibility and potential loss of legal immunity. This shift comes as Meta commits to directly reporting child abuse content to Indian law enforcement, amidst increasing government scrutiny over harmful online content and algorithmic bias.
During the 18th BRICS Summit in New Delhi, Chinese President Xi Jinping and Prime Minister Narendra Modi held a bilateral meeting, outlining a four-point approach for the steady and long-term development of China-India relations. The leaders stressed strategic understanding, win-win cooperation, mutual respect, and inclusive multilateral engagement, reaffirming their commitment to resolving the boundary question and addressing economic concerns. They also discussed global challenges and strengthening people-to-people ties.
In recent years, China and Russia have pushed for de-dollarisation within BRICS, which India has resisted. One reason is that India does not want to hurt its relationship with the United States, and another is the fear of China controlling trade because the renminbi is considered the strongest currency in the bloc today.
The United States and the European Union have strongly criticised India's trade policies at the World Trade Organization review, highlighting concerns over high tariffs, quality-control orders (QCOs), and restrictions on digital trade and services, which they argue undermine India's economic openness.
'India is trying to project that it can engage with the world in a different way too.'
Fighting in Yemen has intensified as Houthi rebels advance on strategic government-held areas like Marib and Taiz, putting pressure on Saudi Arabia to respond. The conflict is also linked to wider US-Iran tensions affecting shipping in the Strait of Hormuz, with former US President Trump commenting on the situation.
India's electric two-wheeler market has seen record penetration, exceeding 11.2 per cent, driven by crude oil price fluctuations. This surge has led to an unexpected crisis for Indian OEMs, with unfulfilled customer demand reaching 20-30 per cent and average waiting periods exceeding four weeks, a situation expected to intensify during the upcoming festival season.
TMC MP Mahua Moitra has formally complained to the UN Special Rapporteur on Minority Issues, alleging that senior Muslim IAS and IPS officers in West Bengal were deliberately excluded from official events attended by Union Home Minister Amit Shah. Moitra claims these officers were sidelined due to their religion, a pattern she describes as discriminatory and potentially damaging to minority confidence in security establishments.
US President Donald Trump is expected to sign the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 later on Friday (local time). A White House official confirmed the development to ANI without revealing further details.
New Delhi is under a thick blanket of security as it hosts top world leaders for the BRICS Summit. Extensive security measures, including thousands of personnel and CCTV cameras, are in place. Commuters can expect temporary traffic restrictions and diversions due to VVIP movements, though officials aim to minimise public inconvenience.
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).
Americans Melissa Jefferson-Wooden and Kenny Bednarek secured double sprint gold at the inaugural World Athletics Ultimate Championship in Budapest, each winning the 100m and 200m titles and a $300,000 jackpot. Jefferson-Wooden's 200m time of 21.47 seconds made her the third fastest woman in history, while Bednarek, known as "Kung Fu Kenny," dominated the men's 200m. The event, designed for television, drew sellout crowds and featured other star athletes like Gianmarco Tamberi and Mondo Duplantis, with World Athletics president Sebastian Coe noting its potential for future Olympic and World Championship elements.
Streaming has globalised the entertainment industry, enabling artists like Diljit Dosanjh and Arijit Singh to reach diverse international audiences.
The CBI has registered a case against USA-based Christian missionary group The Timothy Initiative (TTI) and its associates for allegedly misusing Rs 92.55 crore in foreign funds for missionary activities, violating the Foreign Contribution (Regulation) Act, 2010. The case, based on a Union Home Ministry complaint and ED investigation, highlights the alleged use of foreign debit cards and attempts to conceal identities.
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.
Brazil has announced its 26-member squad, featuring stars like Vinicius Junior, Raphinha, and Marquinhos, for a historic first-ever football match against India on October 3 in Kolkata. This landmark fixture follows Brazil's Australia tour and promises a grand spectacle for Indian football fans.
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.
The question for the next 20 years is not whether India can become a $5 trillion or $10 trillion economy. Those are attractive targets, but the real question is whether India can create enough productive jobs, educate its children properly, make its cities liveable, and give hundreds of millions of people a substantially better life, asserts Ramesh Menon.
India's total goods trade with BRICS nations more than doubled from FY21 to FY26, reaching USD 417.5 billion, but a significant surge in imports, particularly from China and Russia, has caused India's trade deficit with the bloc to more than triple, reaching USD 226.1 billion.
In August, Hyundai recorded its highest ever domestic sales for the month with 54,396 units sold, marking a 23.6 per cent Y-o-Y increase. The Creta Electric currently anchors Hyundai's mass-market electric portfolio, while the Ioniq 5 caters to the premium end
India continues to lead the Athletics Integrity Unit's (AIU) global list of dope offenders with 162 names, highlighting a significant problem in the country's sports. The nation has been re-categorised to 'Category A' by the AIU, indicating an "extremely high" doping risk and requiring more stringent anti-doping measures.
NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have successfully integrated the Maldives' instant payment system 'Favara' with India's Unified Payments Interface (UPI). This enables real-time fund transfers from Maldives to UPI-enabled Indian bank accounts, marking a significant step in cross-border digital financial connectivity and bilateral economic cooperation.
SpaceX, led by Elon Musk, is establishing an in-house foundry in Bastrop, Texas, to produce high-spec gas turbine blades and vanes. This strategic move aims to alleviate a critical supply chain bottleneck hindering power generation for AI data centres in the US and accelerate natural gas turbine availability by up to 18 months. The facility will also leverage synergies with aerospace component manufacturing.
Apple's upcoming iPhone 18 lineup is set to cost 20 to 43 per cent more in India, primarily due to rising global memory component costs and a depreciating rupee, while the new foldable iPhone Duo will be priced between Rs 3 lakh and Rs 4.5 lakh, matching the cost of some hatchback cars.
J R D Tata, chairman of the Tata group from 1938 to 1991, said that whenever he had to make a difficult decision, he would ask himself, what will be good for India, and what will be good for the Tatas. If he had a doubt, he would decide in favour of India. In the long run, it would turn out well for the Tatas too, he said, points out Arun Maira.
Ahead of Xi Jinping's visit, National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi held extensive talks in Beijing on August 25 on the boundary issue and reached an eight-point consensus.
Nepal has launched a diplomatic initiative to secure climate-related compensation from major greenhouse gas emitters, asserting that post-disaster assistance for recent deadly flash floods should be viewed as a moral and legal liability, not charity. Foreign Minister Shisir Khanal highlighted Nepal's disproportionate suffering from global warming despite negligible emissions, citing rapid glacier melt and extreme mountain disasters. The country has formally approached the Loss and Damage Fund board for urgent financial aid following a catastrophic flash flood in the Bhotekoshi river basin.
Economists widely anticipate the Reserve Bank of India's Monetary Policy Committee will increase the repo rate by 50 basis points, likely split between the October and December meetings, as retail inflation is projected to peak at 6.1 per cent in the third quarter, exceeding the RBI's tolerance limit.
At least four to five privately placed infrastructure investment trusts (Invits) are expected to transition to public listings by the end of the 2026-27 financial year, significantly increasing the number of publicly traded Invits to 12-14, according to N S Venkatesh, CEO of the Bharat Invits Association (BIA).
Telangana Chief Minister A Revanth Reddy's planned visit to the United States has been denied political clearance by the Ministry of External Affairs (MEA), citing non-conformity with laid down norms, forcing him to cancel the US leg of his 'TelanganaRising' delegation tour and return to Hyderabad earlier than planned.
Cricket Australia has announced that private investment will be introduced into the Big Bash League (BBL) from the 2027-28 season, beginning with the sale of the Melbourne Renegades T20 franchise, a move aimed at strengthening the league's long-term future and boosting finances.
The FCNR (B) stratagem relies on using public money to defend the rupee. The State subsidises foreign borrowing to attract dollars. This tool requires large-scale borrowing to make a material difference against a gross external flow of $11 billion a day. A commensurately large fiscal cost falls upon the exchequer. The ministry of finance will choose how much it is willing to spend in exchange for this round number, points out Ajay Shah.
India's Unified Payments Interface (UPI) recorded an unprecedented 24.51 billion transactions valued at Rs 29.8 lakh crore in August, largely propelled by the Raksha Bandhan festival. This surge marks a 22% annual increase in volume and 20% in value, highlighting the expanding reach and depth of the UPI ecosystem. Experts anticipate further growth during the upcoming festive season, while UPI's international acceptance now spans 11 countries.
The United States launched military action against two Iranian launch systems on Larak Island, prompting Iran to claim retaliation with ballistic missile launches targeting two US air bases in Jordan.
Indian all-rounder Deepti Sharma has become the leading wicket-taker in women's T20 Internationals, surpassing previous records with 171 wickets. She achieved this milestone in her 150th T20I match, demonstrating her consistent performance and dedication to the team.
