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.
Punjab Chief Minister Bhagwant Mann announced that Pakistan will participate in the Men's Asian Champions Trophy hockey tournament in India, scheduled from October 27 to November 5. This participation aligns with the Indian government's policy allowing multi-lateral sporting engagements with Pakistan, despite a ban on bilateral series. The tournament will be held in Jalandhar and Mohali, featuring six nations including India and Pakistan, with a highly anticipated India-Pakistan match on November 1.
New Delhi is gearing up to host the 18th BRICS Summit at Bharat Mandapam on September 12-13, with extensive preparations underway across key venues, roads, hotels and security zones.
Prasidh Krishna was rewarded for his relentless effort in India's Sri Lanka Test series win, taking seven wickets and earning the Impact Player of the Series medal.
Harikesh Patel, a former member of the Patidar Anamat Andolan Samiti (PAAS), has been arrested by the Gujarat Anti-Terrorist Squad (ATS) for allegedly obtaining a second passport using forged documents. Patel had previously surrendered his original passport in connection with an ED money laundering case. He reportedly used the fraudulently obtained passport for international travel.
Japan hosted a vibrant opening ceremony for the Asian Games in Nagoya, showcasing its technological advancements and cultural heritage. The event, themed 'Harmonic Heart Beat', welcomed 11,000 athletes from 45 nations, despite prior logistical challenges.
Japan inaugurated the 20th Asian Games in Nagoya with a vibrant opening ceremony that seamlessly blended advanced technology and rich cultural traditions, despite earlier organisational challenges.
Indian dressage rider Anush Agarwalla has voiced profound disappointment and hurt after being excluded from the upcoming Asian Games, despite being a gold medalist in the previous edition. He criticised the selection process as "unfair" and a "betrayal," stating he was never given a chance to compete, and called for a more transparent system in Indian sports.
IIIT-Hyderabad has issued disciplinary warnings to eight students associated with 'No Tyrants, No Silence' (NTNS), an independent campus platform. The institute cited unauthorised use of its name and publication of confidential meeting minutes. NTNS, which discusses caste, merit, and politics, had proposed screening a documentary on Umar Khalid, leading to CBFC objections and the screening's cancellation.
Five rescued baby orangutans quarantined at Nandankanan Zoological Park in Bhubaneswar underwent extensive health checks, including X-rays and blood sample collection, to assess their condition and facilitate DNA testing. The health check-up was prompted after one primate developed a fever. Officials are identifying a suitable laboratory for DNA analysis, which is crucial for determining their origin and aiding an ongoing international wildlife smuggling investigation.
A Public Interest Litigation has been filed in the Supreme Court challenging the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI person-to-merchant transactions exceeding Rs 2,000. The plea argues that the levy was introduced without adequate statutory safeguards, transparency, or public consultation, and questions its constitutional validity and potential adverse effects on merchants and consumers.
IndiGo, India's largest airline, experienced intermittent issues with its core reservation platform on Friday, affecting online services for customers. This follows a similar disruption on Wednesday, though the airline stated the issues have since been resolved.
The ruling Tamilaga Vettri Kazhagam (TVK) has announced its candidates, K Maragatham Kumaravel and P Sathyabama, for the upcoming October 6 bypolls in Maduranthakam and Dharapuram Assembly seats in Tamil Nadu. This marks the first electoral challenge for the TVK government since its formation, setting the stage for a direct contest with DMK and anticipated participation from AIADMK.
Indian benchmark indices, Sensex and Nifty, traded flat in early deals due to elevated crude oil prices exceeding USD 100 per barrel and persistent geopolitical tensions, which subdued investor risk appetite.
Former India women's hockey captain Asunta Lakra has formally challenged the ethics proceedings initiated against her by Hockey India, citing procedural irregularities and questioning the Ethics Committee's jurisdiction. Lakra denies all allegations as "false, baseless, malicious, motivated and defamatory," and highlights issues with the committee's constitution and the incomplete documentation provided. This challenge comes amidst a broader context of sexual harassment allegations in Jharkhand hockey and institutional intimidation claims.
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.
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.
'You can't have a runaway board that takes decisions against the active disagreement of the 66 per cent shareholder.'
'You can't have a runaway board that takes decisions against the active disagreement of the 66 per cent shareholder.'
The comparisons show where last year's cutoffs are still a usable guide and where you need to reset your expectations before Round 2.
India is significantly expanding its crude oil sourcing to Latin America, with Venezuela emerging as a major supplier, as geopolitical disruptions in the Middle East and the Strait of Hormuz compel the world's third-largest oil consumer to diversify its energy supplies.
A significant boardroom battle has erupted at Tata Sons, India's largest conglomerate, following the board's decision to proceed with a public listing and extend N Chandrasekaran's tenure as executive chairman, moves opposed by Noel Tata, who represents the majority shareholder Tata Trusts.
Indian steeplechase champion Avinash Sable faced a career-threatening knee injury and subsequent psychological struggles, leading to 14 months on the sidelines. Despite a tough upbringing, the physical and mental toll of inactivity and a second injury pushed him to the brink of retirement. With renewed determination and support, Sable has overcome his fears and is now back in competitive shape, aiming to defend his Asian Games title.
Reserve Bank of India (RBI) Deputy Governor Rohit Jain has warned that financial institutions' increasing reliance on a small number of common technology providers, including cloud and AI model providers, could create a new source of systemic risk. He highlighted 'speed, concentration and opacity' as key risks, noting that a disruption at one provider could rapidly spread across multiple institutions, amplifying existing financial risks.
'...but should prepare for listing unless a court grants effective interim relief.'
India's trade deficit reached a six-month high of $31.98 billion in July, driven by a sharp increase in imports, particularly crude oil, electronic goods, coal, and fertilisers. Both merchandise exports and imports recorded their second-highest levels during the same period.
As Nani gears up for the ambitious The Paradise, we look back at his most memorable performances, from a vengeful housefly to a fiery revolutionary and to a Saturday-only action hero.
'I don't really expect the August increase in food prices, which was close to 6 per cent, to persist as we go close to the end of this year.'
Despite decades of efforts towards energy transition, oil will remain the critical energy source for all nations for some decades. We can hope for peace opening the Strait of Hormuz, but must prepare for war closing it, points out former foreign secretary Ranjan Mathai.
Gold prices in India extended their losing streak, falling by Rs 1,500 to Rs 1,60,900 per 10 grams, influenced by hawkish remarks from Federal Reserve Chair Kevin Warsh and rising oil prices, which have increased expectations of an interest rate hike.
Foreign secretary Vikram Misri on Friday shared key details on agreements between India and the UAE, stating that the UAE will store up to 30 million barrels of crude oil in India's strategic petroleum reserve following Prime Minister Narendra Modi's visit.
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.
Foreign portfolio investors (FPIs) turned net sellers in the first week of September, withdrawing Rs 7,443 crore from Indian equities, driven by rising crude oil prices, increasing US bond yields, and a strong dollar.
Former India women's hockey team captain Asunta Lakra has challenged the ethics proceedings initiated against her by Hockey India, citing procedural irregularities and questioning the Ethics Committee's jurisdiction. Lakra denied all allegations as 'false, baseless, malicious, motivated and defamatory' and is seeking full disclosure of documents before providing a detailed reply.
Axis Bank MD & CEO Amitabh Chaudhry has cautioned that the surge in FCNR(B) deposits could lead to 'abnormal lending' as banks seek to deploy excess liquidity, while also hinting at a potential interest rate hike in the near future.
Iranian President Masoud Pezeshkian declared that Iran will not succumb to "bullying" from the US and Israel, vowing to protect national interests amidst escalating West Asian hostilities. During his visit to New Delhi for the BRICS summit, Pezeshkian also discussed strengthening bilateral ties with Prime Minister Narendra Modi and advocated for local currencies in BRICS trade, positioning Iran as a strategic energy and transport partner.
Economists highlight that resolving domestic policy bottlenecks, particularly through land reforms and improving the ease of doing business, will be critical for Prime Minister Narendra Modi's 'next-generation reforms' and India's economic transformation towards its 'Viksit Bharat' vision for 2047.
The Reserve Bank of India (RBI) net bought $561 million in June, marking its first net purchase since February, following three consecutive months of net sales. This move coincided with a series of government and RBI measures to attract foreign capital, leading to a 0.36 per cent appreciation of the rupee against the dollar.
The Reserve Bank of India (RBI) has prematurely closed its swap facility for foreign currency non-resident (bank) deposits, FCNR(B), one month ahead of schedule, after banks mobilised $52.3 billion under the scheme by August 13, indicating sufficient foreign currency reserves.
India's foreign exchange reserves increased by USD 938 million to USD 682.321 billion during the week ended May 28, according to the Reserve Bank of India, following a previous week's drop.
