The Reserve Bank of India's concessional swap facility, designed to boost foreign currency inflows, has successfully attracted USD 40.82 billion by July 31, 2026, with a significant portion coming from Foreign Currency Non-Resident (Bank) deposits.
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.
Chinese President Xi Jinping has ordered extensive rescue operations following devastating flash floods and mudslides near the China-Nepal border in Tibet. The disaster has caused heavy casualties, left nearly 400 people missing, including 105 Indians and 37 NRIs, and damaged infrastructure. Emergency teams have been deployed, and efforts are underway to evacuate residents and provide medical aid.
India's deposit growth has reached a 15-year high of 17.8 per cent, primarily driven by a surge in foreign currency non-resident (bank), or FCNR(B), deposits. This influx of funds is expected to lead to a softening of corporate loan rates as banks seek to deploy their excess liquidity.
The Indian government has expanded its Nasha Mukt Bharat Abhiyaan by signing agreements with four spiritual organisations. These partnerships aim to enhance grassroots awareness, prevention, recovery, and social mobilisation efforts against substance abuse, leveraging the extensive reach of these groups.
State Bank of India Chairman C S Setty stated that banks will take three to four months to deploy the significant funds mobilised through foreign currency non-resident (bank), or FCNR(B), deposits, which is unlikely to cause "abnormal lending". He also highlighted the need for agentic artificial intelligence (AI) costs to fall sharply for its widespread deployment in India, envisioning its role in transforming banking from fraud detection to personalised financial assistance.
An electrocution incident near a Ganapati pandal in Mumbai's Lalbaug area resulted in the deaths of an eight-year-old girl and another woman, with several others sustaining injuries. The tragedy occurred early Sunday amidst massive crowds during the ongoing Ganapati festival, prompting a swift response from emergency services.
Indian benchmark equity indices, Sensex and Nifty, rebounded in early trade after a three-day slide, driven by strong buying in blue-chip bank stocks and a firm trend in global markets, supported by easing US bond yields and record foreign-currency deposit inflows.
A devastating fire on a foreign-flagged cargo ship undergoing repairs at the Qingdao Beihai shipyard in eastern China has resulted in 20 fatalities. Chinese President Xi Jinping and Premier Li Qiang have issued directives for intensified search and rescue operations, thorough investigations into the cause, and enhanced safety measures across all sectors to prevent future accidents.
National Investment and Infrastructure Fund Limited (NIIF) has appointed Gauravjit Singh as managing partner to lead its global capital formation efforts. Simultaneously, PB Fintech's payment aggregator platform, PB Pay, has gone live, offering consolidated payment acceptance for merchants. In a move to enhance trade efficiency, the Directorate General of Foreign Trade (DGFT) has introduced open API integration for Certificate of Origin, allowing exporters to streamline their application processes.
Devastating flash floods in Nepal, triggered by an ice and rock collapse, have led to over 900 deaths and 4,000 missing. Rescue operations by security personnel are severely hampered by critical shortages of specialised equipment, including thermal cameras, body bags, ropes, and helicopters. International assistance from India and China is aiding the search for missing workers, highlighting Nepal's long-standing disaster management capacity issues and inadequate funding.
The Indian government has officially declared the Pakistan-based Shahzad Bhatti Network (SBN) a terrorist organisation under the Unlawful Activities (Prevention) Act (UAPA). This action, announced by Union Home Minister Amit Shah, targets a group involved in cross-border smuggling of arms, explosives, and narcotics, as well as inciting youth into terrorism and spreading hateful digital content. SBN is accused of threatening India's democratic structure, communal harmony, and internal security.
Private banks in India are aggressively mobilising Foreign Currency Non-Resident (Bank), or FCNR(B), deposits by raising interest rates and using website countdowns, as the Reserve Bank of India's swap window is set to close on August 31, earlier than initially planned.
A massive mudslide near the China-Nepal border in Tibet has left three people dead and 588 missing. Chinese President Xi Jinping has ordered all-out rescue efforts, with the PLA mobilising forces for search and relief operations in the affected Gyirong County. The Indian Embassy has also issued an advisory for stranded Indians.
Nepal is grappling with severe flash floods that have claimed 270 lives and devastated three districts. Authorities are intensifying rescue and relief operations, with over 40 private helicopter flights delivering supplies and the Nepal Army coordinating efforts. Prime Minister Balendra Shah has visited affected areas to oversee the response.
Maratha quota activist Manoj Jarange has proceeded towards Mumbai despite police denying permission for his protest at Azad Maidan. Jarange, who has been on a hunger strike for 17 days demanding OBC quota for Marathas, is travelling with a small group amid tight security, citing a Bombay High Court ruling that supports democratic agitation. He also alleged a conspiracy to kill him.
Finance Minister Nirmala Sitharaman stated that India is likely to sustain economic growth of 7 per cent or more in 2026-27, continuing the pace recorded since the Covid-19 pandemic, despite geopolitical uncertainties and supply-chain disruptions.
A massive flash flood near the China-Nepal border in Tibet has left hundreds missing and caused significant casualties. Chinese Premier Li Qiang visited the affected Gyirong Township to oversee rescue and relief operations, with the PLA mobilising forces for search and rescue.
Indian banks anticipate a reduction of up to 50 basis points in their funding costs due to a surge in liquidity from robust Foreign Currency Non-Resident (Bank), or FCNR (B), flows, lessening their reliance on more expensive certificates of deposit (CDs).
BRICS finance ministers and central bank governors have called for increased representation of emerging-market and developing economies in the IMF and World Bank, while also criticising unilateral tariffs and trade measures, as the expanded bloc aims to bolster financial cooperation amidst global fragmentation.
'Ultimately, banks are a channel for people to get some long-term return, and this means banks need to adjust their asset-liability mismatch.' 'Customers also need long-term deposits, say those of three-five years. How would they get them if returns on those deposits do not climb?' 'Otherwise, on fixed deposits, a senior citizen doesn't get anything.'
Activist Manish Brahmbhatt has launched the Cockroach Janta Party-Democratic (CJP-D) as an alternative to the existing Cockroach Janta Party (CJP). Brahmbhatt alleges that the CJP, led by Abhijeet Dipke, has deviated from its student-led origins, becoming too aligned with the Aam Aadmi Party (AAP) and failing to represent its diverse volunteer base, particularly regarding issues like examination paper leaks.
Russian President Vladimir Putin has proposed a new investment platform, based on the New Development Bank (NDB), to fund projects in trade, infrastructure, logistics, and technology across BRICS nations, emphasising that the grouping's expanding economic cooperation is not 'against anyone' but aims to advance members' national interests.
The death toll from devastating flash floods in central Nepal has tragically risen to 675, with over 2,400 people still unaccounted for as extensive search and rescue operations continue across eight affected districts.
Eleven days after devastating floods triggered by an ice-rock avalanche, Nepal continues to grapple with a rising death toll of 1,344 and nearly 5,000 missing. Authorities face significant challenges in identifying the deceased, with many bodies severely damaged. DNA samples are being collected from relatives to aid identification, while the government mobilises relief and rehabilitation efforts. A fresh flood incident in Gorkha district also caused damage.
Nepal is grappling with devastating flash floods and landslides that have claimed over 650 lives and left more than 2,400 missing. Rescue operations are underway, but fresh warnings of heavy rainfall and thunderstorms from the meteorology department threaten to disrupt these efforts, exacerbating the crisis. Chinese authorities have also issued alerts regarding a potential barrier lake breach in Tibet, posing further flood risks downstream.
Industry is pushing for GST reforms that would let companies use unused tax credits from one state to pay GST liabilities in another, potentially freeing up working capital trapped across state registrations.
The Supreme Court has declined to issue orders prohibiting a protest march called by the Cockroach Janata Party (CJP) for September 5. The court stated its expectation that all parties would act peacefully and lawfully, directing the petitioner to a High Powered Enquiry Committee. The CJP's march aims to protest the Centre's alleged failure to honour promises made regarding examination irregularities and police violence during previous agitations.
The All India Students' Association (AISA) has announced its support for the Cockroach Janta Party's (CJP) proposed September 5 protest march in Delhi. The demonstration aims to demand the withdrawal of FIRs against students and an inquiry into alleged pellet and bullet firing during previous agitations, alongside addressing unresolved issues related to the NEET exam.
Some see in the CJP the potential of weakening the Opposition. Hence the BJP/RSS's 'softly softly catchee monkey' approach, with co-option being the ultimate aim, points out Aditi Phadnis.
Eiffel Tower employees launched a strike, leading to the iconic landmark's closure, after allegations surfaced that female staff were asked to vacate their posts during a visit by the Hindu religious organisation BAPS.
Veteran social activist Anna Hazare has been admitted to Bombay Hospital in Mumbai after blood reports indicated a renal infection. The 89-year-old anti-graft crusader was transferred from his native Ralegan Siddhi village for further assessment.
The devastating flash floods wreaked havoc across Nepal, with the ministry of external affairs on Thursday stating that 84 Indian nationals have been rescued while 290 remain uncontactable as the Himalayan nation stepped up search, rescue and relief operations following the disaster that has claimed more than 390 lives.
'This rise in foreign exchange reserves was expected given the amount of FCNR(B) flow.'
Nepal's devastating flash floods have claimed 1,127 lives, with thousands still missing a week after the disaster. Rescuers are intensifying efforts to find survivors and recover bodies across affected regions, while police work to identify victims and relocate families from high-risk areas.
Following a tragic building collapse in Satya Niketan that claimed five lives, the Municipal Corporation of Delhi has ordered the immediate sealing of all illegal constructions with more than four floors and vowed strict action against negligent officials.
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.
Smallcap funds topped the net inflow chart for the second consecutive month, as investors poured record Rs 7,973 crore into one of the best-performing MF categories.
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.
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.
