HDFC Bank's board has imposed a monetary penalty of Rs 1 lakh each on its Managing Director and CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head (Retail Assets) Arvind Vohra for divergence from RBI directions in the Maharashtra State Road Development Corporation (MSRDC) case.
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.
RBI Governor Sanjay Malhotra stated that the central bank consistently views fintechs as 'valuable partners' in shaping India's future financial system, crediting the sector with expanding financial inclusion, enhancing customer experience, and streamlining credit delivery, particularly for MSMEs.
The challenge for India lies in navigating complex landscape to its best advantage. The BRICS Summit will test its navigation skills, asserts former foreign secretary Shyam Saran.
The government is introducing a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant payments above Rs 2,000, effective October 15. This move ends the zero-MDR regime, aiming to fund UPI infrastructure and sustainability, as the previous government subsidy was insufficient to cover operational costs. Payments between individuals and most everyday merchant transactions will remain free.
UIDAI Chairman Neelkanth Mishra announced the extensive deployment of Artificial Intelligence to detect and counter fraud in Aadhaar, describing it as a "cat-and-mouse game." He highlighted the dramatic increase in daily Aadhaar authentications and the launch of the Aadhaar Face Authentication SDK and Sandbox to enhance security and ease of integration for ecosystem partners.
'Treating stock brokers as merchants for MDR is fundamentally misplaced.'
India is actively integrating payment system harmonisation into its Free Trade Agreement (FTA) negotiations, especially with countries hosting a large Indian diaspora. This strategy aims to leverage India's growing fintech ecosystem, facilitate cross-border financial services, and position India as a global hub for financial services exports, particularly through platforms like GIFT City.
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.
India's markets regulator Sebi has launched 'Demat 2.0', a pilot project for tokenisation of corporate bonds, enabling atomic settlement through integration with RBI's wholesale CBDC. This new market infrastructure uses Distributed Ledger Technology (DLT) to make bond issuance, trading, and settlement faster and more efficient. India is the first country to issue corporate bonds natively on a distributed ledger with central bank digital currency settlement. Additionally, RBI Governor announced new UPI innovations: 'Tap & Pay' for faster POS transactions and MyUPI, an AI-powered customer support solution.
Indian companies, including NBFCs, filed proposals to raise $7.696 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in July 2026, a significant increase from $6.09 billion in June.
Hospital chain Fortis Healthcare has filed a special leave petition in the Supreme Court against a Delhi High Court order directing a forensic audit into the alleged erosion of assets by its former promoters, Malvinder and Shivinder Singh, during enforcement proceedings initiated by Japanese drugmaker Daiichi Sankyo.
Prime Minister Narendra Modi's 76th birthday was celebrated with extensive programmes in Varanasi, his Lok Sabha constituency. Events included special prayers by 76 young priests, a milk 'abhishek' of the Ganga, and a significant 'Seva Sankalp' motorcycle journey from Varanasi to Vadnagar, Modi's birthplace, involving 500 participants. Several prominent political figures, including Defence Minister Rajnath Singh and Uttar Pradesh Chief Minister Yogi Adityanath, participated in the celebrations, offering prayers for Modi's health and India's progress.
Anant Nag has dedicated the Dadasaheb Phalke Award 2024 to the people and unique cultural environment of Karnataka, crediting the state for his unparalleled success in both art and commercial films.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
The Anti-Corruption Bureau (ACB) has registered two separate First Information Reports (FIRs) against Sheeba Inayat, a Jammu and Kashmir Administrative Service (JKAS) officer. The charges include amassing assets disproportionate to her known income and alleged malpractices in the distribution of Public Distribution System (PDS) foodgrains, leading to a wrongful loss of over Rs 2.61 crore.
Finance Minister Nirmala Sitharaman urged PSBs to become 'cool' and shed their 'government bank' image to attract young customers.
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.
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.
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.
Digital money is gradually starting to behave like software. It's no longer inert -- sitting passively in accounts. In the not-so-distant future, your money could become 'smart' and 'active,' understanding your preferences, paying your bills automatically, optimising your returns, and managing your risks -- all without you having to manage the details.
'It's A Cat And Mouse Game.'
'When the women of India become unstoppable, India becomes unstoppable.'
HDFC Bank's share in active mutual fund schemes has fallen to multi-year lows, despite overall MF ownership in the bank rising, as the stock faces weak performance, soft margins, and governance concerns.
The National Stock Exchange (NSE) has set its initial public offering (IPO) price band at Rs 1,700-1,785 per equity share, with the subscription period running from September 17 to September 21, aiming to raise up to Rs 22,569 crore.
Infosys Chairman Nandan Nilekani stressed the need for India to develop population-scale tokenisation infrastructure capable of handling billions of transactions, rather than merely focusing on issuing tokens. He highlighted the importance of interoperability, liquidity, and high volumes for tokenisation to expand across various asset classes and use cases.
India is making a significant push to establish itself as a global semiconductor manufacturing hub, driven by strategic investments and policy support. The upcoming SEMICON India 2026 event will showcase the country's advancements and ambitions in this critical industry, which underpins virtually all modern electronic devices and has faced global supply chain vulnerabilities.
N Chandrasekaran's letter of not seeking a third term was written to Tata Sons directors (including to Noel Tata as a nominee director) and, therefore, Tata Trusts did not have a locus standi on accepting or rejecting that letter.
'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.'
Prime Minister Narendra Modi has called upon India's youth to dream big, assuring them of government support and resources, including a Rs 1 lakh crore Innovation Fund, to bolster the country's burgeoning startup ecosystem and drive its journey towards becoming a developed nation.
Ladakh Lieutenant Governor Vinai Kumar Saxena has approved new rules for the regularisation of 'nautor lands', granting proprietary rights to eligible landholders. This move aims to resolve a long-pending issue, provide legal certainty, and allow land to be used as a financial asset for thousands of residents in the Union Territory.
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.
'Regulations give a particular minimum amount of shares to be given in the OFS or IPO -- without which one cannot do the IPO.' 'We got that number on the day of filing of updated DRHP -- sufficient for us to go live with the IPO.'
A report by Scholars at Risk, 'Free to Think 2026', states that academic freedom in India is "severely restricted" due to increasing government influence over higher education, university governance, and curbs on student expression. India is listed among six countries in this category, with its Academic Freedom Index score sharply declining. The report cites instances of faculty dismissals, event cancellations, and pressure on student protests, highlighting the alleged use of the UGC as a vehicle for state influence.
'We have a very demanding electorate which expects us to do something. So we will have to do something which is a bit out of the ordinary while at the same time keeping in mind the risk factors.'
Indian benchmark indices Sensex and Nifty opened higher, driven by a significant drop in crude oil prices and a positive trend in global equities, with foreign fund inflows further bolstering domestic markets.
Prime Minister Narendra Modi hosted Iranian President Masoud Pezeshkian in New Delhi for talks focusing on the West Asia situation, bilateral relations, and BRICS cooperation. The meeting, Pezeshkian's first visit to India as president, comes amidst heightened tensions in West Asia due to new US sanctions on Iran and concerns over global oil supplies from the Strait of Hormuz. Both leaders emphasised regional stability and economic resilience.
BRICS members have expressed 'serious concerns' over the unilateral imposition of trade and finance-related measures, including higher tariffs and non-tariff barriers, stating these actions distort trade and are inconsistent with WTO rules. The grouping also highlighted elevated risks to the global economic outlook due to geopolitical tensions, trade fragmentation, and protectionism.
'My suggestion to Nandan Nilekani is that it would be worthwhile for him to take a holistic review in a manner in which examination is just one critical component.'
Meghalaya has shown significant progress in digital transactions and financial inclusion, recording 32.76 crore digital transactions and nearly 10 lakh Jan Dhan accounts by 2025-26. Efforts like the JAM Trinity and financial literacy programmes have expanded banking access, with a high percentage of bank account holders adopting digital modes. The next phase focuses on enhancing financial literacy and cyber resilience, especially in rural areas.
