The Indian government has notified the Legal Metrology (Indian Standard Time) Rules, 2026, establishing IST as the sole reference for all official purposes nationwide. These rules, effective in 180 days, aim to synchronise digital systems, reduce reliance on foreign time sources, and enhance coordination across critical sectors like banking, railways, and telecommunications.
Indian benchmark equity indices extended their losing streak for a fourth consecutive day, with the Sensex tumbling 417 points due to rising crude oil prices and a significant sell-off in IT stocks, impacting overall investor sentiment.
The National Payments Corporation of India (NPCI) stated that the Merchant Discount Rate (MDR) "is distributed only amongst the UPI ecosystem, to further invest into infrastructure resilience, innovation, cybersecurity (protecting the UPI infrastructure with banks and non-banks) and customer service."
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.
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.
HDFC Bank, India's largest private sector lender, reported a reduction of 3,343 employees in FY26, bringing its total workforce to 2,11,178, even as its balance sheet expanded by 12 per cent. The bank's MD and CEO, Sashidhar Jagdishan, attributed the headcount reduction to redeploying talent from back-end functions to customer-facing roles due to technology-led efficiencies. The annual report also addressed the challenging resignation of part-time chairman Atanu Chakraborty, which raised questions about the bank's governance standards.
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.
PhonePe, at the Global Fintech Fest 2026, unveiled its strategic vision for the next decade, focusing on inclusive digital progress for individuals, households, and businesses across India. The roadmap details innovations in financial inclusion, wealth creation, credit access, and merchant solutions.
The search for N Chandrasekaran's successor as Tata Sons Chairman has reportedly narrowed to Tata Steel CEO T V Narendran, Tata Sons Executive Director Saurabh Agrawal, and NSE MD & CEO Ashish Chauhan, with Chauhan emerging as a potential 'dark horse' candidate.
RNFI Services Ltd has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator - Physical (PA-P). This approval allows the company to expand its financial infrastructure into physical, offline, and in-store payments, complementing its existing regulated financial services portfolio.
'It's A Cat And Mouse Game.'
RBI Deputy Governor Rohit Jain discussed the future of India's foreign exchange markets, highlighting the increasing role of local currencies in cross-border trade, the impact of technology, and existing challenges. He emphasised the need for market evolution to facilitate India's global engagement, absorb shocks, and serve all users efficiently. Jain also addressed concerns about unauthorised forex trading platforms and the importance of customer awareness.
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.
Vice President CP Radhakrishnan launched Gnani Artha, an end-to-end sovereign AI stack for Indian enterprises and public institutions. He emphasised that new technologies, including AI, will enhance ease of work and create more jobs, drawing parallels with the IT industry's growth. The initiative, backed by the India AI Mission, aims for self-reliance and includes the Gnani Evon v3.3 language model and Gnani Plexus AI platform, offering cost-effective Indic language capabilities.
Vice President CP Radhakrishnan launched Gnani Artha, an end-to-end sovereign AI stack for Indian enterprises and public institutions. He emphasised that new technologies, including AI, will enhance ease of work and create more jobs, drawing parallels with the IT industry's growth. The initiative, backed by the India AI Mission, aims for self-reliance and includes the Gnani Evon v3.3 language model and Gnani Plexus AI platform, offering cost-effective Indic language capabilities.
In flood-ravaged Nepal, drones are playing an unprecedented role in disaster response, from airlifting bodies from inaccessible areas to delivering essential supplies and searching for trapped workers. This innovative use of UAVs is transforming humanitarian aid and rescue operations in the challenging Himalayan terrain.
Do not share OTPs, PINs, authentication codes, card numbers, card verification values (CVVs), KYC details, security answers, Internet-banking passwords or Aadhaar-based authentication credentials through SMS, e-mail or phone calls.
'An instruction came from somebody in Delhi saying, "don't go with the launch".'
The Reserve Bank of India (RBI) has issued amended directions for bank boards, effective October 1, 2026, to rationalise agenda items and enable more focused engagement on strategy and risk governance, while explicitly defining matters reserved for board approval and periodically reviewing delegated powers.
Minister of State for Telecom Chandra Sekhar Pemmasani urged BRICS nations to collaborate on building institutional capacity and advocating for fair standards in international telecom and ICT bodies. He highlighted India's willingness to share its modular, open-source digital public infrastructure frameworks like Aadhaar and DigiLocker, emphasising their role in sustainable development and economic growth across the Global South.
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.
The BRICS summit in New Delhi brings together leaders from major emerging economies to address global challenges like trade disputes, geopolitical upheavals, and the economic impact of conflicts in Ukraine and West Asia. India, as chair, aims to position BRICS as an economic growth engine, focusing on the Global South's food, energy, and supply chain security. The summit also highlights the grouping's expansion and its growing influence in global governance.
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.
The case pertains to a tender awarded to Ms Euroteck Environmental Private Limited when Jain was the Delhi water minister.
Commerce Secretary Rajesh Agarwal highlighted the critical need for India to diversify its services exports beyond the dominant IT/ITeS and professional services sectors. Speaking at the Global Fintech Fest 2026, he emphasised the vast potential in the global financial services market, where India currently holds a small share, and stressed how fintech solutions, like UPI, can drive growth, reduce remittance costs, and support MSME trade finance, ultimately leading to sustainable economic expansion.
Iranian President Masoud Pezeshkian urged BRICS nations to expand trade in national currencies and build an inclusive global economic framework. He criticised "unilateral sanctions" by Western powers, stating they make emerging economies vulnerable and impact global food security. Pezeshkian emphasised BRICS' role in creating a balanced world order and highlighted Iran's geopolitical and energy capacities for cooperation.
The Unified Payments Interface (UPI) has completed a decade since its launch, becoming the backbone of India's digital payments ecosystem. It has seen exponential growth in transaction volume and value, expanding financial inclusion and setting a global benchmark for real-time payments.
'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.'
'Every period of excessive optimism eventually gives way to a correction, while periods of extreme pessimism often create the best investment opportunities.'
In the next 36 months nearly 25 to 40 per cent of jobs will be under threat from AI and job losses are inevitable.
The Securities and Exchange Board of India (Sebi) is reportedly 'close' to approving the National Stock Exchange's (NSE) initial public offering (IPO) draft documents, with an expected market debut by early next month. Sebi Chairman Tuhin Kanta Pandey also emphasised the regulator's focus on enhancing market resilience against evolving risks, including technology failures and the impact of artificial intelligence.
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Tata Consultancy Services (TCS) has announced a five-year strategic deal with German automaker Porsche AG worth 1.25 billion (nearly 14,000 crore), which includes the acquisition of Porsche's wholly-owned subsidiary MHP Management- und IT-Beratung GmbH for 320 million (around 3,574 crore). This move is set to significantly expand TCS's consulting footprint in Germany and the broader European market, giving it access to MHP's customer base and specialised talent.
Indian benchmark equity indices, Sensex and Nifty, rebounded in early trade after two days of losses, driven by strong buying in blue-chip IT stocks and a rally in global markets.
Unified Payments Interface (UPI) transactions in India reached Rs 29.8 lakh crore in August, approaching record levels. Volume also hit a new high of 24.51 billion transactions, driven by festive activities like Raksha Bandhan. The digital payment system continues its rapid growth, expanding its global presence to 11 countries, with further growth anticipated during the upcoming festive season and new use cases like credit on UPI.
The Supreme Court has directed the Centre to submit an affidavit detailing the steps taken to implement the recommendations of the Radhakrishnan panel and the Nandan Nilekani committee for institutionalising reforms in the National Testing Agency (NTA) and improving NEET exam processes.
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 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.
Former Delhi minister Satyendar Jain and ex-Delhi Jal Board CEO Udit Prakash Rai are among six individuals arrested by the Anti-Corruption Branch (ACB) in connection with an alleged corruption case. The case involves irregularities and manipulation in the tendering process for sewage treatment plant projects of the Delhi Jal Board, with allegations of favouring a specific technology provider and significant financial implications for the government exchequer. The investigation has also revealed a money trail involving substantial transfers to the accused.
