Reserve Bank of India (RBI) imposes ₹11.50 lakh penalty on Mahindra & Mahindra Financial Services Limited.
[Reserve Bank of India (RBI), Mahindra & Mahindra Financial Services Limited]
Key Updates:
- The Reserve Bank of India (RBI) imposed a monetary penalty of ₹11.50 lakh on Mahindra & Mahindra Financial Services Limited on 27 February 2026.
- The penalty was for non-compliance with RBI directions on ‘Fair Practices Code’ and ‘Internal Ombudsman for Regulated Entities’.
- The statutory inspection of the company was conducted by RBI with reference to its financial position as on 31 March 2025.
- The company levied revised foreclosure charges on certain borrower accounts without incorporating suitable conditions in loan agreements.
- The company failed to escalate certain complaints to its Internal Ombudsman within the prescribed time and did not communicate final decisions to complainants within the prescribed time in certain cases.
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- Reserve Bank of India (RBI) imposed penalties totalling Rs 1.35 crore on CSB Bank (Rs 63.60 lakh), Bank of Maharashtra (Rs 32.50 lakh), DCB Bank (Rs 29.60 lakh), IIFL Finance (Rs 5.30 lakh) and Navi Finserv (Rs 3.80 lakh).
- CSB Bank was penalised for non-compliance with directions on ‘Scope of activities to be undertaken of Business Correspondents (BCs)’ and ‘Customer Service in Banks’ and for failure to classify certain accounts as non-performing assets on restructuring.
- Bank of Maharashtra was penalised for non-compliance with directions on ‘Credit information reporting in respect of Self Help Group members’ and ‘Know Your Customer’, including not reporting Self Help Group member level data to Credit Information Companies and not identifying Beneficial Owners in certain accounts.
- DCB Bank was penalised for non-compliance with directions on loans against pledge of gold ornaments and jewellery for non-agricultural end uses by failing to maintain the prescribed loan-to-value ratio in certain non-agricultural gold loan accounts.
- IIFL Finance was penalised for non-compliance with directions on ‘Asset Classification’ by entering into an arrangement with BCs for activities outside the permitted scope and levying charges in savings bank accounts without ensuring prior customer awareness.
- Navi Finserv was penalised for non-compliance with directions on ‘Recovery Agents’ by contacting customers after 7:00 p.m. and before 8:00 a.m. for recovery of overdue loans and not following due protocol while sending messages to customers.
- The Reserve Bank of India (RBI) has issued a compounding order to One 97 Communications (Paytm) for contraventions under the Foreign Exchange Management Act (FEMA).
- The RBI imposed a compounding fee of ₹18.76 lakh regarding investments made in Little Internet Private Limited by Little Internet Singapore.
- The underlying transactions involved an aggregate value of approximately ₹33 crore and pertained to the period between March 2016 and June 2017.
- The Directorate of Enforcement (ED) terminated FEMA proceedings against Nearbuy India on 19 December after the company paid a penalty of ₹4.28 lakh following an RBI compounding order.
- Paytm had previously received a show cause notice from the ED for alleged FEMA violations involving transactions worth ₹611 crore linked to the company and its subsidiaries.
- The parent firm of Paytm was allegedly involved in transactions worth ₹245 crore, while Little Internet and Nearbuy India were linked to contraventions involving ₹345 crore and ₹20.9 crore, respectively.
- Paytm acquired the hyperlocal discovery and deals platforms Little Internet and Nearbuy in 2017 and subsequently merged the two brands.
- RBI imposed the penalty for non-compliance with norms on Basic Savings Bank Deposit (BSBD) account, business correspondents, and credit information companies.
- Kotak Mahindra Bank opened additional BSBD accounts for customers who already held such accounts.
- The bank engaged business correspondents for activities outside the permitted scope.
- The lender furnished inaccurate borrower information to credit information companies.
- The Reserve Bank of India (RBI) imposed a fine of Rs 99.30 lakh on Jammu and Kashmir Bank.
- The penalty was for failing to comply with directions regarding grievance handling, customer communication, KYC verification, and the transfer of unclaimed deposits.
- The fines were based on the statutory inspection of the bank's financial position as of March 2024.
- The inspection found that certain complaints were not escalated to the Internal Ombudsman.
- The bank did not send final resolution letters to customers after closing complaints.
- The bank was not using face-verification technology for video-based customer identification.
- The bank was not verifying customers' financial information furnished at the time of onboarding.
- There was a delay in the transfer of eligible unclaimed deposits to the Depositor Education and Awareness Fund.
Nagaland signs MoU with India Meteorological Department (IMD) to boost weather forecasting
[Nagaland, India Meteorological Department (IMD)]
Key Updates:
- Nagaland higher education department signed an MoU with India Meteorological Department (IMD), Ministry of Earth Sciences, at the directorate of higher education in Kohima.
- The MoU was signed in the presence of higher education minister Temjen Imna Along, secretary of higher and technical education Sarita Yadav, ex-officio director of higher education V Lovitoly Sema, and IMD representatives.
- The collaboration will install one X-Band Polarimetric Doppler Weather Radar (DWR) at Dimapur Government College under the ‘Mission Mausam Scheme’ initiative of the Government of India.
- The initiative focuses on urban meteorology, disaster preparedness, and agricultural advisories to enhance public safety and protect lives and property.
- The institutional cooperation will promote academic engagement, research collaboration, and capacity building in meteorological and atmospheric sciences.
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- 200 Automatic Weather Stations will be installed—50 each in Delhi, Mumbai, Chennai and Pune—to enable hyper-local, real-time weather monitoring.
- The dense network will generate high-resolution spatial data for accurate prediction of sudden downpours, thunderstorms, heatwaves and rapid pressure changes.
- IMD’s forecast accuracy has improved by 40–50 per cent over past decades, with cyclone track prediction accuracy up by 35–40 per cent.
- Weather radar coverage has expanded to about 87 per cent of India’s geographical area, and forecasts now reach lead times as precise as three hours.
- India shares weather data and satellite-based support with Bangladesh, Nepal, Bhutan and Sri Lanka, reinforcing regional disaster preparedness.
- IMMD headquarters runs fully on solar power, feeding surplus electricity back into the national grid.
- The Government of India, the Government of Nagaland, and the Eastern Nagaland Peoples’ Organisation (ENPO) signed an agreement in New Delhi on 5 February 2026 to create the Frontier Nagaland Territorial Authority (FNTA).
- The FNTA will cover six districts of Nagaland: Tuensang, Mon, Kiphire, Longleng, Noklak, and Shamator.
- Powers related to 46 subjects will be transferred to the FNTA.
- The Union Ministry of Home Affairs (MHA) will provide a fixed annual allocation and bear the initial establishment expenditure for the FNTA.
- The agreement includes provisions for a mini-Secretariat headed by an Additional Chief Secretary/Principal Secretary and sharing of development outlay proportional to population and area.
- The arrangement does not affect Article 371(A) of the Constitution of India.
- Indian scientists led by IITM Pune are deploying 3D-printed Automatic Weather Stations in Delhi under Mission Mausam to strengthen India’s weather observation network.
- The first batch of these next-generation stations is set to be installed in the national capital from February.
- Manufacturing via 3D printing reduces costs, allows flexible design of geometric structures and is well-suited for large-scale production.
- All indigenously developed meteorological instruments are certified by IMD’s Surface Laboratory, which the Bureau of Indian Standards recognises.
- IIT Kanpur’s C3iHub will conduct cyber risk assessments and develop AI/ML solutions for enhanced operational efficiency in the mining sector.
- The collaboration will explore AI/ML-driven solutions, digital twins, predictive maintenance frameworks, and advanced data analytics across NMDC’s mining ecosystem.
- Both institutions will jointly undertake research, capacity-building programs, and technology pilots, with successful proofs-of-concept evaluated for scalable deployment.
International Solar Alliance (ISA) and Indian Institute of Technology (IIT) Delhi formalise Framework for Action to advance solar skills across member countries
[International Solar Alliance (ISA), Indian Institute of Technology (IIT) Delhi]
Key Updates:
- The International Solar Alliance (ISA) and the Indian Institute of Technology (IIT) Delhi signed a Framework for Action (FFA) to advance solar energy skills and capacity building across ISA member countries.
- The framework aims to train renewable energy engineers, research professionals, and Solar Technology Application Centre (STAR-C) trainers.
- The partnership has previously supported M. Tech. programmes for professionals from 18 developing countries across Africa and the Asia-Pacific region.
- Over the last five years, over a hundred students undertook masters in renewable energy through the ISA–IIT Delhi partnership.
- The new framework launches a one-year post-graduate diploma programme based on a 'Train-the-Trainers' model, in collaboration with Institut National de l'Énergie Solaire (France).
- Future plans include expanding academic opportunities to Master's programmes in Public Policy and Ph.D. pathways for the solar energy sector.
- The collaboration covers four core areas: capacity building, academic programmes, joint research, and knowledge exchange.
- The research component will focus on solar resource assessment, quality standards, and emerging technologies.
- IIT Delhi plans to incorporate AI, ML, and Blockchain techniques to enhance distributed solar and ensure security in future sustainable energy systems.
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- Uttarakhand’s installed solar capacity reached 1,027.87 MW, crossing the 1 GW milestone.
- PM Surya Ghar scheme has supported around 241 MW of rooftop solar installations.
- Chief Minister Solar Self-Employment Scheme has added about 137 MW and over 100 MW more is under development.
- Ground-mounted solar projects contribute nearly 397 MW to the total capacity.
- Commercial net metering installations account for approximately 110 MW.
- Captive solar power plants add about 51 MW.
- Uttarakhand Renewable Energy Development Agency (UREDA) is implementing these solar initiatives.
- United States President Donald Trump withdrew the country from 66 international organisations — including 31 United Nations Organisations — via an executive order.
- The International Solar Alliance (ISA) is the only India-headquartered organisation among the 60-plus institutions that the United States has now exited.
- The ISA was conceptualised on the sidelines of the COP21 in Paris in 2015, when the landmark Paris Agreement was signed to reduce global greenhouse gas emissions and limit the rise in average global temperature.
- The ISA is headquartered in Gurugram, Haryana.
- The ISA’s key theme is the ‘Towards 1000’ strategy, aimed at mobilising "$1,000 billion of investments in solar energy solutions by 2030 while delivering energy access to 1,000 million people using clean energy solutions and resulting in the installation of 1,000 GW of solar energy capacity."
- According to the official website, more than 100 countries are currently its signatories, with over 90 countries having ratified to become full members.
- The International Water Management Institute (IWMI) and the Swiss Agency for Development and Cooperation (SDC) launched SoLAR Phase II to expand climate-resilient solar irrigation across India, Bangladesh, Kenya and Ethiopia.
- Studies under Gujarat’s Suryashakti Kisan Yojana found that grid-connected solar irrigation pumps did not increase groundwater extraction while delivering about 12.3 tCO2 offset per farmer per year.
- IWMI trained more than 2,000 farmers, enabling a 23 per cent rise in net energy evacuation and an average additional income of Rs 14,000 per farmer.
- Off-grid solar irrigation pilots reduced diesel dependence and strengthened livelihoods.
- SolaReady, a spatial decision-support platform, was launched to map solar irrigation opportunities aligned with climate adaptation, mitigation and groundwater sustainability.
- Vice-President Shri C. P. Radhakrishnan delivered the inaugural address at the Bharat Climate Forum 2026, stating that climate action can accelerate inclusive growth, strengthen energy security, and power a future-ready Indian economy.
- India is pursuing the Panchamrit commitments announced at COP26, which include a "roadmap toward net-zero emissions by 2070" to balance economic growth with future responsibility.
- The government aims to transform "Make in India into Make in India for the World" by developing homegrown technologies in Renewable energy systems, Battery storage, Green hydrogen, and Electric mobility.
- India is leading global climate collaboration through the International Solar Alliance (ISA) and the Coalition for Disaster Resilient Infrastructure (CDRI) based on partnerships without dependence.
- The transition focuses on building a skilled workforce and resilient manufacturing ecosystems to ensure India does not rely on "imported clean technologies or fragile global supply chains.
HCLTech and Indian Institute of Technology (IIT) Kanpur sign MoU to advance deep tech innovation for Global Capability Centres.
[HCLTech, Indian Institute of Technology (IIT) Kanpur]
Key Updates:
- HCL Technologies (HCLTech) and Indian Institute of Technology (IIT) Kanpur signed an MoU to convert research into real-world pilots and scalable solutions for Global Capability Centres (GCCs).
- The collaboration focuses on advanced engineering and deep tech including AI, robotics and next-generation technologies.
- The partnership enables GCCs to accelerate complex research, access niche skills without building internal labs and reduce time-to-market.
- IIT Kanpur brings translational R&D expertise in AI, intelligent systems, robotics, cybersecurity and other next-generation technologies.
- The MoU bridges academic research and enterprises to co-develop innovative technologies with measurable impact.
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- Chief Minister Bhupendra Patel unveiled the Science, Technology and Innovation (STI) Policy 2026–2031 at the Gujarat SemiConnect Conference in Gandhinagar.
- The policy establishes a Rs 1000-crore Swadeshi Anusandhan Fund to support over 100 high-impact indigenous research projects annually in AI, semiconductors, quantum, biotech, green energy, defence, immersive and space technologies.
- Gujarat Rajya Research and Innovation Clusters (GRRIC) will create a Science and Technology cluster network starting with Gandhinagar–Ahmedabad and expanding to Vadodara–Surat and Rajkot–Bhavnagar–Junagadh–Jamnagar.
- The state targets nurturing 1 lakh skilled researchers by 2030 through 250 annual JRF, SRF, PDF fellowships, a Women in Innovation Fellowship, a unified Gujarat R&D portal and large-scale STEM youth initiatives.
- Over 200 IP Facilitation Centres will help file more than 1000 intellectual properties annually, including at least 500 patents.
- The NITI Aayog’s Frontier Tech Hub, in partnership with International Business Machines-IBM, has released a national roadmap to transform India into one of the world’s top-three quantum economies by 2047.
- The plan aims to build home grown quantum computing hardware and software, foster at least 10 globally competitive quantum and capture a major share of the global quantum software and services market.
- It envisages applying quantum technologies across key sectors such as defence, energy, healthcare, logistics, and finance with hopes of boosting security, efficiency, and innovation nationwide.
- The centre aims to support early-stage startups, promote deep-tech innovation, and bridge the gap between research and real-world application.
- Two strategic MoUs were signed—between Galgotias University and the National Institute of Technology, Jamshedpur, and between Galgotias University and Jharkhand University of Technology, Ranchi—for joint research, faculty and student exchange, co-creation of deep-tech startups, shared labs, and incubation programmes.
- The collaborations are expected to strengthen the innovation pipeline by translating academic research into market-ready solutions, enhancing funding access, and creating nationwide pathways for student entrepreneurs and startups.
- The Telecommunication Engineering Centre (TEC) and Indian Institute of Technology, Kanpur (IIT Kanpur) will jointly develop 'India-specific standards and testing frameworks for emerging and future communication technologies, including 6G, Artificial Intelligence in Telecom, Non-Terrestrial Networks (NTNs), Internet of Things (IoT), Digital Twin, Metaverse, and Quantum Communication.'
- The collaboration will 'enhance India's active participation and leadership in global standard-setting and radiocommunication bodies such as ITU-T, ITU-R, 3GPP, and other relevant international forums.'
- Joint research will target 'AI/ML for network automation, optimization and intelligent management, with a roadmap towards AI-native capabilities for future networks.'
- Studies will cover 'satellite communication systems, NTNs, HAPS and satellite-terrestrial integration, including disaster-resilient and emergency connectivity solutions.'
- The partnership strengthens 'indigenous research, design and manufacturing in telecom... developing India-specific standards, test frameworks and home-grown solutions that bolster national self-reliance, secure critical communications infrastructure and reduce dependence on imports.'