Reserve Bank of India (RBI) grants Payment Aggregator-Cross Border (PA-CB) license to Skydo
[Reserve Bank of India (RBI)]
Key Updates:
- The Reserve Bank of India (RBI) has granted final authorisation to Bengaluru-based Skydo to operate as a Payment Aggregator–Cross Border (PA-CB).
- The license enables the company to offer cross-border payment services to Indian MSMEs, freelancers, and startups across multiple currencies and markets.
- Skydo currently serves over 30,000 Indian MSMEs, freelancers, and startups across more than 50 cities.
- The platform supports payment collections in over 32 currencies.
- The company recently raised USD 10Mn in Series A funding led by Susquehanna Asia Venture Capital, with participation from Elevation Capital.
- The total funding raised by Skydo to date stands at USD 20Mn.
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- BRISKPE receives RBI final authorisation to operate as a Payment Aggregator-Cross Border under the Payment and Settlement Systems Act 2007.
- Authorisation covers both inward and outward payment flows within the RBI PA-CB regulatory framework.
- BRISKPE becomes one of India’s youngest cross-border payments fintechs to secure PA-CB approval.
- Platform serves over 10,000 customers, majority being MSME exporters.
- BRISKPE targets scaling transaction volumes above USD 1 billion by end-2026.
- Operations integrate with global banks for collections and AD Category-I banks in India.
- Platform holds ISO 27001, SOC-II-Type-II certifications and is GDPR compliant.
- The Dubai Department of Finance and Ministry of Finance conducted the first government payment using the Digital Dirham issued by the Central Bank of the UAE.
- The settlement concluded in under two minutes without intermediaries involved.
- In January 2024, UAE authorities executed an international value transfer using Digital Dirham technology via the mBridge system, routing funds to Chinese recipients.
- Razorpay becomes one of a select cohort of fintechs authorised to facilitate both inward and outward cross-border payments with complete regulatory oversight.
- Indian businesses can accept payments in over 130 currencies through cards, wallets, and local bank transfers, achieving 95% success rates on international transactions.
- Global platforms can go live in India in real-time without setting up an India entity, accessing UPI, RuPay, EMIs, netbanking, and over 100 local methods via a single integration.
- Airpay Payment Services has secured approval from the Reserve Bank of India to operate as a cross-border payment aggregator.
- The company is now licensed to operate as a payment aggregator across online, physical and cross-border categories.
- Airpay projects a 30-40 per cent rise in processing volumes over the next 6-12 months.
- The company anticipates 20 per cent-plus revenue contribution from cross-border flows and onboarding over 50,000 merchants in the same period.
Akasa Air joins International Air Transport Association (IATA) as fifth Indian carrier member.
[Akasa Air, International Air Transport Association (IATA)]
Key Updates:
- Akasa Air becomes the fifth Indian airline to join IATA after Air India, Air India Express, IndiGo and SpiceJet.
- IATA members account for more than 80 per cent of global air traffic.
- Akasa Air qualified the IATA Operational Safety Audit (IOSA) in December, a mandatory prerequisite for membership.
- Akasa Air has served over 23 million passengers and connects 26 domestic and six international cities.
- Akasa Air aims to operate a fleet of 226 new Boeing 737 MAX aircraft over ten years and currently operates 31 aircraft of the same model.
- In FY25, Akasa Air registered a revenue growth of 49% and improved EBITDA margins by 50%.
- The airline registered industry-leading load factors of over 87% and grew ASKs by 48% compared to FY24.
- Unit Cost per Available Seat Kilometre (CASK), excluding fuel, reduced by 7%.
- Ancillary portfolio expanded to over 25 products, contributing to a diversified revenue model.
- Akasa Air carried nearly 100,000 tonnes of cargo by March 2025 and built a network of more than 1,150 corporate partners.
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- Indian carriers inducted 80 aircraft in calendar year 2025.
- 106 more aircraft are expected to be inducted in 2026.
- For the next 10-15 years, Indian carriers will induct about 100 aircraft annually given the orders of airlines like AI Group, IndiGo and Akasa.
- India has 843 aircraft as of now.
- Indian carriers (primarily Air India) are in double digits for wide-body aircraft, while Emirates has 250 wide bodies.
- Budget airline Akasa Air has announced its first flights from the Navi Mumbai International Airport from December 25, 2025.
- The first Akasa flight to Navi Mumbai Airport will commence from the national capital New Delhi.
- Akasa Air will operate the maiden flight between Delhi and Navi Mumbai International Airport on 25th December 2025.
- Scheduled flights connecting Navi Mumbai with Goa will commence effective 25th December 2025, Delhi and Kochi effective 26th December 2025, and Ahmedabad effective 31st December 2025.
- Indigo will also start operations from Navi Mumbai International Airport on December 25 and will connect NMIA to ten cities across India.
- Air India has signed a codeshare agreement with Latvia’s national carrier airBaltic to improve travel connectivity between India and the Baltic region.
- The airline announced the partnership on December 30, 2025.
- Under the unilateral codeshare, Air India has started placing its ‘AI’ flight code on airBaltic-operated services between Riga and several major European cities.
- Al Hind Air and FlyExpress received no-objection certificates from the Union Civil Aviation Ministry this week.
- Uttar Pradesh-based Shankh Air already holds an NOC and targets commercial launch in 2026.
- IndiGo and the Air India Group together control more than 90% of India’s domestic market, with IndiGo alone exceeding 65%.
State Bank of India (SBI) Projects 7.5% GDP Growth for FY26
[State Bank of India (SBI)]
Key Updates:
- The State Bank of India (SBI) projects India’s real GDP growth for FY26 could reach 7.5% following the revision of the base year to 2022-23.
- The National Statistical Office (NSO) first advance estimates place real GDP growth at 7.4% for FY26, an increase from the 6.5% recorded in FY25.
- The NSO projects Gross Value Added (GVA) growth at 7.3% and nominal GDP growth at 8% for the FY26 period.
- Per capita national income is projected to increase by ₹16,025 annually to reach ₹2,47,487 in FY26.
- The services sector is expected to expand by 9.1% in FY26, compared to the 7.2% growth recorded in the previous year.
- Industrial growth is estimated at 6.0% for FY26, supported by a manufacturing output growth of 7.0%.
- Agriculture and allied activities are projected to grow by 3.1% in FY26, down from 4.6% in FY25.
- Mining output is expected to decline by 0.7% in FY26, compared with a growth of 2.7% in FY25.
- The historical gap between GDP growth estimates from the Reserve Bank of India (RBI) and the NSO has remained within a range of 20–30 basis points.
- The NSO is scheduled to release the second advance estimates, incorporating additional data and revisions, on February 27, 2026.
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- India Ratings and Research (Ind-Ra) forecasts real GDP growth of 6.9% in FY27.
- Ind-Ra expects retail inflation to average 3.8% in FY27.
- Union government debt as a percentage of GDP is projected to decline to 55.5% in FY27 from an estimated 56.3% in FY26.
- Ind-Ra anticipates the Indian Rupee to average 92.26 against the US dollar in FY27, compared with 88.64 in FY26.
- Ind-Ra estimates total budget size to rise to Rs 52 lakh crore in FY27 from the budgeted Rs 50 lakh crore in FY26.
- Tax revenue is expected to fall short by Rs 2 lakh crore in FY26, to be offset through higher non-tax revenue and slightly lower capex.
- Fiscal deficit for FY26 is retained at the budgeted 4.4% of GDP, amounting to Rs 15.69 lakh crore in absolute terms.
- A report by SBI projected India’s GDP growth at 7.5 per cent for the second quarter.
- The rating agency ICRA expects a lower GDP print of 7 per cent for the quarter.
- For Q3 and Q4, RBI projected 6.4% and 6.2% respectively.
- The SBI Research estimates FY26 GDP growth at 7.3%–7.5%.
- Gross domestic GST collections for November 2025 are expected to be around Rs 1.49 lakh crore, registering 6.8 per cent YoY growth.
- The share of leading indicators reflecting growth in consumption and demand increased to 83 per cent in Q2, compared with 70 per cent in Q1.
- The actual Q2 GDP print is likely to be announced on November 28.
- India Ratings & Research (Ind-Ra) has projected India’s GDP to expand by 7.2% in the second quarter (July–September) of FY26.
- The Indian economy recorded a 5.6% growth in Q2 of FY25 and 7.8% growth in the April–June quarter of the current fiscal.
- The National Statistical Office (NSO) is scheduled to release the official GDP numbers for Q2 FY26 on November 28.
- Ind-Ra identified private consumption as a leading growth driver from the demand side and the resilient services sector along with favourable base-led goods exports growth in manufacturing as supply-side drivers for Q2 FY26.
- Retail inflation has eased faster than anticipated by both Ind-Ra and the Reserve Bank of India (RBI).
- Ind-Ra estimates private consumption to have grown 8% year-on-year in Q2 FY26, compared to 7% in Q1 and 6.4% in Q2 FY25.
- The agency stated that investment demand grew 7.5% year-on-year during Q2 FY26.
- Ind-Ra cautioned that nominal GDP growth may have dipped below 8% year-on-year in Q2 FY26.
- India’s real GDP expanded 8.2% in Q2 FY26, according to the Ministry of Statistics and Programme Implementation (MoSPI).
- MoSPI estimates India’s first-half (H1) FY26 real GDP growth at 8.0%.
- Real Gross Value Added (GVA) increased 8.1% in Q2 FY26.
- The secondary sector grew 8.1% and the tertiary sector grew 9.2% in Q2 FY26.
- Manufacturing output rose 9.1% in Q2 FY26.
- Financial, real estate, and professional services grew 10.2% in Q2 FY26.
- Real Private Final Consumption Expenditure (PFCE) grew 7.9% in Q2 FY26.
- Government consumption (GFCE) contracted 2.7% in Q2 FY26.
- Gross Fixed Capital Formation (GFCF) rose 7.3% in Q2 FY26.
- Exports grew 5.6% and imports increased 12.8% in Q2 FY26.
IREDA MoU Performance Review 2024-25: 96.42/100 Score
[Indian Renewable Energy Development Agency (IREDA), Ministry of New and Renewable Energy (MNRE)]
Key Updates:
- IREDA secured an ‘Excellent’ MoU rating for the fifth consecutive year with the Ministry of New and Renewable Energy (MNRE), scoring 96.42 out of 100.
- Union Minister for New and Renewable Energy Shri Pralhad Joshi stated the sustained top-tier performance reflects the organisation’s institutional strength, reform-driven governance, and professional execution.
- IREDA’s CMD Shri Pradip Kumar Das said the recognition is a testament to the dedication of employees, trust of stakeholders, and consistent guidance of the Government of India.
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- The Department of Public Enterprises (DPE) has rated the Indian Railway Finance Corporation Limited (IRFC) as 'excellent' for the financial year 2024-25.
- This achievement marks the fifth consecutive year that IRFC has received the highest performance rating since its listing in FY 2020-21.
- IRFC has achieved its annual sanction guidance of ₹60,000 crore for FY 2025-26 by the end of the third quarter (Q3).
- Established in 1986, IRFC is a Navratna CPSE under the administrative control of the Ministry of Railways.
- The mandate of IRFC includes financing railway projects and related infrastructure such as metro rail, ports, logistics, and power generation.
- IIM Ranchi has received an international accreditation from the Association of MBAs (AMBA).
- AMBA accreditation is internationally regarded as one of the most respected and selective global benchmarks in postgraduate management education.
- The Institute received recognition with the 4 Palmes of Excellence in the Eduniversal Best Business Schools Ranking 2025.
- The Eduniversal ranking system spans 154 countries and evaluates over 1,000 business schools.
- The 4 Palmes of Excellence identify institutions with a strong and growing international impact.
- The National Test House (NTH), under the Department of Consumer Affairs, has signed a Memorandum of Understanding with the Defence Materials and Stores Research & Development Establishment (DMSRDE), a DRDO laboratory.
- Both institutions will extend mutual support in testing and evaluation services, particularly when specialised facilities are not available in-house.
- The collaboration is expected to promote knowledge sharing and skill development among scientific and technical personnel.
- City Union Bank Ltd. secured a $50 million commitment from International Finance Corporation (IFC).
- International Finance Corporation (IFC) is a member of the World Bank Group.
- The financing is aimed at supporting MSMEs in transitioning to energy-efficient and cost-effective solutions.
- City Union Bank Ltd. is a private bank established in 1904.
- This partnership will support India’s efforts to accelerate its transition to net-zero by 2070.
- Kamakodi N is the Managing Director and Chief Executive Officer of CUB.
- Imad N. Fakhoury is the IFC Regional Division Director for South Asia.
Centre for Development of Advanced Computing (C-DAC) deploys PARAM SHAKTI supercomputer at Indian Institute of Technology Madras (IIT Madras)
[Centre for Development of Advanced Computing (C-DAC), Indian Institute of Technology Madras (IIT Madras)]
Key Updates:
- PARAM SHAKTI hosts the indigenous PARAM RUDRA system and delivers a peak computing capacity of 3.1 petaflops.
- The facility runs on open-source software including AlmaLinux and an indigenously developed system software stack by C-DAC.
- The system supports research applications in aerospace engineering, materials science, climate modelling, combustion studies, molecular dynamics, nuclear sciences, and drug discovery.
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- The National Commission for Women has launched SHAKTI Scholars: NCW’s Young Research Fellowship programme.
- The fellowship invites applications from citizens aged 21 to 30 years with a minimum qualification of graduation from a recognised institution.
- Selected candidates will receive a research grant of one lakh rupees to undertake a six-month research study on women-centric policy issues.
- Union Finance Minister Nirmala Sitharaman launched Cyient AI Labs (CyAILS) — 'VijAIpatha' — to provide Artificial Intelligence, STEM and Robotics education in government schools.
- Under the pilot phase, five world-class AI, STEM and Robotics laboratories are being established in government schools, starting with a girl's government school in Hosapete taluk.
- Each lab will be equipped with high-performance computers, AI-ready software, robotics kits, IoT devices, sensors and secure broadband connectivity.
- The programme integrates CBSE's AI curriculum and is aligned with NEP 2020, Digital India and the mission of Viksit Bharat 2047.
- The initiative targets rural and semi-urban areas, aiming to build early digital fluency, computational thinking and innovation capacity among students.
- It will benefit over 2,000 students and train more than 200 teachers, serving as a scalable CSR model for national AI education rollout.
- The Indian Institute of Technology, Indore (IIT-I) is positioning Hindi as a functional language for scientific and technological learning to improve comprehension and widen access to knowledge.
- The initiative is being driven through Abhyuday-3, a two-day National Technical Hindi Seminar organized by IIT-I in collaboration with IIT Jodhpur and the CSIR–National Institute of Science Communication and Policy Research.
- At the institute, select first-year lectures are being delivered in Hindi and research abstracts are being compiled in accordance with prescribed official language standards.
- The seminar resulted in the release of Smarika, a compilation of 26 peer-reviewed research papers written in Hindi covering science, engineering, digital technology, and innovation.
- The program aims to strengthen technical Hindi to ensure wider dissemination of knowledge and reinforce the linguistic diversity of India.
- The fifth edition of the joint military exercise 'Harimau Shakti' is being held at Mahajan Field Firing Range from December 5-18.
- The Indian contingent is represented mainly by troops from the Dogra Regiment.
- The Malaysian side is represented by troops from the 25th Battalion Royal Malaysian Army.
- The exercise aims to jointly rehearse conduct of sub-conventional operations under Chapter VII of United Nations mandate.
- The scope includes synergising joint responses during counter-terrorist operations, cordon, search and destroy missions, and heliborne operations.
- Army Martial Arts Routine, combat reflex shooting, and yoga are part of the exercise curriculum.
- Both sides will rehearse drills to secure helipads and undertake casualty evacuation during counter-terrorist operations.