South Indian Bank partners with Employees' Provident Fund Organisation (EPFO) to launch EPF payment services
[Employees' Provident Fund Organisation]
Key Updates:
- South Indian Bank has integrated EPFO payment services into its internet banking platform SIBerNet.
- Employers and establishments can now remit EPF contributions, dues, remittances and related charges directly through the EPFO portal using South Indian Bank's net banking facility.
- The integration was completed between the Thrissur-based bank and EPFO.
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- Dr. Mansukh Mandaviya, Union Minister for Labour and Employment, chaired the 239th meeting of the Central Board of Trustees (CBT) of the Employees' Provident Fund (EPF) in New Delhi.
- The CBT recommended an annual interest rate of 8.25% to be credited to EPF accumulations for the financial year 2025-26.
- The government will officially announce the 8.25% interest rate before EPFO credits it into subscribers' accounts.
- The Board approved a one-time amnesty scheme to address compliance issues arising from trusts recognized by income tax.
- New simplified SOP on EPF exemption and updated EPF, EPS, and EDLI schemes aligned with the Code on Social Security, 2020, were approved to enhance efficiency, transparency, and ease of compliance.
- Union Minister for Labour and Employment and Youth Affairs and Sports, Mansukh Mandaviya, announced that EPFO offices will be revamped into modern, technology-enabled, single-window service centres.
- All upcoming and several existing EPFO offices will be redesigned on the lines of passport seva kendras, allowing citizens to resolve any EPF-related issue at any regional office nationwide.
- EPFO will undertake mission-mode KYC verification and launch a dedicated digital platform for simplified claim filing and faster settlements.
- Claims up to ₹5 lakh are now settled automatically and withdrawals of up to 75 percent of EPF balances have been eased.
- EPFO will introduce EPF Suvidha Providers—authorised facilitators to assist members in accessing benefits and resolving grievances.
- 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.
- 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.
Ministry of Statistics and Programme Implementation (MoSPI) reports CPI inflation at 3.2% for February 2026
[Ministry of Statistics and Programme Implementation]
Key Updates:
- India’s retail inflation quickened to 3.2% in February 2026, a 10-month high, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on 12 March 2026.
- CPI inflation was last higher in April 2025 at 3.3%.
- Food and beverages inflation rose to 3.35% in February 2026 from 2.1% in January 2026.
- Inflation in ‘paan, tobacco and intoxicants’ increased to 3.5% in February 2026 from 2.9% in January 2026.
- Core inflation, excluding food & beverages and electricity, gas & other fuels, remained unchanged at 3.4% between January and February 2026.
- Inflation in ‘personal care, social protection and miscellaneous goods & services’ stood at 19.6% in February 2026, up from 19.02% in January 2026, driven by higher prices of precious metals.
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- Retail inflation stood at 2.75 per cent in January 2026 under the new Consumer Price Index (CPI) series with base year 2024=100.
- Year-on-year inflation based on the All India CPI (Base 2024) for January 2026 stood at 2.75 per cent (provisional) compared with January 2025.
- The corresponding inflation rates were 2.73 per cent for rural areas and 2.77 per cent for urban areas.
- Food inflation based on the Consumer Food Price Index (CFPI) stood at 2.13 per cent, with rural food inflation at 1.96 per cent and urban food inflation at 2.44 per cent.
- Housing inflation for January 2026 stood at 2.05 per cent, with rural housing inflation at 2.39 per cent and urban housing inflation at 1.92 per cent.
- The new CPI series replaces the earlier 2012 base and is based on the Household Consumption Expenditure Survey 2023-24.
- The revised framework adopts 12 consumption divisions in place of six earlier groups, in line with the Classification of Individual Consumption According to Purpose (COICOP) 2018 framework.
- The total number of weighted items has increased to 358 from 299 earlier, with goods items rising to 308 from 259 and services items increasing to 50 from 40.
- The series introduces rural house rent for the first time and strengthens coverage of modern consumption patterns such as online services and cleaner fuels like CNG and PNG.
- India’s headline retail inflation based on the Consumer Price Index (CPI) rose to 1.33 per cent in December 2025 from 0.71 per cent in November.
- Retail food prices fell 2.71 per cent year-on-year in December after falling by 3.91 per cent the previous month.
- The December 2025 retail inflation figure is the last under the existing CPI series; a new series with base year 2024 will be introduced next month.
- The October–December CPI inflation averaged ~0.8 per cent, about 20 basis points higher than the Monetary Policy Committee’s Q3FY26 forecast.
- Core inflation rose to 4.6 per cent in December from 4.4 per cent the previous month, driven by gold and silver price surges.
- Gold inflation hit a record high of 68.66 per cent and silver inflation reached 97.07 per cent in December.
- Excluding gold and silver, December CPI inflation would have been 0.26 per cent.
- The Reserve Bank of India (RBI) expects inflation to average around 4 per cent in the first half of 2026-27.
- Wholesale price inflation recorded at 0.83% in December 2025, returning to positive territory after negative readings of (-)0.32% in November and (-)1.21% in October.
- Retail inflation rose to 1.33% in December from 0.71% in November, driven by rising food prices.
- Deflation in vegetables narrowed to 3.50% in December from 20.23% in November.
- Inflation in manufactured products increased to 1.82% in December from 1.33% in November.
- Deflation in fuel and power sectors continued at 2.31% in December compared to 2.27% in November.
- Reserve Bank of India (RBI) has cut policy interest rates by 1.25 percentage points during the current fiscal year.
- RBI lowered inflation projection for the current fiscal to 2% from the earlier 2.6%.
- RBI reduced key policy interest rates by 25 basis points to 5.25% last month.
- RBI raised FY26 GDP growth projection to 7.3% from the previous 6.8%.
- India registered GDP growth of 8.2% in the September quarter and 7.8% in the June quarter.
- Headline inflation rose to 0.71% in November 2025, up from 0.25% in October.
- The All India Consumer Food Price Index (CFPI) shows a year-on-year inflation rate of -3.91% for November 2025.
- Rural headline inflation reached 0.10% in November 2025, up from -0.25% in October.
- Urban headline inflation increased to 1.40% in November 2025 from 0.88% in October.
- Fuel and light inflation stood at 2.32% year-on-year in November 2025, rising from 1.98% in October.
V O Chidambaranar Port Authority (VOCPA) launches India’s first Digital Twin platform for major ports
[V O Chidambaranar Port Authority]
Key Updates:
- V O Chidambaranar Port Authority (VOCPA) in Tuticorin, Tamil Nadu, became the first major port in India to implement a comprehensive Digital Twin platform for port management.
- Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal inaugurated the platform on 23 February 2026 as part of infrastructure projects worth over ₹1,500 crore at the port.
- The Digital Twin platform creates a real-time virtual replica of the port’s infrastructure, operational assets and maritime ecosystem using IoT sensors, GPS tracking, LiDAR mapping, drone imaging and CCTV networks.
- The system enables real-time monitoring of berth occupancy, vessel movements, crane utilisation and yard capacity, and supports predictive maintenance of cargo handling equipment through AI-based asset monitoring.
- The platform facilitates berth and traffic optimisation, reduces congestion and waiting time, and provides energy and emissions tracking for sustainability management.
- From April 2025 to January 2026, VOCPA handled 35.97 million tonnes of cargo, up six per cent year-on-year, including a record four million tonnes in January 2026.
- Container volumes rose 9.4 per cent to more than 716,000 TEUs during the same period.
- VOCPA has also installed an advanced anti-drone system to strengthen security of critical infrastructure.
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- Sagar Defence Engineering (SDE) laid the foundation stone for the world's first Autonomous Maritime Shipbuilding and Systems Centre at Juvvaladinne fishing harbour in Nellore district, Andhra Pradesh.
- The Government of Andhra Pradesh authorised the allocation of 29.58 acres of land for the project to enable direct sea access for vessel construction, testing, and deployment.
- The centre will focus on developing platforms such as Unmanned Surface Vessels (USVs), Autonomous Underwater Vehicles (AUVs), and intelligent navigation systems.
- The facility will deploy digital twin technology to create virtual replicas of vessels and shipyard infrastructure for performance simulation and design optimisation.
- Manufacturing operations will include robotic fabrication systems for automated welding, cutting, painting, and assembly.
- The shipyard will utilise Autonomous Material Handling (AMH) systems, including robots and Automated Guided Vehicles (AGVs), to transport components.
- The facility will employ additive manufacturing (3D printing) for the rapid production of specialised maritime components and spare parts.
- The initiative aims to support smart fishing fleet networks by providing real-time fish location maps and weather alerts through satellite and cloud-based systems.
- V.O. Chidambaranar Port Authority (VOC Port) has become the first port in India to implement an advanced Anti-Drone System to strengthen maritime and coastal security.
- The VOC Port Authority signed an agreement for the project with Central Electronics Limited (CEL), a Government of India enterprise under the Department of Scientific & Industrial Research (DSIR), Ministry of Science & Technology.
- The project involves the deployment of an integrated Radio Frequency (RF) and radar-based drone detection and jamming system with 360-degree coverage and an operational range of up to 5 km.
- The security setup includes a drone detector, drone detection radar, and a man-pack jammer to facilitate real-time tracking, classification, and neutralisation of unauthorised drones.
- The initiative is aligned with the Maritime India Vision (MIV) 2030 and Amrit Kaal Vision 2047, with the project scheduled for completion within three months.
- Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal inaugurated and laid foundation stones for projects worth more than Rs 1,500 crore at V. O. Chidambaranar Port Authority (VOC Port) in Tuticorin.
- Projects span rail and road connectivity upgrades, power infrastructure enhancement, renewable energy integration including solar, wind, battery storage and green hydrogen production, advanced safety systems and digital platforms.
- VOC Port became the first Indian port to produce and use green hydrogen on-site through a pilot project operational since late 2025, with commercial-scale development planned by 2029.
- India’s first comprehensive Digital Twin platform for real-time monitoring, predictive maintenance and data-driven optimisation has been deployed at VOC Port.
- From April 2025 to January 2026 cargo handling rose 6 per cent to 35.97 million tonnes and container volumes increased 9.4 per cent to more than 716,000 TEUs.
- Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), Jawaharlal Nehru Port Authority, V.O. Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corporation Limited (SMFCL) signed an agreement on Tuesday to form Bharat Container Shipping Line (BCSL).
- The agreement provides for joint funding of up to ₹15,000 crore for eligible projects aimed at port capacity expansion under the Sagarmala Programme and the PM Gati Shakti National Master Plan.
- India will place orders for 15 domestically manufactured container vessels through BCSL during fiscal 2026-27 as part of a strategy to procure 51 vessels in the next five years under phase one.
- The initiative is aligned with the Container Manufacturing Assistance Scheme (CMAS) announced in Union Budget 2026-27.
US and Israel strikes on 12 March 2026 damage UNESCO World Heritage sites in Iran
[United States, Israel, Iran]
Key Updates:
- The United Nations Educational, Scientific and Cultural Organization (UNESCO) verified damage to at least four cultural and historical sites in Iran following strikes by the United States (US) and Israel.
- The affected landmarks include the Qajar-era Golestan Palace in Tehran, the 17th-century Chehel Sotoun Palace in Isfahan, and the Masjed-e Jame, which is the oldest Friday mosque in Iran.
- Damage was reported near the Khorramabad Valley, a site containing five prehistoric caves and a rock shelter with evidence of human occupation dating back to 63,000 B.C.
- Iran and Lebanon have submitted a formal request to UNESCO to include additional locations on the agency’s enhanced protection list.
- UNESCO confirmed that heritage sites in other regions have also been impacted by the conflict, including Tyre in Lebanon and the White City in Israel.
- The US government announced its intention to withdraw from UNESCO by December, following a previous announcement made in July.
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- Dr Tedros Adhanom Ghebreyesus is the Director-General of the World Health Organisation (WHO).
- He described the damage to Gandhi Hospital in Tehran as extremely worrying and stated that health facilities are protected under international humanitarian law.
- Mohammad Raeiszadeh heads Iran's Medical Council and reported that the hospital's IVF department was destroyed by the strike.
- Janina Dill, an international law expert at Oxford University, noted that the status of media outlets as military targets during conflict can be contested.
- Dr Michael Becker, assistant professor of law at Trinity College Dublin, stated that deliberate strikes on civilian sites are illegal under international law unless those sites are used for military purposes.
- The European Union (EU) foreign ministers agreed to add Iran’s Islamic Revolutionary Guard Corps (IRGC) to the bloc’s terrorist list on 29 January 2026.
- EU foreign policy chief Kaja Kallas announced the designation on social media platform X.
- The sanctions target the IRGC, Iranian officials, and entities responsible for internet censorship.
- The IRGC is currently led by General Mohammad Pakpour, appointed after his predecessor Hossein Salami was killed in an Israeli strike during the 12-day war in June 2025.
- Protests in Iran began on 28 December 2025 after a sharp fall in the currency value and spread nationwide.
- The US-based Human Rights Activists Network reported nearly 6,000 civilians killed in the crackdown.
- Iran’s foreign minister Seyed Abbas Araghchi criticised the EU move on social media platform X, accusing Europe of fanning the flames of conflict in the Middle East.
- Charax Spasinou, founded in 324 BCE near the Tigris River, was one of Alexander the Great’s final planned settlements.
- Drones captured thousands of aerial images and magnetometers scanned the soil to build a digital map without excavation.
- The survey revealed wide streets, oversized housing blocks, temples and kiln-equipped industrial workshops across more than 500 square kilometres.
- Pottery, bricks and industrial debris scattered across the surface helped archaeologists confirm the city’s extent.
- Israel’s long-range Arrow-2 and Arrow-3 interceptors engage targets inside and outside the atmosphere and are developed by Israel Aerospace Industries (IAI) with Boeing producing the interceptors.
- David's Sling mid-range system, developed jointly by Rafael Advanced Defense Systems and RTX Corp, intercepts ballistic missiles fired from 100–200 km as well as aircraft, drones and cruise missiles.
- Short-range Iron Dome, operational since 2011, uses radar-guided missiles to destroy rockets, mortars and drones in mid-air and determines whether a rocket will hit a populated area before engaging.
- A naval version of Iron Dome was deployed in 2017 to protect ships and sea-based assets.
- Ground-based high-power laser system Iron Beam, developed for over a decade and declared fully operational in late 2025, intercepts UAVs and mortars at lower cost than missile-based interceptors.
- United States (US) military deployed Terminal High Altitude Area Defense (THAAD) to Israel in October 2024 to intercept short, medium and intermediate-range ballistic missiles in their terminal phase.
- US ground-based systems and a US Navy destroyer in the Eastern Mediterranean helped shoot down Iranian missiles fired at Israel in June 2025.
- Israeli combat helicopters and fighter jets have fired air-to-air missiles to destroy drones heading toward Israel.