Arun Mammen re-elected as Chairman of Automotive Tyre Manufacturers' Association (ATMA).
[Automotive Tyre Manufacturers' Association]
Key Updates:
- Arun Mammen, Vice Chairman and Managing Director of MRF Ltd, was re-elected as Chairman of the Automotive Tyre Manufacturers' Association (ATMA).
- Rajarshi Moitra, Managing Director of Bridgestone India Pvt Ltd, was appointed Vice Chairman of ATMA.
- Sanjay Chatterjee will succeed Rajiv Budhraja as Director General of ATMA on 31 March 2026.
- ATMA, established in 1975, represents India’s over $12 billion automotive tyre industry.
- ATMA member companies account for more than 80 per cent of India’s tyre production.
- India exports tyres worth around $250–260 million annually to West Asia.
- ATMA warned that the West Asia crisis could disrupt exports, raise raw material costs, and strain logistics.
- Crude derivatives constitute 60–70 per cent of tyre manufacturing input costs.
Similar Coverage
- The Gujarat government appointed Uday Kotak as chairman of Gujarat International Finance Tec-City Company Ltd (GIFT City).
- Uday Kotak is the founder of Kotak Mahindra Bank.
- He chaired the 2017 SEBI Committee on Corporate Governance that recommended sweeping governance reforms.
- The Institute of Chartered Accountants of India (ICAI) elected CA Prasanna Kumar D as its 74th President for the 2026–27 term.
- CA Mangesh Pandurang Kinare was elected as Vice-President of ICAI for 2026–27.
- Prasanna Kumar D served as Vice-President of ICAI during 2025–26.
- He was a member of the ICAI Central Council in its 24th, 25th, and 26th Councils.
- He chaired the Visakhapatnam Branch of ICAI in 2001–02 and the Southern India Regional Council in 2013–14.
- As President, he will chair ICAI’s Executive, Finance, Disciplinary, and Examination Committees and serve as Editor in Chief of The Chartered Accountant journal.
Ministry of Statistics and Programme Implementation (MoSPI) Reports India Unemployment Rate at 4.9% in February 2026
[Ministry of Statistics and Programme Implementation]
Key Updates:
- The Ministry of Statistics and Programme Implementation (MoSPI) released the Periodic Labour Force Survey (PLFS) data for February 2026.
- India’s overall unemployment rate eased to 4.9% in February from 5% in January, based on the Current Weekly Status (CWS).
- The female unemployment rate declined to 5.1% in February from 5.6% in January, while the male unemployment rate remained unchanged at 4.8%.
- Urban unemployment dropped to 6.6% from 7% in the previous month, while the rural unemployment rate held steady at 4.2%.
- Youth unemployment in the 15-29 years age group rose slightly to 14.8% in February from 14.7% in January.
- The Labour Force Participation Rate (LFPR) remained unchanged at 55.9%, with female LFPR increasing to 35.3% from 35.1%.
- The Worker Population Ratio (WPR), or employment rate, rose to 53.2% in February compared with 53.1% in January.
- The survey covered 89,333 households and 374,879 individuals across rural and urban areas to track employment activity.
Similar Coverage
- The National Statistics Office (NSO) released the Periodic Labour Force Survey (PLFS) data for the third quarter (Q3) of 2025–26, covering the October–December period.
- India's unemployment rate for persons aged 15 years and above eased to a three-quarter low of 4.8 per cent in Q3 FY26.
- The unemployment rate in rural areas fell to 4 per cent from 4.4 per cent in Q2, while the urban unemployment rate declined to 6.7 per cent from 6.9 per cent.
- The Labour Force Participation Rate (LFPR) rose to 55.8 per cent in Q3 from 55.1 per cent in the second quarter (Q2), driven by higher women participation.
- Youth unemployment for the 15–29 age group declined to 14.3 per cent from 14.8 per cent in the previous quarter.
- Joblessness among young women fell to 16.6 per cent from 17 per cent, while unemployment among young men dropped to 13.5 per cent from 14.1 per cent.
- The share of self-employed workers rose to 56.3 per cent in Q3, while the proportion of regular salaried workers declined to 24.9 per cent.
- Employment in the agriculture sector increased to 43.2 per cent, whereas the share of workers in the secondary sector edged down to 24 per cent.
- The NSO uses the Current Weekly Status (CWS) framework, classifying a person as unemployed if they did not work for even one hour during the reference week.
- The survey methodology employs a rotational panel sampling design where selected households are surveyed four times across rural and urban areas.
- The Periodic Labour Force Survey (PLFS) released by the Ministry of Statistics and Programme Implementation (MoSPI) reported the unemployment rate for persons aged 15 years and above at 4.8 per cent in December 2025.
- The rural unemployment rate remained stagnant at 3.9 per cent, while the urban unemployment rate increased to 6.7 per cent from 6.5 per cent in the previous month.
- The Worker Population Ratio (WPR) among persons aged 15 years and above improved to 53.4 per cent in December 2025 from 53.2 per cent in November 2025.
- The overall labour force participation rate (LFPR) among persons aged 15 years and above rose to 56.1 per cent in December 2025 compared to 55.8 per cent in November 2025.
- Crisil Intelligence expects India's real Gross Domestic Product (GDP) growth to moderate to 7.1 per cent in FY27.
- The conflict in West Asia is identified as a downside risk to the economic outlook due to its impact on crude oil and commodity prices.
- Retail inflation is projected to rise to 4.3 per cent in FY27 from an estimated 2.5 per cent in FY26.
- The Reserve Bank of India (RBI) is expected to hold the repo rate steady in FY27 to focus on transmitting the 125 basis points (bps) rate cut implemented in calendar year 2025.
- Headline retail inflation is likely to remain close to the central value of the RBI tolerance band.
- The new Consumer Price Index (CPI) 2024 series has a reduced weight for food, which is expected to contain the upside to headline inflation.
- Export growth is anticipated to maintain momentum, supported by lower United States (US) tariffs relative to FY26 and robust services exports.
- Economic growth will be supported by robust private consumption and a recovery in private capital expenditure (capex) driven by emerging sectors.
- Inflation is expected to normalise assuming a normal monsoon in 2026 and benign food prices.
- The International Labour Organization (ILO) estimates global unemployment at 186 million people in 2026.
- The ILO warns that 465 million jobs depend on foreign demand through exports of goods and services and related supply chains.
- Nearly 300 million workers live in extreme poverty on less than $3 a day.
- About 2.1 billion workers are expected to hold informal jobs in 2026 with limited social protection and job security.
- Youth unemployment among 15 to 24-year-olds is projected at 12.4% for 2025, with 260 million young people not in education, employment or training.
- Women account for only two-fifths of global employment, highlighting entrenched gender inequalities.
Department for Promotion of Industry and Internal Trade (DPIIT) eases FDI rules for firms with up to 10% Chinese shareholding.
[Department for Promotion of Industry and Internal Trade]
Key Updates:
- Department for Promotion of Industry and Internal Trade (DPIIT) notified that overseas companies with Chinese shareholding up to 10% can invest in India through the automatic route, subject to sectoral limits and conditions.
- The relaxation does not apply to entities incorporated in China, Hong Kong or other countries sharing land borders with India.
- Earlier, foreign firms with any shareholding link to such nations required mandatory government approval for investments across sectors.
- The term 'beneficial owner' will carry the same meaning as defined under Section 2(1)(fa) of the Prevention of Money-laundering Act (PMLA), 2002.
- Under PMLA rules, controlling ownership interest refers to entitlement to more than 10% of shares, capital or profits in a company.
- Investments from entities having any direct or indirect ownership link with citizens or firms from land-bordering nations will have to follow additional reporting requirements under the standard operating procedure prescribed by DPIIT.
- The decision to ease the norms was cleared by the Union Cabinet last week.
- The government had earlier tightened the FDI policy through Press Note 3 (2020) on April 17, 2020, to prevent opportunistic takeovers of Indian companies during the Covid-19 pandemic.
- DPIIT indicated that proposals for FDI from these countries in specified sectors will be considered under an expedited approval mechanism with a 60-day timeline.
- Countries sharing land borders with India include China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.
- China currently ranks 23rd in FDI equity inflows into India, accounting for 0.32% share, or USD 2.51 billion, between April 2000 and December 2025.
Similar Coverage
- Union Cabinet chaired by Prime Minister Narendra Modi amended FDI guidelines for countries sharing land border with India (LBCs).
- Beneficial Ownership (BO) definition now aligns with Prevention of Money Laundering Rules 2005 and applies at investor entity level.
- Non-controlling LBC Beneficial Ownership up to 10 percent allowed under automatic route subject to DPIIT reporting.
- LBC investment proposals in capital goods, electronic components, polysilicon and ingot-wafer manufacturing to be decided within 60 days.
- Cabinet Secretary’s Committee may revise the list of specified manufacturing sectors eligible for expedited clearance.
- Majority shareholding and control of investee entity must remain with resident Indian citizen(s) and/or resident Indian entity(ies) owned and controlled by resident Indian citizen(s) at all times.
- Changes stem from Press Note 3 (PN3) dated 17 April 2020 that mandated government route for LBC investments to curb opportunistic takeovers during COVID-19 pandemic.
- The e-B-4 Visa, introduced on January 1, allows Chinese businessmen to apply online without visiting the embassy or agents.
- It covers specific business activities such as installation and commissioning of equipment, quality check, essential maintenance, production, IT and ERP ramp-up, training, supply chain development, plant design, and senior management visits.
- Indian companies inviting Chinese nationals under this visa must register on DPIIT’s National Single Window System (NSWS) portal at https://www.nsws.gov.in/ under 'Login-Business User Login'.
- Applications are submitted online at https://indianvisaonline.gov.in under 'For e-Visa by Bureau of Immigration' with mandatory supporting documents.
- The Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the easing of FDI norms for all countries sharing land borders with India.
- The decision involves the amendment of Press Note 3 of 2020, which previously mandated prior government approval for investments from bordering nations in any sector.
- The target countries sharing land borders with India include China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan.
- China currently ranks 23rd in India's FDI equity inflow with a 0.32 per cent share, totalling 2.51 billion United States Dollar (USD) from April 2000 to December 2025.
- In the 2024-25 fiscal year, India's exports to China were 14.25 billion USD and imports were 113.45 billion USD, resulting in a trade deficit of 99.2 billion USD.
- During the April-January 2025-26 period, India's exports to China rose to 15.88 billion USD, while imports reached 108.18 billion USD.
- Following military tensions in June 2020, India banned over 200 Chinese mobile apps, including TikTok, WeChat, and Alibaba's UC browser.
- The Finance Ministry (MoF) is working to remove the registration requirement for bidders from bordering nations.
- The restrictions, imposed in 2020 after a deadly clash, required Chinese bidders to register with an Indian government committee and obtain political and security clearances.
- The measures effectively barred Chinese firms from competing for Indian government contracts estimated to be worth $700 billion to $750 billion.
- China's state-owned CRRC was disqualified from bidding for a $216 million train-manufacturing contract months after the restrictions were unveiled.
- The value of new projects awarded to Chinese bidders fell 27% from a year earlier to $1.67 billion in 2021.
- Curbs on imports from China of equipment for the power sector have hindered India's plans to raise its thermal power capacity to about 307 GW over the next decade.
- A high-level committee headed by former cabinet secretary Rajiv Gauba has recommended easing the restrictions.
- India and China restarted direct flights and New Delhi cut red tape to speed approvals for business visas for Chinese professionals after Modi visited China last year.
Ministry of Statistics and Programme Implementation (MoSPI) revises India’s Gross Domestic Product (GDP) base year to 2022–23
[Ministry of Statistics and Programme Implementation]
Key Updates:
- The Ministry of Statistics and Programme Implementation (MoSPI) has updated the base year for India’s Gross Domestic Product (GDP) from 2011–12 to 2022–23.
- The updated GDP series was officially released on 27 February 2026 and utilises the National Industrial Classification (NIC)-2025 for expanded coverage of economic activities.
- The base year for the Index of Industrial Production (IIP) has also been revised to 2022–23 to reflect the current industrial structure and manufacturing output.
- The Consumer Price Index (CPI) 2024 series now employs Computer Assisted Personal Interviewing (CAPI) for digital data collection through handheld devices.
- The Wholesale Price Index (WPI) system has been modernised with secure online data transmission and real-time submission of price data for improved verification.
- MoSPI has introduced nowcasting techniques to estimate current economic performance using high-frequency indicators such as GST collections, electricity consumption, and bank credit growth.
- The Economic Survey 2025–26 presents a framework that combines high-frequency indicators to estimate GDP growth in near real-time.
- Key indicators used for economic monitoring include railway freight, port cargo traffic, and the Manufacturing and Services Purchasing Managers' Index (PMI).
Similar Coverage
- The government will release the new GDP series on 27 February 2026, the new CPI series on 12 February 2026, and the new IIP series on 28 May 2026.
- The GDP base year has been revised to 2022-23 to reflect current economic structures.
- The CPI base year has been revised to 2024, updating the consumption basket and weights for rural and urban households.
- The IIP base year has been revised to 2022-23 and aligned with the new national accounts series.
- Base year revision is guided by respective Technical Advisory Committees comprising experts from Academia, Central and State governments, and the Reserve Bank of India (RBI).
- CPI and GDP follow the International Monetary Fund (IMF) Special Data Dissemination Standards (SDDS) covering coverage, periodicity, timeliness, public access, integrity, and quality of data.
- India’s Q3 FY26 GDP growth slowed to 7.8% from the preceding quarter’s 8.4%.
- The new GDP series uses 2022-23 as its base year, replacing the earlier 2011-12 series.
- MoSPI’s second advance estimate pegs FY26 GDP growth at 7.6%, up from the first advance estimate of 7.4%.
- Manufacturing posted double-digit growth in FY2023-24 and FY2025-26.
- The ‘Trade, Repair, Hotels, Transport, Communication & Services related to Broadcasting and Storage’ segment grew 10.1% in FY2025-26.
- Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) each rose over 7% in FY2025-26.
- The series adopts double deflation for agriculture and manufacturing to improve real value-added measurement.
- Proportional Denton Benchmarking replaces the pro-rata method for quarterly national accounts to align quarterly and annual estimates.
- India’s GDP growth slowed to 7.8% in Q3 FY26 from 8.4% in Q2 FY26 but exceeded ET poll estimate of 7.4%.
- GDP growth for FY26 has been revised upwards to 7.6% from the earlier first advance estimate of 7.4%.
- The new GDP series uses 2022-23 as the base year, replacing the previous 2011-12 series.
- Manufacturing sector recorded double-digit growth in FY2023-24 and FY2025-26.
- The ‘Trade, Repair, Hotels, Transport, Communication & Services related to Broadcasting and Storage’ segment grew by 10.1% in FY2025-26.
- Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) both grew by more than 7% in FY2025-26.
- The GDP series now incorporates double deflation for agriculture and manufacturing sectors.
- The Proportional Denton Benchmarking method has been adopted for aligning quarterly and annual GDP estimates.
- Crisil Intelligence expects India's real Gross Domestic Product (GDP) growth to moderate to 7.1 per cent in FY27.
- The conflict in West Asia is identified as a downside risk to the economic outlook due to its impact on crude oil and commodity prices.
- Retail inflation is projected to rise to 4.3 per cent in FY27 from an estimated 2.5 per cent in FY26.
- The Reserve Bank of India (RBI) is expected to hold the repo rate steady in FY27 to focus on transmitting the 125 basis points (bps) rate cut implemented in calendar year 2025.
- Headline retail inflation is likely to remain close to the central value of the RBI tolerance band.
- The new Consumer Price Index (CPI) 2024 series has a reduced weight for food, which is expected to contain the upside to headline inflation.
- Export growth is anticipated to maintain momentum, supported by lower United States (US) tariffs relative to FY26 and robust services exports.
- Economic growth will be supported by robust private consumption and a recovery in private capital expenditure (capex) driven by emerging sectors.
- Inflation is expected to normalise assuming a normal monsoon in 2026 and benign food prices.
Finance Ministry (DEA) reduces minimum public shareholding for IPOs to 2.5%
[Department of Economic Affairs]
Key Updates:
- Department of Economic Affairs (DEA) notified amendments to Securities Contracts (Regulation) Rules, 1957 on 13 March.
- Minimum mandated public shareholding of a listed stock reduced from 5% to 2.5%.
- Companies with post-issue capital ≤ ₹1,600 crore must offer at least 25% of each class of equity shares or debentures to the public.
- Companies with post-issue capital > ₹1,600 crore but ≤ ₹4,000 crore must offer at least a percentage equivalent to ₹400 crore.
- Companies with post-listing valuation > ₹4,000 crore but ≤ ₹50,000 crore must offer at least 10% of each share or debenture, subject to increasing public shareholding to at least 25% within three years.
- Companies with post-listing valuation > ₹50,000 crore but < ₹1 lakh crore must offer at least ₹1,000 crore and at least 8% of each share or debenture, subject to increasing public shareholding to at least 25% within three years.
- Companies with post-listing valuation > ₹1 lakh crore but ≤ ₹5 lakh crore must offer at least 2.75% of each share or debenture, subject to achieving specified timelines.
- Companies with post-listing valuation > ₹5 lakh crore must offer at least 1% of each share or debenture if public shareholding at listing is <15%, increasing to at least 15% within five years and 25% within ten years.
- Amendment clears the way for Reliance-owned Jio Platform and National Stock Exchange IPOs.
Similar Coverage
- Reserve Bank of India (RBI) approved SBI Mutual Fund’s proposal to acquire up to 9.99% of the paid-up share capital or voting rights in Bandhan Bank.
- RBI communicated the approval through a letter dated 25 February 2026.
- The approval is subject to compliance with the Banking Regulation Act, 1949; RBI (Commercial Banks’ Acquisition and Holding of Shares or Voting Rights) Directions, 2025 dated 28 November 2025; Foreign Exchange Management Act, 1999; and Securities and Exchange Board of India regulations.
- If SBI Mutual Fund fails to acquire the major shareholding within one year from RBI’s letter date, the approval will stand cancelled.
- SBI Mutual Fund’s aggregate holding must not exceed 9.99% of Bandhan Bank’s paid-up share capital or voting rights at any time.
- If SBI Mutual Fund’s aggregate holding falls below 5%, prior RBI approval is required to raise it back to 5% or more.
- Bandhan Bank shares closed 1.77% higher at ₹186.11 on NSE on Thursday.
- The Securities and Exchange Board of India (Sebi) has notified revamped Mutual Fund Regulations that will come into effect from April 1, 2026.
- Sebi has introduced a provision allowing mutual fund schemes to charge a base expense ratio (BER) linked to the performance of the scheme.
- The new regulations introduce the concept of a base expense ratio (BER) which represents only the fee charged by an Asset Management Company (AMC) for managing investors’ money.
- Levies such as brokerage, securities transaction tax, stamp duty, and exchange fees must now be disclosed separately rather than being aggregated under the total expense ratio.
- The brokerage ceiling in the cash market has been reduced to 6 basis points (bps) from an effective 8.59 bps.
- The net brokerage cap in the derivatives segment has been lowered to 2 bps from 3.89 bps.
- The framework expands the responsibilities of trustees and key managerial personnel to tighten oversight and reinforce governance standards across AMCs.
- The Department of Posts (DoP) and the National Stock Exchange of India (NSE) have signed a pact to expand mutual fund access through the NSE MF Invest platform.
- The partnership leverages the network of over 1.64 lakh post offices and the zero-cost NSE MF Invest platform to provide mutual fund products.
- The initiative will be rolled out in a phased manner, with the first phase focusing on Do-It-Yourself (DIY) investments with small, flexible amounts.
- The second phase will expand to the full mutual fund ecosystem, offering access to all open-ended schemes across 55 Asset Management Companies (AMCs).
- The second phase also includes goal-based investing, portfolio analytics, vernacular support, and enhanced advisory services.
- The initiative aims to bridge the gap in mutual fund penetration, which remains low at approximately 10 per cent of Indian households.
- The mutual fund industry in India has recorded Assets Under Management (AUM) surpassing ₹81 lakh crore with strong Systematic Investment Plan (SIP) inflows.
- Total Expense Ratio shall now be the sum of BER, brokerage, regulatory levies and statutory levies.
- Base expense ratio limits for equity-oriented schemes and other than equity oriented schemes under various AUM slabs have been cut by up to 15 basis points.
- Base expense ratio limit for index funds or ETF revised to 0.9 per cent from 1 per cent.
- Close-ended equity-oriented schemes BER limit now stands at 1 per cent as against 1.25 per cent.
- Maximum brokerage fee that mutual funds pay on cash market transactions halved to 6 bps from 12 bps.
- Brokerage cap for derivative transactions revised downwards to 2 bps from 5 bps, excluding applicable levies.
- SEBI removed the additional 5 bps expense allowance currently permitted to be charged to schemes with exit loads as a transitory measure.
Reserve Bank of India (RBI) imposes ₹2.70 lakh penalty on Manappuram Finance
[Reserve Bank of India, Manappuram Finance]
Key Updates:
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.70 lakh on Manappuram Finance.
- The penalty was levied for non-compliance with RBI guidelines regarding the compensation of Key Managerial Personnel (KMP).
- The company violated norms by paying the entire variable pay upfront to certain KMPs without deferring a portion of the compensation as required.
- The action followed a statutory inspection conducted by the RBI regarding the financial position of the company as of 31 March 2025.
Similar Coverage
- The Reserve Bank of India (RBI) has issued the draft RBI (Commercial Banks – Responsible Business Conduct) Second Amendment Directions, 2026, to tighten loan recovery rules.
- The new framework is scheduled to come into effect from July 1, 2026, following the Budget 2026 announcement by the Finance Minister Nirmala Sitharaman.
- Regulated entities and stakeholders are required to submit feedback on the draft directions on or before March 6, 2026.
- The draft directions apply to Commercial Banks, Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs), Urban Co-operative Banks (UCBs), and Regional Rural Banks (RRBs).
- Banks must implement a mandatory recovery policy, a code of conduct for recovery agents, and a formal grievance redressal mechanism.
- Recovery agents or bank employees are permitted to contact or visit borrowers only between 08:00 hours and 19:00 hours.
- The RBI has mandated that banks must record the content or text of all recovery-related calls and document the time and number of calls made to the borrower or guarantor.
- Recovery agents are strictly prohibited from contacting relatives, friends, or co-workers of the borrower and must interact only with the borrower or the guarantor.
- Banks are required to publish a list of all empanelled recovery agents on their branches, mobile applications, and websites.
- The draft explicitly bans harsh practices including the use of abusive language, sending inappropriate social media messages, making anonymous calls, and physical or verbal intimidation.
- For microfinance loans, recovery must occur at a mutually decided designated place, though field staff may visit residences if the borrower fails to appear on two or more successive occasions.
- Banks are prohibited from initiating legal action as a first resort and must provide a written notice before taking possession of security or initiating legal measures.
- Where a grievance is lodged by a borrower, the bank cannot forward the recovery case to an agent until the grievance is finally disposed of, unless the complaint is found to be frivolous.
- 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.
- 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.
- 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.
International Finance Corporation (IFC) provides $90 million to DCM Shriram
[International Finance Corporation, DCM Shriram]
Key Updates:
- DCM Shriram will receive $90 million from International Finance Corporation (IFC) through sustainability-linked non-convertible debentures.
- IFC is the World Bank Group’s private sector arm.
- The proceeds will fund expansion of DCM Shriram’s chemicals business.
Similar Coverage
- DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) and Citi jointly announced a USD 76 million co-financing package to Shriram Finance Ltd on 4 March 2026.
- DEG extended a 40 million euro loan, equivalent to around USD 46 million, to Shriram Finance Ltd.
- Citi provided a Rs 260 crore loan and acted as lead arranger and coordinator for the financing.
- The funding targets MSMEs, electric vehicle financing, women borrowers, underserved customers, and smallholder farmers across India.
- This marks the second collaboration between DEG and Citi after their 2024 co-financing support to CreditAccess Grameen.
- Piramal Finance secures USD 350 million in multilateral funding from IFC and ADB.
- IFC commits USD 200 million and ADB commits USD 150 million.
- Facilities have a five-year tenor and will be drawn in tranches through March 2026.
- Capital will be deployed to expand affordable housing, MSME, and women-focused lending in tier 2 and tier 3 cities.
- Piramal Finance targets an additional USD 150 million from development finance institutions, raising total pipeline to USD 500 million.
- In FY25, the NBFC raised USD 815 million via external commercial borrowings, with ECBs forming 9 percent of total borrowings.
- Shriram Finance will issue 47.11 crore equity shares at ₹840.93 apiece to Japan’s MUFG Bank.
- MUFG Bank will hold a 20% minority stake in Shriram Finance on a fully diluted basis.
- The deal requires approvals from shareholders and regulators including the Reserve Bank of India and the Competition Commission of India.
- An extraordinary general meeting is scheduled on January 14, 2026, to seek shareholder approval for the preferential issue.
- MUFG will be classified as a public shareholder upon completion of the transaction.
- MUFG will pay a one-time non-compete and non-solicitation fee of $200 million to Shriram Ownership Trust.
- Shriram Finance shares rose 2.62% to ₹892.70 apiece on the BSE after the announcement.
- The World Bank Group (WBG) and India announced a new Country Partnership Framework (CPF) envisaging USD 8-10 billion in annual financing over the next five years.
- The CPF is aligned with India's Viksit Bharat vision to become a developed economy by 2047 and was discussed between Finance Minister Nirmala Sitharaman and WBG President Ajay Banga.
- The partnership prioritises private sector-led job creation to accommodate the approximately 12 million young people entering India's labour market each year.
- The strategy focuses on five key sectors for job creation: infrastructure and energy, agribusiness, health care, tourism, and value-added manufacturing.
- The framework targets four strategic outcomes: boosting rural prosperity, supporting urban transformation, investing in energy security and core infrastructure, and strengthening resilience.
- India is the largest client of the WBG, with International Bank for Reconstruction and Development (IBRD) commitments of USD 20 billion across 79 projects.
- The International Finance Corporation (IFC) holds commitments of USD 16.72 billion across 174 projects in India.
- The Multilateral Investment Guarantee Agency (MIGA) has provided USD 618 million in guarantees for Indian projects.
Himachal Pradesh inks three MoUs with National Dairy Development Board (NDDB) to expand dairy infrastructure
[Himachal Pradesh, National Dairy Development Board]
Key Updates:
- The Himachal Pradesh government signed three MoUs with the National Dairy Development Board (NDDB) to strengthen the state’s dairy sector and improve milk processing infrastructure.
- Two milk processing plants of 20,000 litres per day capacity each will be set up at Nahan in Sirmaur district and Nalagarh in Solan district.
- Two milk chilling centres of 20,000 litres per day capacity each will be established at Jalari in Hamirpur district and Jhalera in Una district.
- An automated milk processing plant is being developed at Dhagwar in Kangra district at a cost of ₹250 crore; it will initially process 1.5 lakh litres of milk per day with potential to expand to 3 lakh litres.
- The Dhagwar plant is expected to become operational by October.
- Himachal Pradesh became the first state to offer the highest support price for milk procurement: cow milk raised from ₹32 to ₹51 per litre and buffalo milk from ₹47 to ₹61 per litre.
- A third MoU covers implementation of enterprise resource planning software in the state dairy federation to ensure transparency and efficient management.
Similar Coverage
- The Minister of State (MoS) for Cooperation, Murlidhar Mohol, announced the targets for White Revolution 2.0 in the Rajya Sabha.
- The initiative aims to increase milk procurement by dairy cooperatives by 50 per cent from the present level over the next five years.
- The government has set a target to increase milk procurement from 660 lakh kilograms per day to 1,007 lakh kilograms per day by the end of 2028-29.
- The government proposes to establish 75,000 new multipurpose Dairy Cooperative Societies (DCS) across the country to strengthen market access and enhance income opportunities.
- The programme focuses on bringing more women dairy farmers into the organised dairy cooperative sector to promote women’s empowerment and inclusive growth.
- The initiative aims to boost dairy cooperative coverage, generate employment, and improve nutritional availability across India.
- The Uttar Pradesh government signed a Rs 200-crore MoU with Germany-based RAILONE GmbH during Deputy Chief Minister Keshav Prasad Maurya’s visit to the company’s manufacturing plant in Germany.
- The MoU aims to provide Uttar Pradesh with access to advanced technology, high-quality standards and international expertise in rail infrastructure.
- The initiative targets strengthening connectivity, building a robust transport network and accelerating industrial development in Uttar Pradesh.
- Uttar Pradesh Braj Teerth Vikas Parishad will establish the national cow culture museum at Pandit Deendayal Upadhyaya Veterinary Science University in Mathura.
- The museum will display approximately 100 digital and symbolic models of cattle including all major breeds and endangered species.
- An exhibition dedicated to cow milk and its products will present scientific, nutritional, and Ayurvedic benefits using modern techniques.
- A dairy parlour will offer visitors pure dairy products on the museum premises.
- The project follows directives of Chief Minister Yogi Adityanath and aims to elevate the identity of the Braj region.
- ICAR and NDDB signed an MoU to deepen multidisciplinary research, innovation and capacity building across the entire dairy value chain.
- Partnership focuses on translating science into impact for millions of small and marginal dairy farmers.
- Key technical areas include integrated farming systems, climate resilience, low livestock productivity and value chain development.
- Initiatives will deploy modern technologies emerging from ICAR institutes for fodder, manure management, biogas utilisation and gaushala-based stray cattle management.
- NDDB and ICAR will jointly develop, validate and deploy technologies, share knowledge, run training programmes and create scalable, replicable models across diverse agro-climatic zones.
Gulf countries declare force majeure on gas exports after US-Israel war on Iran disrupts Strait of Hormuz shipping
[United States, Israel, Iran]
Key Updates:
- QatarEnergy halted gas liquefaction on 2 March, triggering global LNG market disruption.
- Kuwait Petroleum Corporation and Bahrain’s Bapco Energies declared force majeure days later.
- India invoked force majeure on 11 March to redirect gas supplies from non-priority to priority sectors.
- Iran’s Islamic Revolutionary Guard Corps (IRGC) and supreme leader Mojtaba Khamenei warned the Strait of Hormuz is closed to shipping.
- Qatar accounts for nearly 20% of global LNG supply, intensifying market shortages and price spikes.
- US LNG exporters could gain $4bn windfall profits in the first month, rising to $108bn over eight months if disruption persists.
- Omani trading house OQ declared force majeure to a Bangladeshi customer after Qatari supply halt.
Similar Coverage
- Indian Navy ships deployed under Operation Sankalp in the Gulf of Aden and the Gulf of Oman are on standby for humanitarian assistance and disaster relief (HADR) operations.
- Operation Sankalp was initiated in 2019 to safeguard Indian-flagged vessels and ensure maritime security amid rising threats to commercial shipping.
- Two Indian Navy ships, a frigate and a destroyer, are currently deployed for anti-piracy operations and the safety of merchant vessels.
- INS Surat is presently in Bahrain as part of a regional maritime security engagement.
- Prime Minister Narendra Modi chaired a Cabinet Committee on Security (CCS) meeting on March 1, 2026, to review the West Asia conflict and its implications for India.
- The CCS meeting was attended by Defence Minister Rajnath Singh, Home Minister Amit Shah, External Affairs Minister S. Jaishankar, and Finance Minister Nirmala Sitharaman.
- Iran announced the temporary closure of the Strait of Hormuz on Tuesday for live-fire exercises conducted by the Iranian Revolutionary Guard.
- The Strait of Hormuz, through which 20% of the world’s oil passes, was stated to be closed for several hours for safety and maritime concerns.
- Indirect talks between the United States and Iran over Iran’s nuclear programme took place in Geneva on Tuesday, marking the second round of such negotiations.
- US envoys Steve Witkoff and Jared Kushner led the US delegation at the indirect talks held at the residence of the Omani envoy to Geneva.
- Iranian Foreign Minister Abbas Araghchi expressed optimism, stating a new window has opened for reaching a negotiated solution.
- US Vice President JD Vance said the talks went well in some ways but noted Iran had not yet acknowledged US red lines.
- Iran last closed the strait during the Iran-Iraq war in the 1980s by mining the waterway.
- Oil prices fell after the talks, with US oil down 1.3% at $62.06 per barrel and Brent crude down 2.3% at $67.03 per barrel.
- The US has increased its military presence in the region, with aircraft carriers USS Abraham Lincoln and USS Gerald R. Ford deployed towards the Middle East.
- Kharg Island is a coral island located 25 km off the Iranian coast in the Persian Gulf, serving as the country's primary crude oil export terminal.
- The facility handles approximately 90% of Iran’s crude exports and has the capacity to load up to 7 million barrels of oil per day.
- Developed in the 1960s with assistance from the United States (US) company Amoco, the terminal is connected to southern Iranian oilfields via subsea pipelines.
- Satellite imagery from the European Union (EU) Copernicus Browser showed a very-large crude carrier at the island on 2 March during the US and Israel military campaign titled Operation Epic Fury.
- The island is situated near the Strait of Hormuz, a critical energy chokepoint that facilitates one-fifth of global oil shipments, primarily to Asian markets including China.
- White House energy adviser Jarrod Agen indicated that US strategic goals could involve seizing the island to restrict Iran's oil revenues.
- The Indian Coast Guard (ICG) and the Japan Coast Guard (JCG) conducted a joint Hazardous and Noxious Substances (HNS) response drill in Mumbai.
- Japan Coast Guard Commandant Admiral Yoshio Seguchi led a high-level delegation visiting the Indian Coast Guard Regional Headquarters West.
- Inspector General Bhisham Sharma, Commander, Coast Guard Region West, held a courtesy meeting with Admiral Seguchi.
- The joint training exercise was conducted onboard the Indian Coast Guard’s pollution response vessel ICGS Samudra Prahari.
- The ICG Pollution Response Strike Team and the JCG National Strike Team (NST) participated in the drills.
- Prior to the sea exercise, planning sessions, rehearsals, and classroom interactions were held in Mumbai focusing on response protocols for hazardous chemical spills at sea.
- A joint demonstration of HNS response procedures was reviewed by the JCG Commandant and the ICG Regional Commander onboard Samudra Prahari.
- The Japanese delegation also visited Mazagon Dock Shipbuilders Limited to gain insight into India’s shipbuilding capabilities.
India hosts BIMSTEC Young Professionals Exchange Programme in Maharashtra from 9 to 15 March 2026
[Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, Maharashtra]
Key Updates:
- India hosted the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Young Professionals Exchange Programme in Maharashtra from 9 to 15 March 2026.
- The programme brought together 30 young innovators, technology developers, and entrepreneurs from BIMSTEC member countries.
- The Ministry of External Affairs (MEA) stated that the initiative aimed to promote knowledge exchange and provide exposure to India’s innovation, start-up, and research ecosystems.
- The exchange programme was announced by Prime Minister Narendra Modi during the 6th BIMSTEC Summit to strengthen engagement among the youth of the Bay of Bengal region.
- Participants called on Maharashtra Chief Minister Devendra Fadnavis, who highlighted the state’s potential as a platform for international partnerships in technology.
Similar Coverage
- According to data shared by the Ministry of Education (MoE) in the Rajya Sabha, the number of Indian students travelling overseas for higher education fell from 9.08 lakh in 2023 to 6.26 lakh in 2025.
- The Bureau of Immigration under the Union Home Ministry recorded 7.7 lakh students going abroad in 2024, representing a cumulative decline of nearly 31 per cent over the three-year period.
- Minister of State for Education Sukanta Majumdar cited affordability, access to bank loans, and aptitude for specific disciplines as key determinants for overseas study decisions.
- Major study destinations including the United States (US), United Kingdom (UK), Canada, and Australia have implemented tighter immigration rules, higher financial proof requirements, and caps on certain visa categories.
- The MoE linked the decline to domestic strengthening of higher education under the National Education Policy (NEP) 2020, focusing on infrastructure, accreditation, and research.
- A total of 14 foreign institutions have received approval to set up campuses in India, while five overseas universities have been cleared to operate in GIFT City, Gujarat.
- The University of Surrey is among the international institutions that have announced plans to establish a physical presence in India.
- Indian students are increasingly diversifying to alternative destinations such as Germany, Ireland, and France due to lower tuition costs and clearer post-study work frameworks.
- IIT Guwahati (IIT-G) and Gifu University, Japan, jointly organised the two-day Japan-NER Academia-Industry Cooperation Symposium 2026 (JNTCS 2026).
- 22 institutions from Northeast India signed the Letter of Intent (LoI) to join the North East Region–Japan International Academic and Research Consortium.
- IIT-G will be the nodal institution on the Indian side and Gifu University the coordinating institution on the Japanese side.
- Japan designated Northeast India a strategic priority under the MEXT Inter-University Exchange Project in 2022.
- The consortium targets 5,000 students from Northeast Indian institutions visiting Japanese universities and an equal number coming to India within the next five years.
- The CSIR Integrated Skill Initiative has trained over 2 lakh workers across the country.
- During phase I and II, more than 1.90 lakh individuals were trained through 5200+ skill-based trainings, including special targeted initiatives for rural citizens and women.
- The third phase was officially launched in June 2025 by Dr. N. Kalaiselvi, Director General, CSIR, and Secretary, DSIR, with a reinvigorated focus on advanced skilling, bridging academia-industry gaps, and accelerating development and growth.
- The first year of the third phase has already trained more than 14,000 trainees by conducting 425+ training programmes across 37 CSIR laboratories, nationwide.
- The initiative is closely aligned with the national vision of 'Atmanirbhar Bharat' and 'Skill India'.
- It caters to a diverse spectrum of beneficiaries ranging from students, young researchers, technical staff, and working professionals to school dropouts, ITI diploma holders, farmers, and rural communities.
- The programme spans 18 out of 36 key sectoral skills as identified by the National Skill Development Mission (NSDM).
- India joined the BRICS Centre for Industrial Competencies (BCIC) on 4 February 2026.
- BCIC was launched by the United Nations Industrial Development Organisation (UNIDO) in 2025.
- The National Productivity Council (NPC) has been designated as the India Centre for BCIC.
- A trust fund agreement formalising India’s participation was signed between the Department for Promotion of Industry and Internal Trade (DPIIT) and UNIDO.
- The agreement was signed by Economic Adviser, DPIIT, Agrim Kaushal, and Director, UNIDO, Cristiano Pasini.
- NPC will operate under DPIIT’s policy direction to support capacity building and manufacturing-related initiatives for MSMEs within the BRICS framework.
- The launch event was presided over by Secretary, DPIIT, Amardeep Singh Bhatia.
- Attendees included senior officials from DPIIT, the Ministry of MSME, the Ministry of External Affairs, UNIDO representatives, and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Scientists discover new class of magma ocean liquid planets using James Webb Space Telescope (JWST)
[James Webb Space Telescope]
Key Updates:
- Scientists have identified a new category of exoplanets known as magma ocean worlds, which exist in a permanent molten state.
- The discovery, detailed in the journal Nature Astronomy, was made using the James Webb Space Telescope (JWST).
- The primary example of this new class is L 98-59 d, located approximately 35 light-years away from Earth.
- L 98-59 d has a radius approximately 1.63 times larger and a mass 1.64 times that of Earth.
- The planet's surface temperature reaches approximately 1,900°C, and it is enveloped in a thick atmosphere rich in hydrogen sulfide.
- The molten state is maintained by a runaway greenhouse effect and tidal heating caused by the gravitational pull of neighbouring planets.
- The planet orbits a small red star and features a mantle composed of molten silicate with a likely molten core.
Similar Coverage
- Carl Grillmair, 67, was found shot dead on his porch in Llano, Antelope Valley on 16 February 2026.
- He was a research scientist at Caltech's Infrared Processing and Analysis Center (IPAC).
- Grillmair received NASA's Exceptional Scientific Achievement Medal in 2011 for his 2007 paper detecting water on an exoplanet.
- His research focused on dark matter, Milky Way structure, stellar populations and exoplanets.
- Freddy Snyder, 29, was arrested and charged with Grillmair’s murder, carjacking and first-degree burglary.
- On 20 December 2025 Grillmair had called deputies to remove Snyder from his property.
- NASA's Juno spacecraft revealed Jupiter is about 8 kilometres narrower at the equator and 24 kilometres flatter at the poles than previously believed.
- The measurements were derived from 13 close flybys of Jupiter using the radio occultation technique.
- Earlier size estimates relied on six radio occultation experiments by NASA's Pioneer and Voyager missions during the 1970s.
- The findings were published on February 2, 2026, in the journal Nature Astronomy.
- Jupiter's updated dimensions will improve models used to study giant exoplanets beyond our solar system.
- The Juno mission is managed by NASA's Jet Propulsion Laboratory in California.
- Astronomers from the University of Warwick (UoW) have discovered a unique planetary system around a cool red dwarf star named LHS 1903.
- The discovery was made using the European Space Agency (ESA) CHaracterising ExOPlanet Satellite (CHEOPS).
- The system consists of four planets arranged in an unusual rocky-gaseous-gaseous-rocky order, which challenges traditional planetary formation models.
- The research, published in the journal Science, proposes a theory of inside-out planet formation where planets develop one after another rather than simultaneously.
- The outermost rocky planet in the LHS 1903 system is believed to have formed in a gas-depleted environment after the system ran out of gas required for gaseous atmospheres.
- Scientists from the University of Birmingham contributed to the analysis and confirmation of the planetary system properties.
- NASA dubbed the object 'Cloud-9' and described it as a 'starless, gas-rich dark-matter' hydrogen cloud.
- Cloud-9's core is made up of neutral hydrogen and is about 4,900 light-years in diameter.
- The hydrogen mass is estimated at one million times the mass of the sun, with dark matter totaling about five billion solar masses.
- Cloud-9 is the ninth gas cloud identified on the outskirts of the nearby spiral galaxy Messier 94 and appears to have a 'physical association' with it.
- Hubble Space Telescope observations confirmed there are no stars inside Cloud-9, supporting theories of failed galaxy formation.
CSIR-NCL Pune develops indigenous Dimethyl Ether technology as LPG alternative
[Council of Scientific and Industrial Research - National Chemical Laboratory]
Key Updates:
- Scientists at the Council of Scientific and Industrial Research - National Chemical Laboratory (CSIR-NCL) in Pune have created a patent-protected process to produce Dimethyl Ether (DME) from methanol using a cost-effective catalyst.
- The Bureau of Indian Standards allows up to 20 per cent DME blending with LPG under standard IS 18698:2024, and up to 8 per cent blending needs no change in existing LPG cylinders, regulators, hoses or burners.
- India imported nearly 21 million tonnes of LPG in 2024; replacing 8 per cent with DME could save around ₹9,500 crore in foreign exchange annually.
- The pilot plant scales 250 kg per day, and an industrial demonstration plant of 2.5 tonnes per day is planned within six to nine months.
- A patented burner prototype developed by CSIR-NCL can operate from 100 per cent LPG to 100 per cent DME and was tested at the LPG Equipment Research Centre in Bengaluru.
Similar Coverage
- The Integrated Coaching Depot (ICD), Sabarmati, has successfully modified a Diesel Electric Multiple Unit (DEMU) to operate on a dual-fuel system using Liquefied Natural Gas (LNG) and diesel.
- Each Driving Power Car (DPC) is fitted with a 2,200-litre LNG tank, supporting a daily operation of up to 222 km on a single refill.
- The conversion of two 1,400 HP DPCs allows for the replacement of up to 40% of diesel consumption with LNG, aiming to lower emissions and operating costs.
- The technology is estimated to provide annual savings of ₹11.9 lakh per DPC and approximately ₹23.9 lakh per year for an eight-coach DEMU rake.
- Following field trials of over 2,000 km and emission tests by the Research Designs and Standards Organisation (RDSO), IR plans to convert eight more DEMU DPCs under this programme.
- The Defence Research and Development Organisation (DRDO) successfully demonstrated the Solid Fuel Ducted Ramjet (SFDR) technology from the Integrated Test Range (ITR), Chandipur off the coast of Odisha on February 3, 2026.
- The SFDR was developed by the Defence Research and Development Laboratory (DRDL), Hyderabad, in collaboration with the Research Centre Imarat (RCI), Hyderabad, and the High Energy Materials Research Laboratory (HEMRL), Pune.
- The SFDR is an advanced air-breathing propulsion system where a solid fuel gas generator produces fuel-rich gases that mix with incoming air and burn in a ramjet combustor.
- Unlike conventional rockets, the SFDR does not carry an oxidiser, making the system lighter and more efficient while providing sustained thrust and thrust modulation during flight.
- The flight test validated several subsystems including a nozzle-less booster, SFDR motor, and fuel flow controller after the system was initially propelled by a ground booster motor to the desired Mach number.
- The technology is critical for the development of long-range air-to-air missiles capable of intercepting aerial threats at supersonic speeds over very long ranges.
- The use of solid fuel instead of liquid fuel in the SFDR system makes it simpler, safer, and easier to store and transport.
- Indian Space Research Organisation (ISRO) conducted a sea-level hot test of its CE20 cryogenic engine at 22-tonne thrust at the ISRO Propulsion Complex on March 10.
- The CE20 engine powers the upper cryogenic stage of the LVM-3 launch vehicle.
- The test lasted 165 seconds and used a nozzle protection system and a multi-element igniter.
- ISRO plans to operate future LVM-3 missions with an uprated C32 cryogenic stage delivering 22-tonne thrust to enhance payload capability.
- The cryogenic engine has undergone a record 20 successful hot tests demonstrating technologies including ignition using a multi-element igniter and engine qualification for Gaganyaan at 20-tonne thrust level.
- Indian Oil Corporation Ltd (IOCL) signed a letter of intent with Akasa Air at Wings India 2026 in Hyderabad to explore future sustainable aviation fuel (SAF) supply.
- The agreement sets a framework to assess SAF volumes, feedstocks and logistics without committing to firm timelines or quantities.
- IOCL and Akasa Air will evaluate feasibility of SAF supply to support the airline’s sustainability targets.
- SAF is used as a lower-emission alternative to conventional jet fuel to reduce lifecycle greenhouse gas emissions from air travel.