Reserve Bank of India (RBI) penalises HSBC with ₹31.80 lakh fine
[Reserve Bank of India, HSBC]
Key Updates:
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹31.80 lakh on HSBC for non-compliance with regulatory norms.
- The penalty was issued following a statutory inspection for supervisory evaluation of the bank's financial position as on March 31, 2025.
- HSBC failed to host a searchable database of unclaimed deposits on its official website.
- The bank did not generate and assign Unclaimed Deposits Reference Number (UDRN) to certain unclaimed deposits.
- The non-compliance involved unclaimed deposits transferred to the Depositor Education and Awareness (DEA) Fund.
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- 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.
- 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.
- 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.
National Dental Commission replaces Dental Council of India to reform dental education
[Dental Council of India]
Key Updates:
- The Ministry of Health and Family Welfare (MoHFW) constituted the National Dental Commission (NDC) through a notification on 19 March 2026.
- The NDC replaces the dissolved Dental Council of India (DCI) and repeals the Dentists Act.
- Three autonomous boards are established under the NDC: Undergraduate and Postgraduate Dental Education Board, Dental Assessment and Rating Board, and Ethics and Dental Registration Board.
- Dr. Sanjay Tewari is appointed Chairperson of the NDC and Dr. Mousumi Goswami as part-time member.
- Dr. Chandrashekhar Janakiram heads the Education Board and Lt. Gen. (Retd.) Nanda Kishore Sahoo heads the Assessment and Rating Board.
- The NDC will frame regulations, assess and rate dental institutions, promote research, set education and ethics standards, and develop fee regulation guidelines for private dental colleges.
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- The Ministry of Power (MoP) has constituted a high-level committee and a three-member working group to oversee the merger of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
- The working group is headed by the Director (Distribution) of the MoP and includes executive directors from both PFC and REC as members.
- The working group is tasked with studying and recommending strategies for personnel and technology integration, corporate and functional restructuring, and harmonisation of stakeholder interests.
- The high-level committee is convened by the Joint Secretary (Distribution) of the MoP, with the Chairman and Managing Directors (MDs) of PFC and REC serving as members.
- The high-level committee will meet once every week to review progress reports from the working group and ensure the smooth execution of the merger process.
- Motilal Oswal Home Finance will raise USD 100 million in rupee-equivalent non-convertible debentures from the Asian Development Bank (ADB).
- Part of the funds will provide affordable housing loans to women borrowers.
- Ten per cent of the proceeds will finance residential units that meet recognised green building certification standards.
- Women currently account for only 13 per cent of homeowners according to ADB.
- During the first nine months of FY26 Motilal Oswal Home Finance disbursed Rs 1,303 crore.
- Gross NPA stood at 1.43 per cent as of December 2025.
- The Ministry of Health and Family Welfare (MoHFW) approved comprehensive regulatory reforms aligned with the recommendations of the High-Level Committee on Non-Financial Regulatory Reforms of NITI Aayog.
- The Food Safety and Standards Authority of India (FSSAI) registrations and licences will now have perpetual validity, eliminating the requirement for periodic renewals for Food Business Operators (FBOs).
- With effect from 1st April 2026, the turnover threshold for registration will be increased from ₹12 lakhs to ₹1.5 crore.
- The threshold for State licensing has been set up to ₹50 crores, with Central licensing applicable for businesses exceeding this limit.
- Street food vendors registered under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014, will be considered as deemed registered under FSSAI, benefiting over 10 lakh vendors.
- A technology-enabled, dynamic risk-based inspection framework will be implemented to incentivise compliant businesses and reduce repetitive inspections based on nature of food and past compliance records.
- Oil India Limited (OIL) signed an MoU with the National Scheduled Tribes Finance and Development Corporation (NSTFDC) on 12 March 2026 at OIL’s corporate office in Noida.
- The MoU sanctions ₹86.27 lakh for upgrading healthcare facilities in Rajgarh district, Madhya Pradesh, an Aspirational District under the Government of India’s programme.
- Funds will strengthen Community Health Centres (CHCs) and Primary Health Centres (PHCs) by providing ambulances, life-care and diagnostic equipment, ventilators, CPAP machines, BiPAP machines, and USG machines.
National Biodiversity Authority (NBA) constitutes Expert Committee on Invasive Alien Species
[National Biodiversity Authority]
Key Updates:
- National Biodiversity Authority (NBA) constituted an Expert Committee on Invasive Alien Species in pursuance of National Green Tribunal directions.
- The Committee is chaired by Shri Dhananjai Mohan, IFS (Retd.), former PCCF and Head of Forest Force, Uttarakhand, with Prof. (Dr.) A. Biju Kumar, Vice Chancellor, Kerala University of Fisheries and Ocean Studies, as Co-Chair.
- The Committee will prepare a consolidated national list of invasive alien species based on State-wise inputs, identify high-risk species, and recommend science-based management strategies and national-level guidelines for prevention, control, and eradication.
- The Committee includes representatives from Zoological Survey of India, Botanical Survey of India, ICAR research bureaus, Indian Council of Forestry Research and Education, Wildlife Institute of India, Forest Survey of India, and State Forest Departments of Tamil Nadu, Odisha, Maharashtra, and Assam.
- The Committee will function for a period of two years.
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- India filed its first national report on Nagoya Protocol implementation with the Secretariat of the Convention on Biological Diversity on 27 February 2026.
- The report covers implementation from 1 November 2017 to 31 December 2025 and fulfills monitoring obligations under Article 29 of the protocol.
- India’s access and benefit sharing framework operates under the Biological Diversity Act, 2002, supported by the Biological Diversity Rules, 2024, and the Access and Benefit Sharing Regulations, 2025.
- More than 276,653 Biodiversity Management Committees have been established nationwide to support biodiversity governance and benefit sharing with local communities.
- Between 2017 and 2025, India issued 12,830 approvals under its access and benefit sharing framework, with 5,913 granted by the National Biodiversity Authority and 6,917 by State Biodiversity Boards and Union Territory Biodiversity Councils.
- India published 3,556 Internationally Recognised Certificates of Compliance on the Access and Benefit Sharing Clearing-House, representing over 60 percent of the global total under the Nagoya Protocol.
- The National Biodiversity Authority mobilised ₹216.31 crore and distributed ₹139.69 crore to benefit claimers including Biodiversity Management Committees, farmers, local communities, and holders of traditional knowledge.
- State Biodiversity Boards and Union Territory Biodiversity Councils generated ₹51.96 crore through approvals granted to Indian entities.
- Non-monetary outcomes under 395 approvals included training, technology transfer, collaborative research, and capacity-building initiatives.
- The National Biodiversity Authority received 41 declarations in Form 10 related to the use of foreign biological resources under Rule 18 of the Biological Diversity Rules, 2024, and Section 36A of the Biological Diversity Act.
- A total of 256,393 individuals participated in 3,724 workshops and programmes, with over 600 additional initiatives supporting biodiversity governance across the country.
- Chief Minister Pinarayi Vijayan launched the NeophyteID app at the Kerala Science Congress.
- The Malabar Botanical Garden and Institute for Plant Sciences (MBGIPS) developed the AI-powered mobile application to identify invasive plant species across Kerala.
- The app uses the YOLOv11 machine learning model for image recognition and geospatial tracking to detect and map invasive neophyte plants from camera or gallery images.
- NeophyteID operates in English and Malayalam and targets local communities, students, and ecologists for community-based biodiversity management.
- Each user identification updates a real-time distribution map to support research and conservation efforts.
- The app currently includes data on 98 invasive plant species.
- Developer N Aleem Yoosuf conceived the idea during an invasive plant eradication drive with tribal communities at Sughandagiri Tribal Eco Village, Wayanad.
- Zameel Hassan collaborated on the web application component of NeophyteID.
- India submitted its 7th National Report to the Convention on Biological Diversity (CBD) on 05 Mar 2026.
- Only two of the 23 national biodiversity targets—NBT1 (biodiversity-inclusive land and sea-use planning) and NBT2 (ecosystem restoration)—are clearly on track for 2030.
- Forest and tree cover totals 827,357 sq km, 25.17% of India’s geographical area, and rose by 1,445.81 sq km between 2021 and 2023.
- 24.1 million hectares of degraded land have been restored or are under restoration against India’s 2030 Bonn Challenge pledge of 26 million hectares.
- India’s tiger population stands at 3,167; Asiatic lion and one-horned rhinoceros numbers are also increasing.
- Formal protected areas cover a little over 5% of India’s geographical area; marine protected areas and OECM sites are being expanded.
- The report was prepared by the Union Ministry of Environment, Forest and Climate Change (MoEFCC) with inputs from 33 central ministries and technical support from the United Nations Development Programme (UNDP).
- Forest carbon stock increased to 7,285.5 million tonnes, up by 81.5 million tonnes from the previous assessment.
- Agroforestry occupies 8.65% of India’s geographical area and trees outside forests form a significant share of total tree cover.
- Data gaps, differing collection intervals, and limited protocols for newer indicators hinder consistent biodiversity monitoring.
- Madhav Gadgil chaired the Western Ghats Ecology Expert Panel (WGEEP), later known as the Gadgil Commission.
- He was a key architect of India’s Biological Diversity Act and contributed to the implementation of the Forest Rights Act.
- Gadgil established India’s first biosphere reserve, the Nilgiri Biosphere Reserve, in 1986.
- In 2024, he was named a laureate of the United Nations Environment Programme’s Champions of the Earth award.
National Productivity Council (NPC) designated as Environment Audit Designated Agency under Environment Audit Rules 2025
[National Productivity Council, Ministry of Environment, Forest and Climate Change]
Key Updates:
- National Productivity Council (NPC), an autonomous body under Department for Promotion of Industry and Internal Trade (DPIIT), signed an agreement with Ministry of Environment, Forest and Climate Change (MoEF&CC) to function as Environment Audit Designated Agency (EADA).
- Environment Audit Rules 2025 were notified on 29 August 2025.
- NPC will develop eligibility criteria for environmental auditors, conduct examinations and certification, register auditors, monitor performance, build capacity through training, and manage digital systems for audit processes.
- Framework ensures compliance with Environment (Protection) Act 1986, Water (Prevention and Control of Pollution) Act 1974, Air (Prevention and Control of Pollution) Act 1981, Van (Sanrakshan Evam Samvardhan) Adhiniyam 1980, and Wild Life (Protection) Act 1972.
- NPC will certify Certified Environmental Auditors (CEA) and register Registered Environmental Auditors (REA), renew, suspend or cancel certifications, monitor performance, and maintain a publicly accessible online registry.
- Capacity building efforts include training programmes, workshops, seminars, conferences and online courses for auditors.
- NPC operates through 13 offices across India.
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- The World Bank (WB) signed a $300 million loan agreement with Uttar Pradesh for the UP Clean Air Management Program.
- The program targets transport, agriculture, and industry to adopt cleaner technologies.
- Around 200 new air quality monitors will be deployed under the initiative.
- The project anticipates leveraging an additional $150 million in private investment.
- Over 700 brick kilns will shift to eco-friendly technology.
- 3.9 million households will gain access to clean cooking solutions.
- Juhi Mukherjee from the Ministry of Finance, B Chandrakala from Uttar Pradesh Government, and Paul Procee from the World Bank attended the signing.
- Union Science and Technology Minister Jitendra Singh inaugurated the National Environmental Standard Laboratory at the CSIR-National Physical Laboratory (CSIR-NPL) premises.
- The facility will test and calibrate equipment that monitors air pollution, including Online Continuous Emission Monitoring Equipment (OCEMS) and Continuous Ambient Air Quality Monitoring System (CAAQMS).
- The Environment Ministry has designated CSIR-NPL as the verification and certification agency for emission and ambient air pollution monitoring equipment in India.
- The Ministry of Power (MoP) has constituted a high-level committee and a three-member working group to oversee the merger of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC).
- The working group is headed by the Director (Distribution) of the MoP and includes executive directors from both PFC and REC as members.
- The working group is tasked with studying and recommending strategies for personnel and technology integration, corporate and functional restructuring, and harmonisation of stakeholder interests.
- The high-level committee is convened by the Joint Secretary (Distribution) of the MoP, with the Chairman and Managing Directors (MDs) of PFC and REC serving as members.
- The high-level committee will meet once every week to review progress reports from the working group and ensure the smooth execution of the merger process.
- The Government of India notified Greenhouse Gas Emission Intensity (GEI) targets for 208 additional carbon-intensive industrial units on 13 January.
- The notification brings petroleum refineries, petrochemicals, textiles, and secondary aluminium under the compliance mechanism of the Carbon Credit Trading Scheme (CCTS).
- The expansion increases the total number of obligated entities covered under the Indian carbon market framework to 490.
- Previously, in October 2025, the government notified GEI targets for 282 entities in the aluminium, cement, chlor-alkali, and pulp & paper sectors.
- The CCTS operates through two routes: a compliance mechanism for designated industries and an offset mechanism for voluntary projects by non-obligated entities.
- Under the compliance mechanism, entities that exceed their prescribed GEI reduction targets are awarded Carbon Credit Certificates, which can be sold to entities that fall short of their goals.
- The offset mechanism allows non-obligated entities to earn certificates through projects in renewables, energy efficiency, and afforestation.
- The initiative is designed to support India’s national commitment to achieve net-zero emissions by 2070.