109 results for “Economy & Banking”
The Indian government has prohibited banks and payment system providers from levying charges on Unified Payments Interface (UPI) transactions up to ₹2,000 and on payments made through RuPay-powered debit cards. The policy was notified through the Finance Ministry and was formalised by an amendment to Section 10A of the Payment and Settlement Systems Act, 2007.
India’s Department of Consumer Affairs notified the Consumer Protection (E-Commerce) (Amendment) Rules, 2026 on 10 September 2026. The amended rules will replace the Consumer Protection (E-Commerce) Rules, 2020 from 1 January 2027 and apply to e-commerce marketplaces and other online platforms operating in India.
The Karnataka Cabinet approved the Karnataka Aerospace Policy 2026-2031 on 9 September 2026. The policy covers aerospace, defence, aviation, and space research and development, and it seeks to expand the sector beyond Bengaluru. The state government set an investment target of ₹60,000 crore over five years.
Union Commerce and Industry Minister Piyush Goyal set an annual target of 10 million international medical value tourists for India during the Sanjeevani 2026 expo in New Delhi on 7 September 2026. He also stated that 3.5 million international patients have used Indian healthcare services over the past seven years.
Coastal Local Area Bank Limited, headquartered in Vijayawada, was included in the Second Schedule to the Reserve Bank of India Act, 1934, and received scheduled bank status. The Reserve Bank of India issued the inclusion through Notification DoR.LIC.No.S3539/22-03-070/2026-27, and the notification was published in the Gazette of India.
The Government of India sold about 4,000 tonnes of buffer onions across 17 cities during the first ten days of its subsidised retail intervention in 2026. The central buffer stock for the year 2026 stands at 1.21 lakh tonnes, and the onions are being sold at Rs 35 per kg in selected price-sensitive markets.
India’s direct tax buoyancy remained above 1 for the third consecutive financial year, with the figure at 1.39 in 2024–25. Direct tax buoyancy measures the rate of growth in direct tax collections relative to the rate of growth in nominal Gross Domestic Product.
On 5 September 2026, ICICI Bank stated in a regulatory filing that the Reserve Bank of India had approved the Life Insurance Corporation of India to acquire an aggregate holding of up to 9.99% in the bank. The approval letter was received by ICICI Bank on 4 September 2026 at 9:09 PM, and the RBI set a validity period of one year from the date of the letter for completion of the acquisition.
GIFT City International Financial Services Centre (IFSC) in Gujarat has expanded its banking activity through External Commercial Borrowings, FCNR(B) swap mobilisations, and international bond listings. The International Financial Services Centres Authority (IFSCA) recorded large-scale participation by domestic and foreign International Banking Units (IBUs) under the Reserve Bank of India’s special swap facility for Foreign Currency Non-Resident (Bank) deposits.
The Ministry of Statistics and Programme Implementation (MoSPI) released India’s Gross Domestic Product estimates for the first quarter of 2026–27 with real growth of 7.8% under the 2022–23 base year. On 2 September 2026, MoSPI issued a clarification on the negative 1.5% implicit Gross Value Added deflator in manufacturing and on the use of the double-deflation method in national accounts.
The Insurance Regulatory and Development Authority of India (IRDAI) released a consultation paper on 1 September 2026 for a proposed Public Insurance Registry (PIR). The PIR is planned as an interoperable digital public infrastructure for the insurance sector in India.
The Ministry of Consumer Affairs, Food and Public Distribution reduced the sugar stock holding limit for dealers and traders to 2,000 quintals on 1 September 2026. The earlier limit was 4,000 quintals, and the revised cap will apply from 15 September 2026 to 30 November 2026.