Issue: 1292
·
Centre extends ED Director Rahul Navin’s tenure by one year
till August 2027.
·
Loss making Mutual Fund schemes nearly triple in FY26.
·
BIS to scale up silver hallmarking testing as buyers shift
from costly gold.
·
Mcap of 4 of top-10 most valued firms jumps Rs.1.43 trn, SBI
biggest winner.
·
UPI volume growth slows to 23.5% in FY 27, down from 33.5%
recorded in FY 26.
·
Govt to table new Bill aimed at widening funding channels to
strengthen Co-Operative sector.
India unlikely to curb
Russian oil buys despite fresh US sanctions threat: Sources: India is unlikely to rein in crude oil
purchases from Russia, its largest oil supplier, despite mounting pressure from
Washington, with the US Senate overwhelmingly passing a sanctions Bill
empowering President Donald Trump to impose tariffs of up to 100 per cent on
imports from the top buyers of Russian oil and gas, sources said. The
legislation puts India, the second-largest buyer of Russian crude after China,
directly in the line of fire. But New Delhi is expected to stay the course, not
allowing its energy security and strategic ties with Russia to be dictated by
external pressure, sources noted.
(Business Line)
RBI survey sees stronger
FY27 growth, higher inflation; FY28 outlook points to ‘Goldilocks’ economy: The Reserve Bank of India’s
(RBI) latest Survey of Professional Forecasters (SPF) has raised both real GDP
growth and retail inflation projections for FY27 by 10 basis points (bps),
while its FY28 forecasts suggest that the economy could move closer to a
“Goldilocks” phase of steady growth and moderating inflation. The RBI’s 101st
SPF, conducted in July 2026, pegged FY27 real GDP growth at 6.6 per cent, up
from 6.5 per cent projected in the 100th SPF conducted in May 2026. At the same
time, it increased the retail inflation forecast by 10 bps to 5 per cent from
4.9 per cent. In its bi-monthly monetary policy review on August 5, the RBI
also revised its FY27 growth forecast upwards by 10 bps to 6.7 per cent.
However, it lowered its retail inflation projection by 10 bps to 5 per cent.
(Business Line)
No charges for UPI users,
small merchants: Govt: The government on Saturday
clarified that UPI users will not be burdened with transaction charges, and
that any future merchant discount rate (MDR) will apply only to a limited set
of merchant transactions above a specified threshold. Even then, the MDR will
be nominal and significantly lower than the rates typically charged on debit
and credit card transactions, it said. “The recent amendment to the Payment and
Settlement Systems Act (PSS Act) has generated debate, with some
misinterpreting it as a move to impose charges on ordinary users,” the finance
ministry said in a statement. In reality, the amendment is an enabling
provision designed to ensure UPI’s long-term sustainability, technological
advancement, and resilience against emerging risks, it said.
(Financial Express)
PNB to roll out its wealth
management product by Dec aimed at boosting non-interest income: To enhance its non-interest
income, Punjab National Bank is planning to roll out wealth management services
by December, the bank's managing director and CEO Ashok Chandra said. "The
first stage of our wealth management strategy is to ensure that the bank has
Customer Relationship Managers (CRMs) in place. Six months ago, we deployed
around 1,700 CRMs across 1,700 branches. Their primary KRA (key responsibility
area) is to manage and take care of approximately 250 to 300 top customers in
each branch," he told PTI in an interview.
(Economic Times)
PhonePe, Razorpay back
selective UPI charges for large merchants: PhonePe cofounder and chief
executive, Sameer Nigam, and Razorpay cofounder and chief executive, Harshil
Mathur, have argued in favour of a sustainable business model that echoes the
position of the Payments Council of India (PCI). The industry association has
sought to separate free everyday payments from charges on select merchant
transactions to ensure commercial viability of the service.
(Economic Times)
NBFC gold loans continue
near 70% growth, reach Rs 3.41 lakh crore in June: RBI: Non-banking financial
companies saw gold-backed lending grow nearly seventy percent year-on-year.
This strong expansion continued into June 2026, outpacing overall retail loan
growth. Housing and vehicle loans also displayed robust credit growth during
this period. The Reserve Bank of India strengthened regulations for gold and
silver collateral loans. Credit to industry and services sectors experienced a
moderation in growth.
(Economic Times)
PSBs target
nearly $30 billion under RBI's concessional forex swap window: India’s state-owned banks are targeting
mobilisation of nearly $30 billion through FCNR(B) deposits, overseas foreign
currency borrowings (OFCBs), and external commercial borrowing (ECB) under the
Reserve Bank of India’s (RBI’s) concessional swap window, data compiled by
Business Standard based on these banks’ post-earnings commentary showed. Data
shared by the government in Parliament showed that net inflows into FCNR(B)
deposits stood at $28 billion as of July 30. Foreign banks mobilised $8.37
billion, private sector banks $10.73 billion, and public sector banks $8.84
billion. Among individual lenders, HSBC emerged as the largest mobiliser, with
$6.14 billion, followed by SBI at $4.12 billion and ICICI Bank at $3.70
billion. Later, during a post-earnings press conference on Friday, SBI said it
had mobilised $6 billion so far and was confident of total mobilisation of $10
billion by September.
(Business Standard)
Govt considering raising
CCEA approval threshold for FDI proposals to Rs.15,000 cr: Sources: The government is considering a proposal to raise
the threshold for foreign direct investment proposals requiring approval from
the Cabinet Committee on Economic Affairs to Rs.15,000 crore from Rs.5,000
crore at present to further improve the country's investment climate, according
to sources. The Cabinet Committee on Economic Affairs (CCEA) is a high-level
committee headed by Prime Minister Narendra Modi. Its members include key Union
Cabinet ministers such as the Home Minister and Finance Minister. As per the
existing foreign direct investment (FDI) policy, in case of proposals involving
total foreign equity inflow of more than Rs.5,000 crore, the competent
authority places the application for consideration of the CCEA. Below this
limit, respective line ministries take a decision.
(Business Line)
FPIs continue buying spree,
pour Rs.12,921 crore in first week of August: Foreign Portfolio Investors (FPIs) maintained
their buying spree in Indian equities, investing Rs 12,921 crore in the first
week of August, driven by improving macroeconomic conditions, expectations of
US rate cuts, lower crude oil prices and a stable rupee. The inflow follows a Rs
20,200-crore investment in July, marking a sharp turnaround after four consecutive
months of heavy selling. FPIs had withdrawn Rs 49,340 crore in June, Rs 32,963
crore in May, Rs 60,847 crore in April and a massive Rs 1.17 trillion in March.
Prior to this selling streak, they had invested Rs 22,615 crore in February,
according to CDSL data.
(Business Standard)
Flipkart Minutes enters
premium grocery segment, launches pvt label Pykd: Ecommerce major Flipkart has entered the
gourmet grocery segment through its quick-commerce arm Minutes, adding premium
and speciality food products as competition in the industry intensifies. The company has also
launched a private label, Pykd, for the segment, the report said. The premium
grocery push is part of a wider shift in the quick commerce industry, coming as
other players expand beyond everyday grocery products and look to attract
customers with higher-value purchases. Zepto is preparing its premium grocery
service Select, while Blinkit has launched Gourmet. Bengaluru-based FirstClub
is also focused on premium grocery.
(Business Standard)
60% of 2030 target: India
hits 300 GW clean energy milestone as solar capacity skyrockets: From a mere 2.8 GW of solar
capacity in 2014 to a record-breaking 55.29 GW addition in the last fiscal year
alone, India’s clean energy trajectory has hit another major milestone. The
country has crossed 300 GW of non-fossil fuel-based installed electricity
generation capacity as of July 31, 2026. With this surge, India has now
achieved over 60% of its target to install 500 GW of non-fossil fuel power
capacity by 2030. Non-fossil sources now account for over 54% of the nation's
total electricity generation capacity, which currently stands at roughly 552
GW.
(Business Today)
‘India’s waste will fuel
India’s growth’: Cabinet approves Rs 23,731 crore GOBARdhan scheme: The Union Cabinet has approved a major new
scheme called GOBARdhan (Galvanising Organic Bio-Agro Resources Dhan) with a
total outlay of Rs 23,731 crore. The scheme intends to turn India’s
agricultural waste, cattle dung and other organic materials into clean fuel called
Compressed Biogas (CBG). It will run from FY2026-27 to FY 2035-36 and is likely
to increase domestic CBG production nearly ten-fold. The scheme has six main
components termed ‘growth engines’. -Assured CBG Offtake: City Gas Distribution
firms will purchase CNG to meet mandatory blending targets (3% in 2026-27, 4%
in 2027-28 and 5% from 2028-29 onwards). -Stable pricing: Producers will be
provided a fixed price of Rs 2,110 per MMBTU for at least 10 years, offering
them long-term income certainty. Credit Guarantee Support: This will allow small and
medium businesses to get loans for setting up plants. -CBG Ecosystem Challenge
Fund: It supports local planning, feedstock collection, technology, and awareness
at the district level. -Capital support: New plants can get up to Rs 2 crore
per tonne per day of capacity. Expansion of existing plants will also be eligible
for this. -Pipeline infrastructure: Support to connect CBG plants to gas
pipelines so that fuel can reach to the consumers easily.
(Financial Express)
Pradhan Mantri Awas Yojana
- Urban Milestone: 1.25 crore houses sanctioned, 1 crore houses delivered: Pradhan Mantri Awas Yojana – Urban (PMAY-U)
has achieved another significant milestone with the sanction of over 1.25 crore
houses under PMAY-U and PMAY-U 2.0, of which more than 1 crore houses have been
completed and delivered to beneficiaries across the country. Building on this
milestone, the Government continues to accelerate the implementation of PMAY-U
2.0 to expand access to affordable housing for eligible urban families. With the latest
approvals, the total number of houses sanctioned under PMAY-U 2.0 has crossed
18.38 lakh, out of which 14.40 lakh are BLC houses and 2.48 lakh are AHP while
1.36 lakh houses are allotted to Interest Subsidy Scheme (ISS) vertical
beneficiaries and 13,046 are sanctioned as Affordable Rental Housing (ARH).
(PiB)
POSITIONAL GOODS
·
Products
that confer status and are thus both limited in supply and carry premium
prices. Examples include properties in highly desirable residential areas,
fancy sports cars and upmarket hotels.
·
The existence of positional
goods helps explain why rising living standards have not been accompanied by a
substantial reduction in working hours; people work hard so they can feel a cut
above the rest.
RBI KEY RATES
Repo
Rate: 5.25%
SDF:
5.00%
MSF
/Bank Rate: 5.50%
CRR:
3.00%
SLR:
18.00%
FOREX RATES (RBI REF. RATE)
INR
/ 1 USD : 95.2135
INR
/ 1 GBP : 128.1158
INR
/ 1 EUR : 109.7171
INR
/100 JPY: 60.1400
EQUITY INDEX
Sensex:
78499.17 (-455.59)
NIFTY:
24570.65 (-65.35)
Bnk NIFTY: 57746.45 (-317.20)
International Biodiesel Day: Marks the
anniversary of the first successful operation of Rudolf Diesel's engine using
peanut oil in 1893, promoting renewable and cleaner fuels.
Historical events: On 10 August 1947,
the Constituent Assembly of India continued its crucial deliberations in
preparation for the country’s independence. In world history, 10 August 1792
marked a major turning point in the French Revolution, when revolutionaries
stormed the Tuileries Palace in Paris, leading to the suspension of King Louis
XVI and the eventual end of the French monarchy. On 10 August 1945, Japan
communicated its willingness to accept the Potsdam Declaration, an important
step toward ending World War II.
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