The Economic Times

The Reserve Bank of India has firmly rejected requests for special exemptions from concentration norms for government-owned NBFCs, emphasizing a principles-based regulatory approach. The central bank also denied calls to raise single counterparty limits for public sector enterprises. While allowing grandfathering of residual breaches and specific conditions for temporary limit breaches, the RBI has tightened rules to ensure regulatory clarity and stability.

Government pensioners will now have stronger protection against unexpected deductions from their accounts. The Reserve Bank of India has mandated that banks must inform pensioners and obtain their consent before recovering any excess pension payments. This new directive ensures that individuals are aware and agree to any adjustments, preventing abrupt debits and requiring a written undertaking from pensioners for future recoveries.

The Reserve Bank of India has updated foreign exchange exposure rules for banks. These changes simplify calculations by merging onshore and offshore positions and allow inclusion of overseas earnings. Crucially, banks can now exclude certain long-term foreign currency investments, potentially boosting trading capacity. Forex risk capital will be based on actual net open positions, with gold treated separately.

Despite mandatory auditor rotation, India's largest audit firms are consolidating their dominance, auditing 66% of Nifty 500 companies. Grant Thornton and BDO are gaining ground, fueled by Big Four conflicts. While companies rotate auditors, they largely select from a small pool of established firms. Rising auditor resignations and increasing audit fees are also noted trends.

Idiom of the Day: Ever felt the need to address an issue with someone? The idiom one to pick perfectly captures this common human experience, signifying a grievance or unresolved matter requiring discussion. Originating from the image of meticulously picking meat from a bone, it highlights the importance of open communication. This phrase reminds us that confronting issues, even uncomfortable ones, is vital for strengthening relationships and fostering understanding, rather than letting resentm

An Air India plane mistakenly turned onto the same taxiway as an IndiGo aircraft at Ahmedabad airport on Wednesday evening. The IndiGo flight, preparing for takeoff to Mumbai, was halted at a safe distance of approximately 200 meters from the Air India plane. Both airlines confirmed the incident, with IndiGo stating the aircraft came to a stop safely apart.

Best Chinese proverb of the day: Experiencing both prosperity and hardship cultivates a deeper understanding of life's impermanence and builds resilient character. This proverb highlights how difficult experiences, rather than just comfort, shape invaluable insight and make individuals uniquely qualified to guide others through life's unpredictable journey.

Inspirational proverb of the day highlights the meaning of He who deliberates fully before taking a step will spend his entire life on one leg. The Chinese saying reflects how overthinking, hesitation, and excessive caution can sometimes prevent people from moving forward in life. It suggests that constant analysis of every possible outcome may lead to delay, causing missed opportunities for growth and progress.

Economists are split on how a weak monsoon will affect food prices, with some believing falling oil prices will offset any hikes. Others warn of El Nino's impact on sowing and food costs. The Reserve Bank of India is unlikely to raise interest rates soon, preferring to wait for clarity on the monsoon's agricultural and inflation effects.

A significant fire at a New Delhi data centre, a joint venture between ST Telemedia and Tata Communications, has caused extensive damage, complicating data recovery efforts. One affected client, Matrix Cellular, reports losing two decades of crucial data. The incident also appears linked to recent intermittent Google Cloud network issues in India, leaving server rooms in ruins.

Telecom equipment manufacturers are struggling with the government's demand for guaranteed vulnerability-free gear, citing the rapid evolution of cyber threats. Vendors met with the Department of Telecommunications seeking clearer policy guidelines for Pro Tem certificates, essential for selling products like 5G equipment. The government assured that National Centre for Communication Security is finalizing new policy guidelines soon, addressing industry concerns about self-declarations and poten

Reserve Bank of India Governor Sanjay Malhotra stated that an interest rate hike is premature, as inflation hasn't broadly impacted consumer prices. The central bank remains in a 'wait-and-watch' mode, closely monitoring global uncertainties and the monsoon's progress. While acknowledging improved outlooks, risks persist, but India is well-prepared for challenges. The RBI has revised inflation forecasts upwards and growth forecasts downwards for the fiscal year.

The government is actively seeking a new Chairman and Managing Director for BSNL, opening the door to private sector professionals for the first time. Applicants must meet specific age and financial criteria, with a deadline of July 22. This strategic move aims to bring fresh leadership to the state-owned telecom giant, following an extension for the current interim chief.

Deewana, the 1992 blockbuster that launched Shah Rukh Khan, had a tumultuous production. Originally a remake of a Tamil film, it faced director and actor exits before Khan, then a TV star, stepped in. His role's emotional depth convinced him, and despite prior commitments, Deewana became his first released film, achieving massive success and becoming the year's second highest-grossing movie.

Authorities are intensifying scrutiny on Rajesh Exports. The Serious Fraud Investigation Office will probe the gold refining giant following allegations of financial irregularities by Sebi. The Enforcement Directorate also recently searched company premises, citing significant deviations from commercial practices and a lack of documentation for foreign transactions. The company denies any wrongdoing, attributing discrepancies to number interpretation.

New government rules replace the telecom industry's contractual licensing with a unilateral statutory model. Operators will now receive authorization after meeting requirements, with future government directives becoming binding terms. Violations will be treated as statutory breaches, managed internally, and can be appealed to the TDSAT. This shift aims to streamline regulation, though telcos expressed concerns about investment uncertainty.

Four new greenfield cities along Rapid Rail Transit System (RRTS) corridors are set to boost real estate affordability in Delhi and its surroundings. The KMP-Eastern Peripheral Expressway belt is now designated NCR's Ring of Opportunity, ending regulatory uncertainty for peripheral land. This strategic development, anchored by existing infrastructure like the Delhi-Meerut RRTS and Noida International Airport, positions Sonipat, Bhiwadi, Meerut, and Alwar as independent growth hubs, not just comm

Gautam Adani revealed ambitious expansion plans, including a 10 GW nuclear power venture by 2035 under Adani Atomic Energy. The conglomerate also boosted its thermal power target to 45 GW by FY32 and data centre capacity to 3 GW by 2030. These moves signal a significant push into energy, AI-driven computing, and defence, alongside new partnerships in aircraft manufacturing and hydropower.

Psychology says people who drink from oversized reusable water bottles all day aren't simply following a hydration trend. This daily habit can reflect planning, routine, health awareness, and the use of environmental cues to build consistent behaviors. Psychology suggests that keeping a large water bottle nearby can reduce decision-making, encourage regular water intake, and support habit formation. The behavior is less about the bottle and more about the routines people create.

Natural diamond prices are experiencing a significant rebound, climbing 5-8% year-on-year, driven by reduced supply from major miners and renewed investor interest. Solitaires are increasingly seen as an asset class, with younger generations like Gen Z and millennials leading the demand, viewing them for both aspirational value and investment potential due to their inherent rarity. India plays a crucial role, now accounting for 12% of global diamond demand value.

India's dry cell battery giants, including Eveready and Panasonic, are warning of potential shutdowns due to new government recycling rules. Manufacturers claim the mandates, designed for lithium-ion batteries, are financially unviable for zinc-carbon cells, which dominate the market. High compliance costs, estimated to be eight times profitability, and technical recycling limitations threaten the industry's long-standing presence.

Chinas exports of electric vehicles hit a record $9.2 billion in May, rising nearly 50% year-on-year, as global demand for cleaner transport strengthened amid higher oil prices linked to the Iran conflict.

Best Proverb of the Day: A powerful proverb highlights how one act of kindness can ignite countless others, much like a single candle lighting thousands. This wisdom emphasizes the profound ripple effect of compassion and positivity, proving that even small gestures can profoundly impact lives. In a world often filled with negativity, this message encourages individuals to be the spark that illuminates others, fostering stronger communities through consistent, small acts of light.

The 2027 summit in Geneva will centre on the application of international law, fundamental rights and ethical development of AI governance to ensure smaller nations have an active voice in global policy, as Switzerland takes a cue from the Indian focus on global south and vision for 'Technology for All', according to people familiar with the matter.

Niccol Machiavellis widely shared quote, The child who obeys you out of fear will one day lie to you for freedom, reflects on the limits of fear-based authority and suggests that obedience driven by intimidation can undermine trust and honesty. The message extends beyond parenting, highlighting how excessive control may lead people to seek freedom through secrecy rather than open communication.

India's economic growth is projected to slow to 6.6% in 2026-27 due to energy pressures, a weaker monsoon, and global slowdown, S&P Global Ratings reported. Retail inflation is expected to climb to 5.1% this fiscal year. Despite near-term challenges, GDP growth is anticipated to rebound to 7.2% in 2027-28, with oil prices expected to stabilize.

India's statistics ministry is exploring ways to put a price tag on its non-renewable resources, starting with coal. This move aims to provide crucial data for better policymaking and sustainable growth. By valuing coal reserves using a globally recognized method, the government hopes to understand the true economic worth of these vital assets, moving beyond just physical quantities.

India and the US are nearing an interim trade deal, with both nations reporting significant progress in recent negotiations. Commerce Minister Piyush Goyal and US Trade Representative Jamieson Greer concluded two days of talks, aiming to finalize the first phase of a bilateral trade agreement. Discussions focused on market access, digital trade, and non-tariff barriers, with both sides committed to a balanced pact delivering tangible benefits.

Switzerland not only hosted the talks between US vice president JD Vance and Iranian negotiators but senior officials in the Swiss foreign ministry were also deeply involved in facilitating an understanding between the two sides in the runup to the meeting on Sunday and Monday, ET has learnt.

Quote of the Day by Ray Bradbury: Some of life's most valuable lessons do not come from success, comfort, or happiness. They come from disappointment, failure, heartbreak, and unexpected setbacks. Ray Bradbury's wisdom reminds us that every experience that deeply affects us has the potential to teach, shape, and strengthen us.

Aber Kawas Senate: Aber Kawas, a Palestinian-American activist, has secured a significant Democratic primary win for a New York State Senate seat in Queens. Backed by Mayor Zohran Mamdani, her progressive platform champions social justice and immigration rights. Kawas' victory, however, has ignited debate due to past remarks concerning 9/11, drawing scrutiny alongside her extensive community organizing background.

Why do some people reply to almost every message with a thumbs-up emoji? Psychology suggests the habit may be linked to cognitive efficiency, digital communication styles, emotional energy conservation and social signaling.

Ants carrying oak galls study: A backyard discovery by an eight-year-old boy has unveiled a surprising interaction between ants, oak trees, and wasps. What appeared to be seeds were actually oak galls, structures created by wasps. Researchers found ants carrying these galls, consuming a fatty cap called 'kapllo,' and leaving the gall behind.

PAC chairman KC Venugopal said the official, who had been summoned by the panel, informed the committee on Tuesday night that he would not attend the meeting. He sought permission, which I did not grant, he said. He said the panel would seek explanation from the Union home secretary.

Public sector banks are developing new loan products up to 1 lakh for street vendors, aiming to help them build credit histories and transition to larger Mudra loans. This initiative bridges a gap in micro-credit, enabling vendors to scale their businesses. The government is also pushing for Grameen Credit Score integration to improve access to formal credit for first-time borrowers.

At the meeting on 'Bridging the Implementation Gap: Security Council Resolutions and Maintenance of International Peace and Security', India's permanent representative to the UN, Parvathaneni Harish, objected to remarks made by Pakistan, which is also the co-chair.

Coal stocks at thermal power plants are projected to be around 42 million tonnes at the monsoon's onset, a dip from last year's 58 million tonnes due to increased electricity demand. Despite this, officials deem the levels comfortable. Record-breaking power demand, reaching 270 GW in May, has led to higher coal consumption.

Indian onion exporters are urging the government against imposing export curbs, citing a surge in wholesale prices at Lasalgaon market. Delayed sowing and adverse weather have impacted production, pushing prices up. Exporters warn that restrictions could jeopardize markets painstakingly regained after previous bans, potentially shifting buyers to competing nations and damaging India's trade reputation.

The function, delayed due to the conflict, will begin with the body lying in state at Tehran's Grand Mosalla complex. The erstwhile Supreme Leader of Iran will be buried in his hometown of Mashhad on July 9. Delegations are expected from Iraq, Pakistan, Afghanistan, Syria, Lebanon, Russia, China, and several Central Asian states, ET has learnt.

Motivational Quote of the Day: Actress Keira Knightley's words highlight the diverse realities of childhood, acknowledging that not everyone benefits from loving and supportive parents. This profound observation underscores the importance of recognizing the varied emotional foundations individuals carry into adulthood. The quote prompts gratitude for fortunate upbringings while validating the resilience of those who faced challenges, fostering empathy and understanding in our interactions.

Today's proverb from India highlights the difference between possessing knowledge and understanding how to use it. The ancient Sanskrit verse teaches that books, education, and guidance have little value if a person lacks wisdom, judgment, and self-awareness. Traditionally attributed to Chanakya and recorded in texts such as the Hitopadesha and Chanakya Niti, the proverb remains relevant today, reminding people that true learning comes from combining knowledge with practical common sense.