Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the National Stock Exchange, on Sunday visited Tirupati with his family and offered prayers at the Lord Venkateshwara temple, seeking blessings for the exchange, its members, shareholders and the country.
Speaking after the visit, Chauhan said the darshan took place early in the morning and described the experience as peaceful and deeply fulfilling. He noted that prayers were offered for the well-being of NSE and for the broader growth of the nation.
“Today we had a great darshan in the early morning at Tirupati. We took blessings for NSE, for all our members, all our shareholders and for the country,” Chauhan said, adding that the visit had been planned well in advance.
The temple visit coincided with a key regulatory signal for the exchange. On Saturday, the Chairman of the Securities and Exchange Board of India indicated that NSE is likely to receive approval for its long-pending initial public offering within the month. The remarks were made by SEBI Chairman Tuhin Kanta Pandey.
Chauhan said the timing felt particularly auspicious, as the announcement became public just as he arrived in the temple town. He described it as a positive omen and a blessing.
“When we arrived in Tirupati, the announcement was made. We see it as a good omen and God’s blessing that this development has come,” he said. He added that the darshan would remain a memorable moment, especially given the significance of the period for the exchange.
The visit comes as market participants closely track regulatory progress on NSE’s proposed IPO, which is expected to be one of the largest and most consequential listings in India’s capital markets, marking a milestone both for the exchange and the broader financial ecosystem.
Gurugram-based real estate developer Signature Global reported a sharp year-on-year decline in sales bookings for the October–December quarter, a period typically marked by robust housing demand due to the festive season.
In a regulatory filing on Sunday, the company said sales bookings fell 27 per cent to ₹2,020 crore in the December quarter, compared with ₹2,770 crore in the corresponding period of the previous financial year. The number of housing units sold during the quarter plunged to 408, from 1,518 units a year earlier.
Measured by area, sales bookings declined to 1.44 million sq ft, down from 2.49 million sq ft in the year-ago quarter.
The October–December period is traditionally considered one of the strongest quarters for residential real estate sales, driven by festival-related buying. However, the company did not spell out any specific reason for the slowdown in its exchange filing.
Rolls Out New Projects
Industry observers point to the timing of new launches as a possible factor. Signature Global rolled out a major housing project on the Dwarka Expressway only toward the end of December, which may have curtailed sales momentum during the quarter.
For the first nine months of the current financial year, the company’s sales bookings declined 23 per cent to ₹6,680 crore, from ₹8,670 crore in the same period last year. Unit sales during this period also more than halved to 1,746 units, compared with 3,539 units a year ago.
Commenting on the performance, Chairman Pradeep Kumar Aggarwal said the company had delivered a healthy showing in the first nine months of FY26, supported by steady demand across its key micro-markets. He added that the launch of the wellness-focused premium project, Sarvam at DXP Estate on the Dwarka Expressway, had received an encouraging response, underlining evolving buyer preferences.
Signature Global had posted sales bookings of ₹10,290 crore in the previous financial year, ranking it as the fifth-largest listed real estate developer by sales. For the current 2025–26 fiscal, the company has guided for sales bookings of ₹12,500 crore, implying that it will need to clock close to ₹6,000 crore in sales in the ongoing quarter to meet its annual target.
India’s Income Tax Department on Monday announced that over seven crore income tax returns (ITRs) have been filed for the Assessment Year 2025-26, as the deadline of September 15 drew to a close. Officials described the surge in filings as a reflection of growing compliance and the expanding taxpayer base.
In a post on X, the department thanked citizens and tax professionals for helping it reach the milestone. “More than 7 crore ITRs have been filed so far and still counting. We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven’t filed ITR for AY 2025-26, to file their ITR,” the department said.
To ease the pressure of last-minute submissions, the Central Board of Direct Taxes (CBDT) said its helpdesk is functional round-the-clock, providing assistance through calls, live chats, WebEx sessions and social media handles. “Our helpdesk is functioning on a 24×7 basis, and we are providing support,” the post added.
Department Dismisses Extension Buzz
The strong advisory came a day after rumours circulated online suggesting the deadline had been extended to September 30. The department was quick to dismiss the reports. “A fake news is in circulation stating that the due of filing ITRs (originally due on 31.07.2025, and extended to 15.09.2025) has been further extended to 30.09.2025. The due date for filing ITRs remains 15.09.2025. Taxpayers are advised to rely only on official @IncomeTaxIndia updates,” it clarified.
The original due date of July 31 had been pushed to September 15 for non-audit cases after revisions in ITR forms and system upgrades earlier this year. The current deadline, the department underlined, would not be moved further.
Heavy Traffic, Glitches Reported
While officials celebrated record compliance, practitioners flagged issues of portal slowdowns as lakhs rushed to meet the deadline. Tax consultants reported intermittent delays, though filings eventually went through. Authorities acknowledged the heavier-than-usual traffic but stressed that the portal remained operational, supplemented by helpdesk support.
“Every September, the system faces a surge. This year is no different, though overall, the portal is holding up better than previous cycles,” said a Delhi-based tax advisor.
Missing Deadline Comes at a Cost
Experts reminded taxpayers that failure to file on time could prove expensive. Under Section 234F of the Income Tax Act, late filers may have to pay a penalty, ₹1,000 for incomes up to ₹5 lakh and ₹5,000 for higher incomes. In addition, delayed returns attract interest on unpaid taxes and may bar taxpayers from carrying forward certain losses.
“Even if you are unable to finalise every detail, it is wiser to file a return now and revise later. Waiting for an extension that never comes can lead to unnecessary penalties,” warned another practitioner.
The Income Tax Department echoed that view, urging taxpayers to complete the process without delay. Officials noted that the sharp rise in filings reflects improved compliance, digitisation and a growing culture of timely reporting.
Compliance Rising
From fewer than six crore returns a few years ago to more than seven crore this year, India’s tax base is expanding steadily. Analysts say rising awareness, stricter enforcement and smoother digital systems are driving the numbers. Still, the department’s challenge is to keep its infrastructure resilient enough to handle the annual last-minute rush.
As the clock ticks down to the midnight deadline, millions of taxpayers are expected to complete their filings. The Department has once again cautioned citizens to rely only on official notifications and avoid misinformation circulating on social media.
The achievement of crossing 7 crore filings before the cut-off has been hailed as a sign of deepening compliance culture in India’s economy. With the ITR deadline fixed at September 15 and no further extension on the cards, the message from the government is clear: timely filing is not optional but essential.
Dubai, Sep 14: India marked their biggest Asia Cup statement yet with a commanding seven-wicket victory over arch-rivals Pakistan, as skipper Suryakumar Yadav starred with an unbeaten 47 on his 35th birthday. Chasing a modest 128, India romped home with 25 balls to spare at the Dubai International Cricket Stadium, underscoring their supremacy with bat and ball.
Leading from the front, Suryakumar anchored the chase with characteristic composure, finishing unbeaten alongside Shivam Dube (10*). Earlier, openers Abhishek Sharma (31) and Tilak Varma (31) laid a solid foundation, attacking Pakistan’s bowlers with freedom. The clinical batting ensured India never looked under pressure, despite Saim Ayub’s triple strikes providing brief resistance.
The post-match atmosphere reflected the wider diplomatic frost between the neighbours. Once again, there were no handshakes exchanged between players, a symbolic reminder that this was more than just a sporting contest. The political shadow has turned cricket into yet another arena of silent hostility, even in Dubai’s neutral setting.
Spin dictates Pakistan’s struggle
Earlier in the evening, India’s spinners continued their dominance. Kuldeep Yadav (3/18) and Axar Patel (2/18) dismantled Pakistan’s middle order, while Varun Chakaravarthy (1/24) maintained pressure on a sluggish surface. Pakistan never recovered after early blows, with only Sahibzada Farhan (40) showing resistance before Shaheen Shah Afridi’s late fireworks (33* off 16) salvaged some respectability.
The match reinforced India’s tactical gamble of fielding just one frontline pacer, trusting their spinners to dictate terms. The move has worked in back-to-back games, highlighting a fresh blueprint ahead of the T20 World Cup year. By contrast, Pakistan’s batting once again appeared fragile against wrist-spin, exposing a recurring weakness in high-stakes encounters.
India in cruise control
This contest, often billed as cricket’s fiercest rivalry, proved one-sided. India’s superior depth, discipline and adaptability stood out, while Pakistan’s overreliance on cameos was ruthlessly exposed. For India, the ease of the win, without major contributions from Rohit Sharma or Virat Kohli, will be especially reassuring. For Pakistan, the defeat will raise questions about squad balance and their ability to handle spin-heavy attacks.
Dubai, Sep 14 — India’s reliance on spinners once again proved decisive in their Asia Cup Group A clash against Pakistan, as Kuldeep Yadav led a disciplined bowling effort to restrict their arch-rivals to a modest 127/9 at the Dubai International Cricket Stadium on Sunday.
India fielded just one frontline seamer, banking on a three-pronged spin attack. The sluggish surface validated the strategy as Kuldeep (3/18), Axar Patel (2/18) and Varun Chakaravarthy (1/24) choked the run flow and shared six wickets between them. Their combined economy rate stayed under five, leaving Pakistan struggling for momentum throughout the innings.
India struck early when Hardik Pandya dismissed Saim Ayub for a golden duck, followed by Jasprit Bumrah removing Mohammad Haris. Pakistan reached 41/2 in the powerplay, with Fakhar Zaman and Sahibzada Farhan showing brief resistance. But the introduction of spin turned the tide.
Axar dismissed Zaman and Salman Agha, before Kuldeep tightened the noose further. He outfoxed Hasan Nawaz and Mohammad Nawaz with sharp variations, then lured Farhan into holing out for 40. By the 15th over, Pakistan’s innings was in tatters, reduced to desperate hitting.
The lone spark came from Shaheen Shah Afridi, who smashed an unbeaten 33 off 16 balls, including a flurry of sixes that lifted Pakistan beyond 120. His counterattack, along with Sufiyan Muqeem’s brief support, ensured the innings avoided complete collapse.
India’s spin-first approach vindicated
The match reinforced India’s growing confidence in spin dominance, even in high-pressure fixtures. With Bumrah and Pandya offering control, the spinners operated with freedom, exploiting Pakistan’s long-standing discomfort against quality wrist spin. Pakistan, by contrast, leaned heavily on individual cameos, underlining a fragile middle order.
India’s chase of 128 should be straightforward, but the tactical win already lies in how Rohit Sharma’s side executed their spin blueprint — an approach that could shape their campaign ahead.
Dubai, Sep 14: Cricket’s most anticipated rivalry delivered an unusual sight on Sunday as the India–Pakistan Asia Cup clash in Dubai was played before swathes of empty seats. The 25,000-capacity stadium, which usually sells out in minutes for this fixture, saw hundreds of unsold tickets, with terraces visibly sparse despite months of hype.
Local media estimated that attendance fell far short of expectations, leaving broadcasters and sponsors struggling with optics. The muted crowd contrasted with the history of electrifying atmospheres surrounding India–Pakistan matches, long considered the “Super Bowl” of cricket.
The emptiness was not due to lack of interest in cricket but rather the political climate. The match came just months after the Pahalgam terror attack that killed civilians and intensified anti-Pakistan sentiment in India. Calls for boycotts trended widely on social media, with sections of fans urging compatriots not to attend or even watch the game.
Streaming platforms like Hotstar and JioCinema reported heavy traffic, suggesting that fans chose the comfort of digital viewing over stadium attendance. But some analysts noted dips in early TV ratings, indicating that boycott campaigns had some impact. For advertisers, the absence of packed stands diminished brand visibility, even if online eyeballs remained robust.
For cricket administrators, staging the match in Dubai was meant to ensure neutrality and avoid direct political sensitivities. Yet, the optics of empty terraces underscored the limits of “cricket diplomacy.” Organisers balanced commitments to broadcasters and sponsors against public sentiment at home, but the subdued turnout shows how fragile this balance has become.
Sport caught in geopolitics
Sunday’s clash underlined a reality: marquee sporting events involving India and Pakistan no longer exist in isolation. Political violence, social media mobilisation and national mood can directly shape the economics of sport. Empty stands not only hurt revenues but also dent the rivalry’s global aura, once seen as cricket’s most compelling spectacle.
The incident is likely to influence future scheduling, with boards expected to rethink neutral venues, ticketing strategies and even whether such high-stakes matches can continue without explicit political endorsement. Commercial partners will also demand safeguards, recognising that politics is now as crucial a risk factor as on-field performance.
The World Bank has revised Bangladesh’s economic growth projection for the fiscal year 2024-25, lowering it to 4%, down from an earlier estimate of 5.2%. This adjustment comes in response to the political unrest that has shaken the country, creating significant economic and political uncertainty.
In its South Asia Development Update for October 2024, the World Bank emphasized how the political turmoil of July and August has disrupted the nation’s economic performance, directly impacting its gross domestic product (GDP) growth. Supply chain disruptions and investor hesitancy have further contributed to the economic slowdown.
The Asian Development Bank (ADB) also recently cut its growth forecast for Bangladesh, revising it to 5.1% for the current fiscal year. The ADB cited similar concerns, noting that the political unrest over the past few months has created challenges for Bangladesh’s supply chains, adding pressure to its economic outlook.
Bangladesh and the Maldives stand out as the only two South Asian countries where the World Bank has downgraded growth forecasts. This reflects the unique political and economic hurdles facing both nations. Inflationary pressures are also expected to rise, while the broader South Asian region shows more positive economic trends.
Recovery Potential
Despite these setbacks, the World Bank remains cautiously optimistic about Bangladesh’s long-term economic prospects. The global lender foresees a gradual recovery, underpinned by key reforms in the financial sector, improved business conditions, expanded trade, and greater domestic resource mobilization.
The recent political changes in Bangladesh, including the resignation of Prime Minister Sheikh Hasina and the appointment of an interim government following student-led protests in August, have further added to the country’s economic uncertainty. However, the World Bank’s projections for 2025-26 suggest that Bangladesh has the potential to rebound and achieve strong growth in the coming years.
While the near-term outlook for Bangladesh is clouded by political instability, the World Bank believes that with the right reforms, the nation can bounce back. Implementing structural changes in the financial sector, boosting investment, and strengthening domestic industries will be critical to ensuring long-term growth and stability.
India’s foreign exchange reserves remained above $700 billion for the second straight week, according to data from the Reserve Bank of India (RBI) released on Friday. As of October 4, the reserves stood at $701.18 billion, marking a decline of $3.71 billion from the previous week.
India’s forex reserves, which are at an all-time high, rank as the fourth-largest globally, following China, Japan, and Switzerland. The reserves had surged by nearly $35 billion over the past seven weeks, demonstrating robust growth.
According to the RBI’s Weekly Statistical Supplement, the decline in reserves was primarily due to a reduction in Foreign Currency Assets (FCAs), which fell by $3.51 billion to $612.6 billion. Gold reserves also dipped slightly by $40 million, bringing them to $65.76 billion. Special Drawing Rights (SDRs) dropped by $123 million to $18.43 billion, while the reserve position in the International Monetary Fund (IMF) saw a marginal decrease of $71 million, standing at $4.3 billion.
Despite geopolitical uncertainties, investor confidence in India’s economic potential remains high. Last week, India’s forex reserves exceeded $700 billion for the first time, reaching $704.89 billion, marking the largest weekly increase since mid-July 2023, with a surge of $12.59 billion.
India has now joined an exclusive group of countries with over $700 billion in reserves, alongside China, Japan, and Switzerland. Foreign inflows into India this year have exceeded $30 billion, underscoring the country’s attractiveness to global investors.
Looking forward, experts predict continued growth in India’s forex reserves, which will further solidify the nation’s economic position on the global stage. A strong forex reserve not only boosts investor confidence but also strengthens India’s ability to attract foreign investments and support domestic trade and industry.
Industry analysts also highlight that the combination of strong forex reserves and a sound monetary policy is providing reassurance to both the business community and international investors, even in the face of global geopolitical challenges.
Suzlon Energy, a prominent renewable energy solution provider, has recently been under the market’s microscope due to a significant drop in its share price. The company’s shares took a 5% hit after receiving an ‘advisory cum warning’ letter from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). This development has sparked concerns among investors and market observers, leading to a downward trend in the company’s stock for six consecutive sessions.
The advisory cum warning letter was issued in response to issues raised by a resigning independent director. The director highlighted that Suzlon Energy’s corporate governance standards did not meet expectations. After reviewing the responses and documents received from the company, the exchanges identified instances where better corporate governance practices could have been followed.
Corporate Governance Concerns and Market Reaction
The exchanges warned Suzlon to exercise due caution in the future and initiate corrective steps to avoid recurrence of such lapses. They emphasized that any future non-compliance would be taken seriously. This warning has had an immediate negative impact on the share price, reflecting investor concern.
Despite this setback, Suzlon Energy responded by stating that the advisory cum warning letter does not have any material impact on its financial, operational, or other activities. The company acknowledged the concerns but also conveyed confidence that the issue would not hinder its regular operations.
Technical Outlook and Investor Sentiment
The current market sentiment for Suzlon Energy shares appears bearish following the receipt of the advisory cum warning letter. Technically, the stock is considered bearish on daily charts, with a support level mentioned around Rs 79-78. A close below this zone could lead to further downside. However, if the stock can decisively close above Rs 83, it might see an upside towards Rs 86. These levels are crucial for investors and traders to watch for potential trading signals.
The long-term implications of this development would depend on how Suzlon Energy addresses the concerns raised and whether it can restore investor confidence through improved governance practices. If Suzlon Energy implements corrective measures effectively and maintains transparency, it could mitigate any lasting damage to its reputation and investor trust.
Historical Precedents and Future Outlook
Historically, similar events have occurred in the corporate world where companies have faced regulatory scrutiny due to governance issues. For instance, in 2019, Infosys, one of India’s largest IT companies, faced a whistleblower complaint alleging unethical practices by its top management. The company’s shares plummeted following the news, but it managed to restore investor confidence by conducting a thorough investigation and taking corrective measures.
The United States is currently in the throes of the largest dockworker strike in nearly half a century. The International Longshoremen’s Association (ILA), representing 45,000 port workers from Maine to Texas, has initiated a significant stoppage. The first of its magnitude since 1977, the strike has resulted in long lines of container ships queuing up outside major U.S. ports, threatening shortages of everything from bananas to auto parts.
The strike was triggered by a breakdown in negotiations for a new six-year contract between the ILA and the United States Maritime Alliance (USMX), the employer group representing the port owners and shipping companies. The ILA is seeking a significant pay raise and commitments to halt port automation projects, which the union believes will lead to job losses. The USMX had offered a 50% pay increase, but the ILA considers this insufficient.
As the strike entered its third day, at least 45 container vessels that had been unable to unload had anchored up outside the strike-stricken East Coast and Gulf Coast ports. This was a significant increase from just three before the strike began. Many vessels seem to have decided to wait it out, possibly hoping for a prompt resolution to the strike action.
The International Longshoremen’s Association (ILA) has halted the U.S. supply chain with the largest dockworker strike in nearly half a century. As port workers from Maine to Texas walk off the job, the reverberations are already being felt, and the stakes are growing.
Immediate Impact: A Deepening Logjam
In just three days, the number of container ships anchored outside East Coast and Gulf Coast ports has skyrocketed, with 45 vessels now stranded, a sharp rise from the pre-strike three. This figure is expected to double before the week’s end, creating a cascading backlog that could take months to untangle.
Goods ranging from fresh produce to essential auto parts are stalled, with no immediate resolution in sight. While West Coast ports remain an option, rerouting through the Panama Canal is costly and time-consuming, further exacerbating global shipping delays.
Retailers have been bracing for impact. The U.S. economy could see a chilling effect as the $5 billion daily cost of the strike piles up. Although economists suggest companies front-loaded key imports in anticipation of labor unrest, a prolonged disruption would ignite supply shortages, especially for food and perishable goods.
The National Retail Federation, already warning of “devastating consequences,” is pushing for immediate federal intervention.
Political Calculations: Biden Walks a Tightrope
With the strike happening under the watch of a pro-labor president, the Biden administration finds itself in a precarious spot. While the president has aligned with the union, urging employers to sweeten their offer, political ramifications loom large.
The administration’s reluctance to use federal authority to break the strike, citing long-term economic recovery goals and labor support, could alienate business leaders and voters grappling with inflation.
Yet, invoking the Taft-Hartley Act, which would force workers back to the docks, carries risks. Such a move, particularly ahead of the November election, could harm Democratic support among labor groups. The balance between addressing immediate economic concerns and long-term political calculations remains razor-thin.
The Ripple Effect: Supply Chain and Consumer Prices
If the strike drags on, the economy could face another inflationary wave, particularly in food prices. While some sectors remain insulated by preemptive shipping, others will not be so fortunate. A prolonged stoppage would hike shipping costs, which could be passed down to consumers already weary of high living expenses.
Economists are cautious about drawing parallels to previous disruptions, as the strike now hits during a period of heightened inflationary pressures. Consumer sentiment, already fragile, could suffer if essentials become more scarce and expensive, setting the stage for a political and economic standoff.
What’s Next: Automation or Appeassement?
The strike raises key questions about the future of labor relations in the U.S. economy. Automation has emerged as a flashpoint in negotiations, and with the ILA calling for a halt to port automation projects, the outcome could define the scope of labor’s influence on technological advancements.
For now, the supply chain stands at a crossroads. If no deal is reached, the possibility of intervention, economic fallout, and a lasting labor standoff could leave scars that extend well beyond the ports.
Whether the ILA and USMX find a middle ground or continue to dig in will determine the scale and scope of the economic damage. One thing is certain: the stakes are high, and the clock is ticking.
Wall Street’s main indexes opened lower on Wednesday after escalation in geopolitical tensions in the Middle East though markets are likely not to come under sway. Here’s the impact visible so far and the possible future scenarios:
Israeli Retaliation: Iran’s missile strike on Israel, involving 180 ballistic missiles, significantly raises the chances of an Israeli counterattack. A likely target could be Iran’s Kharg Island facility, which handles 90% of the country’s oil exports.
Economic Risk: If Israel strikes and Iran responds by restricting access to the Strait of Hormuz—through which 20% of the world’s daily oil supply passes—crude oil prices could surge above $100 per barrel, similar to the 2022 spike following Russia’s invasion of Ukraine.
Central Bankers on Edge: The U.S. Federal Reserve and European Central Bank (ECB) are closely monitoring these developments. Energy price hikes from a prolonged conflict could derail plans to reduce interest rates, potentially reigniting inflation that central banks have worked hard to control.
Energy Supply Shock: Despite current stability—due to minimal casualties and Israel’s potential focus on Hezbollah in Lebanon rather than direct strikes on Iran—a severe disruption in oil exports would trigger energy supply shocks. Saudi Arabia’s ability to increase oil production could soften the blow, but sustained tensions could strain global supplies.
Inflation Dilemma: Central banks, especially in the U.S. and Europe, struggled to manage energy shocks during the 2022 power crisis, which led to inflation spiking to high-single-digit levels. A similar surge, along with other inflationary factors like the U.S. longshoremen strike, could force central bankers into a tough choice: either continue rate cuts and risk further inflation or pause/raise rates and push the economy toward recession.
Investor Sentiment: As of now, markets seem unaffected by these risks. In Europe, traders expect the ECB to cut rates again on October 17, while U.S. derivative prices suggest the Fed’s rates could fall to 3% by October 2025 from the current 4.9%.
Geopolitical Ripple Effect: Israeli Prime Minister Benjamin Netanyahu vowed Iran would pay for the attack, while Tehran warned of “vast destruction” in case of retaliation, signaling the possibility of a wider regional conflict. Any involvement by Israel’s allies could lead to a broader confrontation, further unsettling global markets.
Immediate Market Impact: Oil prices have already risen by 5%, with Brent crude trading at $75.3 per barrel amid concerns about escalating tensions.
Possible Future Scenarios
Surge in Oil Prices: A direct strike on Iranian infrastructure, or a disruption in the Strait of Hormuz, could send oil prices soaring above $100 per barrel. This would have immediate inflationary consequences for the global economy, forcing central banks to reconsider planned interest rate cuts.
Inflationary Pressures: A prolonged Middle East conflict could trigger another energy crisis, worsening inflation in the U.S. and Europe. Central banks may be forced to halt or reverse rate-cutting plans, risking a global economic slowdown or recession.
Geopolitical Instability: Any military escalation between Israel and Iran could lead to broader regional conflict, drawing in global powers and further disrupting oil supplies. This could amplify investor fears and market volatility.
Delayed Monetary Easing: If inflation spikes due to rising energy costs, the U.S. Federal Reserve and ECB may delay or slow down their plans for monetary easing, prolonging high borrowing costs and hindering economic recovery efforts. Even RBI might delay its decision to ease interest rate cuts now.
The Reserve Bank of India (RBI) has recently raised concerns over deficiencies in gold-lending practices, urging gold lenders to review their policies and practices and implement corrective measures within a three-month timeframe. This directive comes in the wake of a review conducted by the RBI, which revealed several irregularities in the gold loan sector.
Gold loans, which are granted against a pledge of gold ornaments and jewellery, have come under the RBI’s scrutiny as they defy the lending norms of other assets and often fail to contribute to overall growth.
The review, as well as the findings of the onsite examination of select supervised entities by the RBI, indicated several irregular practices in this activity. The major deficiencies include shortcomings in the use of third parties for sourcing and appraisal of loans, valuation of gold without the presence of the customer, inadequate due diligence, and lack of end-use monitoring of gold loans.
RBI’s Advisory Too Late?
The RBI has pointed out the lack of transparency during the auction of gold ornaments and jewellery on default by the customer, weaknesses in monitoring of loan-to-value, and incorrect application of risk-factors, among others. These irregularities were observed across various supervised entities, including commercial banks, small finance banks, urban cooperative banks, and non-banking financial companies (NBFCs).
In response to these findings, the RBI has advised lenders to comprehensively review their policies, processes, and practices on gold loans to identify gaps and initiate appropriate remedial measures in a timebound manner. The central bank has also emphasized the need for close monitoring of gold loan portfolios, especially in light of significant growth in the portfolios in certain entities.
The RBI’s directive also highlighted the need for entities to ensure that adequate controls are in place over outsourced activities and third-party service providers. The central bank has warned that non-compliance with regulatory guidelines will be viewed seriously and will attract supervisory action by the RBI.
Impact on the Gold Loan Sector
This warning on gold loan practices follows a similar caution issued by the RBI in August 2024, highlighting issues with home equity or top-up housing loans such as non-adherence to loan-to-value (LTV) ratios and lack of end-use monitoring. The RBI Governor, Shaktikanta Das, had then noted that such loans may lead to funds being deployed in unproductive segments or for speculative purposes.
The RBI’s advisory to gold lenders also highlighted several specific cases of irregularities or deficiencies with respect to gold loans being granted. These included instances where gold loans were given through partnerships with fintechs and business correspondents (BCs), and practices such as valuation of gold being carried out in the absence of the customer, credit appraisal and valuations being done by the BC itself, and gold being stored in the custody of BC.
The review also revealed a lack of a robust system for periodical LTV (loan-to-value) monitoring with instances of breach of regulatory LTV ceilings observed in some entities. In other instances, the application of risk weights was at variance with the prudential regulations. The end use of funds was also usually not verified for non-agriculture loans and there was a lack of proof or proper documentation obtained and retained in respect of agriculture gold loans.
The RBI’s directive has likely led to a negative impact on the share prices of major gold financing companies, as indicated by mentions of stocks slipping for companies like Muthoot Finance and Manappuram Finance. These companies would have to review and potentially tighten their practices, which could involve increased costs and possibly affect their short-term business operations. The directive also suggests increased regulatory scrutiny, which might lead to a more cautious approach by investors in the sector.
Otherwise, the RBI’s directive serves as a wake-up call for gold lenders to tighten their practices, lest the RBI may tighten the rules to maintain the stability of the financial system. Certainly, the directive is going to impact on gold loans segment of many banks and NBFCs.
Gold as Crisis Saver
Whether Covid-19 or Forex crisis, over the period gold remained the single instrument to save the nations to sustain and India stands to benefit from the gold as a reserve, as the case with many other central banks across the globe. From a low of 7% seen in CY20, the share has improved significantly to 26% at present.
As per World Gold Council report, Central Bank of Turkey was the largest buyer, followed by People’s Bank of China and Reserve Bank of India. This may be on account of attaching greater weight to gold’s value in crisis response, diversification of portfolio and credibility on account of store-of-value. But the value erodes when the asset changes hands from the owners to the lenders. Here, the RBI is quite cautious.
India’s External Affairs Minister Dr. S Jaishankar is set to undertake a diplomatic tour to Singapore, the Philippines, and Malaysia from March 23 to 27, aiming to bolster bilateral ties.
According to a statement from the Ministry of External Affairs (MEA) issued on Saturday, the visit to these Southeast Asian nations will serve as a platform for discussions on shared regional concerns.
This tour follows closely on the heels of Minister Jaishankar’s recent visit to Japan, where efforts were made to strengthen the Special Strategic and Global Partnership between the two nations.
Jaishankar’s previous visit to Singapore in October 2023 was focused on deepening the Strategic Partnership between the two nations, during which he held meetings with President Tharman Shanmugaratnam and Foreign Minister Vivian Balakrishnan.
S Jaishankar
In November 2023, then Malaysian Foreign Minister Zambry Abdul Kadir visited India at Jaishankar’s invitation to co-chair the sixth India-Malaysia Joint Commission Meeting in New Delhi.
Furthermore, in June 2023, Jaishankar and Secretary for Foreign Affairs of the Philippines, Enrique A. Manalo, chaired the fifth meeting of the Joint Commission on Bilateral Cooperation in New Delhi. Discussions during this meeting encompassed various regional and global issues of mutual interest, as highlighted by the MEA.
Both India and the Philippines stressed their commitment to a free, open, and inclusive Indo-Pacific region during these discussions, emphasizing the importance of resolving disputes peacefully and upholding international law.
India has rejected the US State Department’s “concerns” regarding the implementation of the Citizenship Amendment Act (CAA), and termed it as “misplaced, misinformed, and unwarranted.”
In a press briefing, Randhir Jaiswal, spokesperson for the Ministry of External Affairs, emphasized that the CAA primarily aims at granting citizenship rather than revoking it. Jaiswal dismissed critiques from those with limited comprehension of India’s diverse traditions and the historical context following partition.
Addressing concerns raised by the US State Department and others, Jaiswal reiterated that India views the criticism as unfounded. He urged international partners to acknowledge the goodwill underlying the enactment of the CAA, framing it as consistent with India’s inclusive ethos and enduring commitment to human rights.
The Citizenship Amendment Act 2019 provides refuge to persecuted minorities, including Hindus, Sikhs, Buddhists, Parsis, and Christians from Afghanistan, Pakistan, and Bangladesh, who arrived in India before December 31, 2014.
Jaiswal contended that there are no justifiable grounds for apprehension or mistreatment of minorities, cautioning against allowing political considerations to influence perceptions of a commendable initiative aiding distressed individuals.
India’s assertive response followed comments from US State Department Spokesperson Matthew Miller expressing concern over the notification of CAA rules and signaling close scrutiny of its implementation.
The Central government implemented the CAA on Monday, offering a pathway to citizenship for undocumented non-Muslim migrants from neighboring countries who entered India before December 31, 2014.
Critics argue that the law undermines the secular principles enshrined in the Indian Constitution by excluding Muslims from its provisions.
Women with polycystic ovary syndrome (PCOS) in Alabama may be more likely to have excessive hair growth and insulin resistance, whereas women with PCOS in California may be more likely to have higher testosterone levels, according to new research published in the Endocrine Society’s Journal of Clinical Endocrinology & Metabolism.
PCOS affects 7–10% of women of childbearing age and is the most common cause of infertility. In the United States, an estimated 5 to 6 million women have PCOS, but the disorder is still underdiagnosed. Women are diagnosed with PCOS if they have two of the following criteria: androgen excess (excess male sex hormones such as testosterone), ovulatory dysfunction and polycystic ovaries.
“Our study found geographical differences in PCOS in black and white women, suggesting there are both genetic and environmental influences on how this disease manifests,” said Margareta D. Pisarska, M.D., of Cedars-Sinai Medical Center in Los Angeles, Calif. “Ongoing research is needed to identify modifiable risk factors for PCOS that may be race and ethnicity-specific to bring precision medicine to the management of this disease.”
PCOS/en.wikipedia.org
The researchers compared data from 1,620 back and white women with PCOS in Alabama and California. They found regional differences in the way these women met criteria for the diagnosis of PCOS and in symptoms associated with PCOS, with some variations among black and white women.
Overall, there were many similarities among the races. Women with PCOS in Alabama were more likely to have excessive hair growth and insulin resistance, whereas women with PCOS in California were more likely to have higher levels of testosterone.
When comparing black women with PCOS in Alabama and California, the average body mass index (BMI) did not differ between the locations, whereas in white women with PCOS, the average BMI was higher in Alabama than California.
“Since we have now identified that there are geo-epidemiologic differences, we intend to do follow up studies comparing black and white women with PCOS, controlling for geo-epidemiologic differences,” Pisarska said. “Furthermore, we are trying to look at factors that are contributing to these differences in order to tailor treatments based on specific needs for improvements in care for all women with PCOS.”
Up to 70 percent of mothers develop postnatal depressive mood, also known as baby blues, after their baby is born. Analyses show that this can also affect the development of the children themselves and their speech. Until now, however, it was unclear exactly how this impairment manifests itself in early language development in infants.
In a study, scientists at the Max Planck Institute for Human Cognitive and Brain Sciences in Leipzig have now investigated how well babies can distinguish speech sounds from one another depending on their mother’s mood. This ability is considered an important prerequisite for the further steps towards a well-developed language. If sounds can be distinguished from one another, individual words can also be distinguished from one another. It became clear that if mothers indicate a more negative mood two months after birth, their children show on average a less mature processing of speech sounds at the age of six months.
The infants found it particularly difficult to distinguish between syllable-pitches. Specifically, they showed that the development of their so-called Mismatch Response was delayed than in those whose mothers were in a more positive mood. This Mismatch Response in turn serves as a measure of how well someone can separate sounds from one another. If this development towards a pronounced mismatch reaction is delayed, this is considered an indication of an increased risk of suffering from a speech disorder later in life.
“We suspect that the affected mothers use less infant-directed-speech,” explains Gesa Schaadt, postdoc at MPI CBS, professor of development in childhood and adolescence at FU Berlin and first author of the study, which has now appeared in the journal JAMA Network Open. “They probably use less pitch variation when directing speech to their infants.” This also leads to a more limited perception of different pitches in the children, she said. This perception, in turn, is considered a prerequisite for further language development.
The results show how important it is that parents use infant-directed speech for the further language development of their children. Infant-directed speech that varies greatly in pitch, emphasizes certain parts of words more clearly – and thus focuses the little ones’ attention on what is being said – is considered appropriate for children. Mothers, in turn, who suffer from depressive mood, often use more monotonous, less infant-directed speech. “To ensure the proper development of young children, appropriate support is also needed for mothers who suffer from mild upsets that often do not yet require treatment,” Schaadt says. That doesn’t necessarily have to be organized intervention measures. “Sometimes it just takes the fathers to be more involved.”
The researchers investigated these relationships with the help of 46 mothers who reported different moods after giving birth. Their moods were measured using a standardized questionnaire typically used to diagnose postnatal upset. They also used electroencephalography (EEG), which helps to measure how well babies can distinguish speech sounds from one another. The so-called Mismatch Response is used for this purpose, in which a specific EEG signal shows how well the brain processes and distinguishes between different speech sounds. The researchers recorded this reaction in the babies at the ages of two and six months while they were presented with various syllables such as “ba,” “ga” and “bu.
Ever since she broke into the big league, the lissome Ashwini Ponnappa is used to being in the spotlight. But when she stepped into the badminton court earlier this week at the PDDU Indoor Stadium, she knew that the attention from the Indian badminton community would be even more intense.
After all, the Women’s Doubles’ specialist was embarking on a new journey as a Mixed Doubles player. Her first partner: her own Karnataka statemate K Sai Prateek in the 36th National Games.
On Thursday, she took a successful first step, beating Delhi’s Rohan Kapoor and Kanika Kanwal in straight games to win the gold.
“I am very happy that we started with the National Games title,” 33-year-old Ashwini said after wrapping up their victory. “Incidentally, this is my first gold in the National Games,” she pointed out.
Ashwini has without doubt been one of the finest doubles players in India, having successfully partnered with left-handers Jwala Gutta and N Sikki Reddy in her distinguished career.
After coming through a test by fire in the semifinals against Tamil Nadu’s VR Nardhana and Hariharan Amsakarunan, Ashwini Ponnappa and Sai Prateek were more at ease in the final with a 21-15, 21-13 victory.
Analysing the partnership in its early days, Ashwini said Prateek looks a very confident player. “He hits the shuttle powerfully. He has a strong defence and has good court coverage. It is all about learning one another’s game and finding the right balance. Prateek is a quick learner,” she said.
The 33-year-old admitted the pair needs to be patient. “We don’t know one another’s styles yet and we didn’t have too much preparation. This gold will give us confidence,” she said.
Ashwini played the role of senior partner admirably. “I tell him to remain positive on court. We held our nerves. It was not easy. It was our first tournament and, being the top seeds, there was pressure. He dealt with it well. This is what makes a player stronger,” she said, hopeful of forging a strong combination with Sai Prateek.
On his part, 22-year-old Sai Prateek is intent on making the most of the experience of playing with Ashwini. “I have so much to learn from her. I believe she is the best mixed doubles player,’’ he said “I grew up admiring her game. I am now lucky enough to play alongside her. She is always calm on court.”
Talking about her career, Ashwini said her best moments as a doubles player was with Jwala Gutta. “We didn’t think or plan for any game. There was no match preparation as such. We just went into a match with a positive frame of mind. We were confident about one another’s game. It was a different experience. Jwala was a go-getter and very gutsy,” she said.
Ashwini said her partnerships with Sikki and Satwiksairraj Rankireddy were different. “We had to work on our game. It did not come easily. I tend to open up quickly. Now, I have become smarter with my game. I think I have been physically and mentally motivated in the last couple of years. In fact, I’m excited about my new partnership with Prateek.”
Second-seeded Aakarshi Kashyap (Chhattisgarh) dominated top-seeded Malvika Bansod (Maharashtra) to win the Badminton Women’s Singles gold in the 36th National Games at the PDDU Indoor Stadium in Surat on Thursday.
B Sai Praneeth (Telangana) justified his top billing by taking the Men’s Singles gold after an intense battle with Mithun Manjunath (Karnataka). He eventually won 21-11, 12-21, 21-16 in 63 minutes.
Aakarshi, who has a 1-1 head-to-head record this year against Malvika, won 21-8, 22-20 in three-quarters of an hour, beating back a late attempt by the left-hander to take the match into the third game.
In Rajkot, a Diving gold through Surajit Rajbansi on the 1M Springboard helped Services take their tally of gold to 41 so far. With 26 silver and 25 bronze for a total of 92 medals, the defending champions have stood head and shoulders above all States and UTs.
Though Haryana have 25 gold and are in the second place on the table, Maharashtra are right behind them with 24 gold at the time of writing. Maharashtra are in the race for 100 medals too.
36th National Games
The fancied N Sikki Reddy and Pullela Gayatri Gopichand expectedly won the Women’s doubles title for Telangana, making it a happy outing for the State with three gold to show from the Badminton competition.
Telangana had more reason to celebrate when their Women’s Basketball team prevented a Tamil Nadu double in Bhavnagar. Telangana beat Tamil Nadu 67-62 in a thriller, after leading 35-31 at half-time. Coming on the heels of their 3×3 side’s gold, this win meant that Telangana women would complete the golden double in the National Games. The formidable Tamil Nadu Men’s squad beat Punjab 97-89 after holding a 46-42 lead at the break to take the crown.
At the Sardar Patel Swimming Complex in Rajkot, the experienced Surajit Rajbansi and H London Singh earned the top two medals for Services. With good execution of his routines, Surajit Rajbansi tallied 275.35 points, relegating team-mate London Singh who logged 254.75 points. This was the third successive 1-2 for Sevices in Men’s Diving.
“I’m feeling good today. At the recent National Championships in Guwahati, I was not in the best of form and only won silver. I wanted to better my performance and succeeded,” said the 23-year-old who took the help of a mind trained to settle his nerves. It helped as this time he was able to overcome his fears and give off his best.
Yet, it was Aakarshi Kashyap’s victory over Malvika Bansod in the Women’s Singles final that was the highlight of the morning session. The Chhattisgarh player was quick and meant business with her well-placed strokes that wrong-footed an error-prone Malvika. The Maharashtra star regrouped in the second game but Aakarshi was up to speed.
“It was tough. There were two long rallies and she had a lucky point through a net cord to take the second game into extra points. But I held my nerves to win the next two points,” Aakarshi Kashyap said.
The 30-year-old Sai Praneeth faced a tough contest against Mithun. “Any gold medal is good for any player. I’m happy I could get my first-ever National Games gold,” the Telangana star said, adding that he was happy with the way he played, staying calm when Mithun gained the upper hand in the second game and riding on his greater endurance to claim gold.
Ashwini Ponnappa and K Sai Prateek made a perfect start to their journey as a mixed doubles pair, eking out a 21-16, 21-13 victory over Rohan Kapoor and Kanika Kanwal (Delhi). Ashwini Ponnappa was all praise for her 22-year-old partner. “He played a strong game. He hit hard and covered the court well. I’m very happy to win my first ever National Games gold,” she said.
The results (finals)
Aquatics
Diving
1M Springboard: Surajit Rajbansi (Services) 275.35 points; 2. H London Singh (Services)
254.75; 3. Anuj Shah (Maharashtra) 227.60 points.
Archery (Recurve)
Men
Individual Bronze medal play-off: Tarundeep Rai (Services) beat Gaurav Trambak Lambe (Maharashtra) 7-3.
Team Bronze medal play-off: Maharashtra beat Jharkhand 5-4.
Team Bronze medal play-off: Gujarat beat Assam 5-4.
Mixed Team Bronze medal play-off: Jharkhand beat Rajasthan 5-3.
Badminton
Men
Singles: B Sai Praneeth (Telangana) beat Mithun Manjunath (Karnataka) 21-11, 12-21, 21-16; Bronze medals: M Raghu (Karnataka) and Aryamann Tandon (Gujarat).
Doubles: PS Ravikrishna and Udaykimar Sankarprasad (Kerala) beat Hariharan Amsakarunan and R Ruban Kumar (Tamil Nadu) 21-19, 21-9; Bronze medals: HV Nithin and Vaibhaav (Karnataka) and Shyam Prasad and S Sunjith (Kerala)
Doubles: N Sikki Reddy and Pullela Gayatri Gopichand (Telangana) beat Shikha Gautam and K Ashwini Bhat (Karnataka) 21-14; 21-11. Bronze medals: Kavya Gupta and Khushi Gupta (Delhi) and Mehreen Riza and Arathi Sara Sunil (Kerala).
Mixed Doubles: K Sai Pratheek and Ashwini Ponnappa (Karnataka) beat Rohan Kapoor and Kanika Kanwal (Delhi) 21-15, 21-13. Bronze medals: Hariharan Amsakarunan and VR Nardhana (Tamil Nadu) and S Sunjith and TR Gowrikrishna (Kerala).
Basketball (5×5)
Men: Tamil Nadu beat Punjab 97-89 (Half-time 46-42); Bronze medal play-off: Services beat Karnataka 94-67 (40-31).
Women: Telangana beat Tamil Nadu 67-62 (35-31); Bronze medal play-off: Kerala beat Madhya Pradesh 75-62 (33-32).
Other results:
Football
Men
Group A: Kerala beat Manipur 3-2 (Half-time 0-1).
Women
Group B: Assam beat Maharashtra 2-0 (1-0)
Hockey
Men
Group A: Haryana beat Gujarat 7-0 (Half-time: 3-0).
Water Polo
Men
Kerala beat Maharashtra 7-6; Punjab beat Manipur 8-7.
Women
Karnataka beat Manipur 13-2; Bengal beat Kerala beat 10-8.
The Prime Minister, Shri Narendra Modi has shared glimpses of the Mysuru Dasara celebrations and lauded the commitment of the people of Mysuru to preserving their culture and heritage in a beautiful way. The Prime Minister recalled fond memories of his visit to Mysuru, the most recent one on the occasion of 2022 Yoga Day.
Quoting a tweet by a citizen, the Prime Minister tweeted;
“Mysuru Dasara is spectacular. I commend the people of Mysuru for preserving their culture and heritage so beautifully. I have fond memories of my Mysuru visits, the most recent one being during 2022 Yoga Day.”
A mother’s consumption of ultra-processed foods appears to be linked to an increased risk of overweight or obesity in her offspring, irrespective of other lifestyle risk factors, suggests a US study.
Researchers suggest that mothers might benefit from limiting their intake of ultra-processed foods, and that dietary guidelines should be refined and financial and social barriers removed to improve nutrition for women of child bearing age and reduce childhood obesity.
According to the World Health Organization, 39 million children were overweight or obese in 2020, leading to increased risks of heart disease, diabetes, cancers, and early death.
Ultra-processed foods, such as packaged baked goods and snacks, fizzy drinks and sugary cereals, are commonly found in modern Western style diets and are associated with weight gain in adults. But it’s unclear whether there’s a link between a mother’s consumption of ultra-processed foods and her offspring’s body weight.
To explore this further, the researchers drew on data for 19,958 children born to 14,553 mothers (45% boys, aged 7-17 years at study enrollment) from the Nurses’ Health Study II (NHS II) and the Growing Up Today Study (GUTS I and II) in the United States.
pregnant lady/Commons.wikimedia.org
The NHS II is an ongoing study tracking the health and lifestyles of 116,429 US female registered nurses aged 25-42 in 1989. From 1991, participants reported what they ate and drank, using validated food frequency questionnaires every four years.
The GUTS I study began in 1996 when 16,882 children (aged 8-15 years) of NHS II participants completed an initial health and lifestyle questionnaire and were monitored every year between 1997 and 2001, and every two years thereafter.
In 2004, 10,918 children (aged 7-17 years) of NHS II participants joined the extended GUTS II study and were followed up in 2006, 2008, and 2011, and every two years thereafter.
A range of other potentially influential factors, known to be strongly correlated with childhood obesity, were also taken into account. These included mother’s weight (BMI), physical activity, smoking, living status (with partner or not), and partner’s education, as well as children’s ultra-processed food consumption, physical activity, and sedentary time.
Overall, 2471 (12%) children developed overweight or obesity during an average follow-up period of 4 years.
The results show that a mother’s ultra-processed food consumption was associated with an increased risk of overweight or obesity in her offspring. For example, a 26% higher risk was seen in the group with the highest maternal ultra-processed food consumption (12.1 servings/day) versus the lowest consumption group (3.4 servings/day).
In a separate analysis of 2790 mothers and 2925 children with information on diet from 3 months pre-conception to delivery (peripregnancy), the researchers found that peripregnancy ultra-processed food intake was not significantly associated with an increased risk of offspring overweight or obesity.
This is an observational study, so can’t establish cause and the researchers acknowledge that some of the observed risk may be due to other unmeasured factors, and that self-reported diet and weight measures might be subject to misreporting.
Other important limitations include the fact that some offspring participants were lost to follow-up, which resulted in a few of the analyses being underpowered, particularly those related to peripregnancy intake, and that mothers were predominantly white and from similar social and economic backgrounds, so the results may not apply to other groups.
Nevertheless, the study used data from several large ongoing studies with detailed dietary assessments over a relatively long period, and further analysis produced consistent associations, suggesting that the results are robust.
The researchers suggest no clear mechanism underlying these associations and say the area warrants further investigation.
Nevertheless, these data “support the importance of refining dietary recommendations and the development of programs to improve nutrition for women of reproductive age to promote offspring health,” they conclude.
