Global card network Visa rolled out its one-time password (OTP)-less payment authentication feature, Visa Payment Passkey, on Thursday, with IDFC First Bank becoming the first regulated entity to go live with the solution.
A passkey enables cardholders to authenticate transactions using mechanisms such as biometrics, including fingerprints and facial recognition, PIN, password or pattern. It is expected to improve payment success rates and reduce the number of steps required to complete an online transaction compared with traditional OTP-based methods, the company said.
In a statement, Visa said the solution was available for select users of merchants such as Myntra, Paytm, MakeMyTrip, Tata Starbucks, Reliance Digital and EatSure, operated by Rebel Foods, along with fintech partners Juspay, Wibmo, Razorpay, PayU, Pine Labs, BillDesk, M2P Fintech and Paytm Payments Services, among others.
India and Japan on Thursday signed agreements to deepen cooperation in economic security, clean energy, artificial intelligence (AI), defence technology, health care and maritime security. This came after summit talks between Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi, who is on a three-day official visit to India from July 1 to 3.
In a joint press statement after the talks in New Delhi, PM Modi said the two countries had prepared a joint roadmap for economic security at a time of global uncertainty.
The emphasis on economic security comes amid rising concerns over global supply chains, with the conflict in West Asia disrupting trade routes, increasing shipping costs and exposing vulnerabilities in the movement of critical goods.
PM Modi said the roadmap will focus on strengthening supply chain resilience in strategic sectors such as semiconductors, quantum technology and advanced materials.
The talks resulted in agreements on key areas of cooperation. Both sides adopted three landmark documents: the Joint Declaration on Economic Security, the Joint Statement on Cooperation in the field of Artificial Intelligence, and the Joint Statement on Energy Resilience.
Foreign Secretary Vikram Misri was given a one-year extension till July 14 next year. Widely regarded as an expert on China, Misri was appointed to the post in June 2024. The Appointments Committee of the Cabinet has approved the extension for a period of one year beyond July 14, 2026, that is, up to July 14, 2027, under the provisions of Fundamental Rule 56 (d).
He has the rare distinction of serving as private secretary to three prime ministers -- Inder Kumar Gujral, Manmohan Singh and Narendra Modi. Before he was appointed as the deputy NSA, Misri served as India's ambassador to China from 2019-2021.
Misri is believed to have played a key role in talks between India and China after tensions flared significantly following the Galwan Valley clashes in June, 2020.
He has also served as India's ambassador to Spain (2014-2016) and Myanmar (2016-2018) besides having stints in many Indian missions including Pakistan, the US, Germany, Belgium and Sri Lanka.
India’s services activity expanded at a slower pace in June as domestic demand softened, client interest weakened for some services and hiring was broadly stagnant. The seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.4 in June from 59.8 in May. A reading above 50 indicates expansion, while one below 50 signals contraction.
Although the index remained comfortably above the neutral mark and its long-run average, the latest reading pointed to the weakest upturn in services activity in 17 months. The moderation in services activity was driven by the slowest expansion in new order intakes in more than two-and-a-half years.
Some companies reported support from competitive pricing, higher demand for e-commerce, increased customer bookings and better local tourism. However, several firms said challenging market conditions and reduced client interest weighed on sales.
The Reserve Bank of India (RBl) has, by an order, imposed a monetary penalty of ₹1 lakh (Rupees One Lakh only) on Nirmal Urban Co-operative Bank Ltd., Nagpur, Maharashtra (the bank) for non-compliance with certain directions issued by RBI.
The penalty was for non-compliance with certain directions issued by RBI on ‘Limits on exposure to single and group borrowers/parties and large exposures and Revision in the target for priority sector lending – UCBs’ and operational instructions issued under ‘Supervisory Action Framework (SAF)’.
Union Civil Aviation Minister Ram Mohan Naidu Kinjarapu said the Ministry of Civil Aviation (MoCA) and the Airports Authority of India (AAI) will provide "complete support" for India's fifth-generation fighter aircraft programme by ensuring seamless coordination for flight testing and airspace requirements.
The Minister said MoCA and the AAI are working closely with stakeholders to ensure that the flagship defence programme does not face any logistical hurdles during its development and testing phase.
Indian Naval Ships Udaygiri, Shakti and Kavaratti, led by Flag Officer Commanding Eastern Fleet Rear Admiral Alok Ananda, arrived at the Changi Naval Base in Singapore as part of their operational deployment to South East Asia. Indian High Commission in Singapore said the visit reflects India's commitment to strengthening maritime partnerships in the region.
Megha Engineering & Infrastructures Limited (MEIL) Group will be investing up to ₹40,000 crore in the next two to three years towards capital expenditure, aiming to achieve a topline of ₹2 trillion in five years, a top executive of the infra major has said.
PV Krishna Reddy, Managing Director of MEIL, also said the group is aiming to take some of its subsidiaries to an Initial Public Offering every couple of years, with the first one being Evey Trans Pvt Ltd, followed by the Defence vertical and Gas Distribution and so on.
MEIL group recently announced a JV with Abu Dhabi-based Analogue in the field of Physical Intelligence and that the joint venture firm committed to invest $300 to $500 million in the next five years. On EV mobility, Olectra Greentech Ltd, a Group company, has a manufacturing facility in Telangana with a capacity to produce 10,000 electric buses annually.
In a significant decision, the Union Cabinet on Wednesday formally approved lowering the permissible content of broken rice supplied through ration shops under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for the first time in more than three decades.
The move will not only ensure that more than 80 crore public distribution system (PDS) beneficiaries receive better quality rice through their monthly entitlement, but will also free up an estimated 8-9 million tonnes of surplus broken rice for ethanol production, officials said.
The permissible limit has been reduced from 25 per cent to 10 per cent for raw rice and from 16 per cent to 5 per cent for parboiled rice. The Centre distributes 5 kg of rice or wheat free of cost every month to more than 80 crore beneficiaries under the PMGKAY.
The Department of Youth Affairs today organised an Industry Association Conclave of MY Bharat in New Delhi. Leading industry bodies, including ASSOCHAM, FICCI, CAIT and CII, participated in the conclave.
The event aimed to introduce the MY Bharat ecosystem to industry stakeholders and invite industry associations, corporates and public sector undertakings to join the initiative. The conclave also focused on exploring frameworks for future collaboration on youth development and aligning national youth goals with industry-led initiatives.
The government has notified the Employees’ Provident Funds (EPF) Scheme, 2026 under the Code on Social Security, 2020, replacing the long-standing EPF Scheme, 1952. While the move marks a major legal overhaul of India’s provident fund framework, it does not alter the key features that matter most to employees.
The annual EPF interest rate remains at 8.25 per cent for FY2025-26, existing account balances remain protected, and the current contribution structure continues unchanged.
Instead, the new framework primarily modernises the legal structure, formally recognises digital services already offered by the Employees' Provident Fund Organisation (EPFO), and introduces a few governance-related changes.
Mukesh Ambani, chairman and managing director of Reliance Industries, and telecom magnate Sunil Bharti Mittal are among four Indian business leaders named founding members of the newly launched AI for Good Global Commission, a high-level international initiative formed to expand access to artificial intelligence (AI).
The commission was announced by Rwanda President Paul Kagame, Salesforce Chair and Chief Executive Officer Marc Benioff, and International Telecommunication Union (ITU) Secretary-General Doreen Bogdan-Martin.
It brings together more than 40 leaders from governments, businesses, and international organisations.
