RBI appoints Monisha Chakraborty as executive director from August 3

The Reserve Bank of India (RBI) has appointed Monisha Chakraborty as executive director (ED) with effect from August 3, 2026. Before her promotion as ED, she served as chief general manager-in-charge in the Department of Supervision. As executive director, Chakraborty will oversee the Foreign Exchange Department and the Financial Markets Regulation Department.

A career central banker, Chakraborty has more than three decades of experience at the RBI, having worked in supervision, foreign exchange, and government and bank accounts. She holds a degree in economics and a master's degree in business economics, both from the University of Delhi.

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Disputed tax demand drops Rs. 16,690 cr after hike in tax appeal limits: Govt

The increase in monetary thresholds for filing tax dispute appeals at ITAT, high courts, and the Supreme Court has led to about Rs. 16,690 crore reduction in disputed tax demand, Parliament was informed.

In a written reply to the Lok Sabha, Finance Minister Nirmala Sitharaman gave details of the total number of cases withdrawn/not filed, and the estimated reduction in disputed tax demand due to enhanced monetary limits for filing departmental appeals, from September 17, 2024.

About 443 cases have been withdrawn and while 11,390 appeals were not filed before the Income Tax Appellate Tribunal (ITAT) after the increase in monetary threshold. The total estimated reduction in disputed tax demand at ITAT was Rs. 3,662.82 crore.

Similarly, 4,791 cases were withdrawn and 5,565 appeals were not filed before the high courts. The reduction in disputed demand was an estimated Rs. 9,218.71 crore.

At the Supreme Court, 744 cases were withdrawn and appeals not filed in 534 cases. This resulted in an estimated Rs. 3,807.15 crore reduction in disputed tax demand.

Taken together, the total estimated reduction in disputed tax demand at ITAT, HC, and SC stood at Rs. 16,690 crore.

The government in the Union Budget 2024-25 enhanced monetary limit for filing appeals related to direct taxes in the tax tribunal, high courts and the Supreme Court to Rs. 60 lakh, Rs. 2 crore, and Rs. 5 crore respectively.

Sitharaman also said the Central Board of Direct Taxes (CBDT) has taken a number of measures over the last 12 years to ease tax compliance and improve taxpayer services.

Some of the key initiatives taken during the last 12 years include the introduction of pre-filled ITRs; new Form 26AS; facility to file updated return; introduction of Faceless Assessment and Faceless Appeal Schemes; removal of higher TDS/TCS for non-filers of return of income; rationalisation and simplification of safe harbour regime and expansion of presumptive taxation scheme.

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Irdai grants licence to ProTec General Insurance, fourth approval in 2026

The Insurance Regulatory and Development Authority of India (Irdai) has approved a licence for ProTec General Insurance, a joint venture between the M Pallonji Group and True North's Divya Sehgal, marking the regulator's fourth insurance licence approval in calendar year 2026.

"Approval was also accorded for the grant of Certificate of Registration to M/s ProTec General Insurance Limited, enabling the company to undertake general insurance business in accordance with the applicable regulatory framework," Irdai said in a statement.

Earlier this year, the regulator granted licences to Kiwi General Insurance, Prudential HCL Health Insurance and Allianz Jio Reinsurance.

Irdai said the new licences underscore strong investment interest in the Indian insurance sector and the momentum generated by reforms under the Sabka Bima Sabki Raksha (SBSR) Act.

Following the amendment allowing 100 per cent foreign investment in the insurance sector, one life insurer and one general insurer have increased their foreign shareholding beyond the earlier 74 per cent cap to full ownership, Irdai said.

At its board meeting, Irdai also approved a series of regulatory reforms aimed at giving insurers greater operational and financial flexibility. These include liberalised investment norms and streamlined processes for capital infusion, restructuring, share transfers and amalgamations, alongside stronger actuarial oversight and financial governance.

The regulator also operationalised the Policyholders' Education and Protection Fund (PEPF), aimed at promoting insurance awareness, strengthening grievance redressal, improving services through technology and facilitating the recovery of unclaimed insurance amounts.

For insurance intermediaries, Irdai mandated the tagging of authorised salespersons to every insurance proposal and policy to improve accountability and traceability across the distribution process and strengthen regulatory oversight.

Irdai also replaced periodic renewal of intermediary licences with perpetual registration backed by an annual fee regime. The changes aim to reduce the compliance burden, align regulations with the SBSR Act and Foreign Investment Rules, and strengthen governance through enhanced disclosure and accountability.

The regulator also approved the Manner and Procedure for Imposition of Penalties Regulations, 2026, establishing a framework for imposing penalties under the Insurance Act, 1938, and the IRDA Act, 1999. Irdai said the regulations are intended to bring greater consistency, fairness, regulatory certainty and accountability to enforcement.

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Irdai tightens intermediary rules, eases insurers' investment norms

The Insurance Regulatory and Development Authority of India (Irdai) tightened the regulatory framework for insurance intermediaries. It introduced measures to improve traceability of insurance sales and required certain intermediaries, including majority foreign-owned entities and those crossing specified commission-income thresholds, to make additional disclosures.

The amendments cover corporate agents, insurance brokers, insurance marketing firms, web aggregators and common public service centre special purpose vehicles (CPSC-SPVs). They seek to enhance accountability and transparency in the conduct of intermediaries and strengthen policyholder protection.

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Ministry of Ayush and IndiaAI Join Hands to Harness Artificial Intelligence for the Future of Traditional Medicine

The Ministry of Ayush and IndiaAI, Ministry of Electronics and Information Technology (MeitY), signed a Memorandum of Understanding (MoU) to promote Artificial Intelligence (AI)-driven innovation across the Ayush sector.

The MoU was signed by Dr. Kavita Jain, Joint Secretary & Chief Vigilance Officer, Ministry of Ayush, and Shri Sudeep Srivastava, Chief Operating Officer, IndiaAI Mission and Joint Secretary, MeitY, in the presence of senior officials from the Ministry of Ayush and IndiaAI.

As part of the collaboration, the Ministry of Ayush will onboard the AIKosh platform, enabling the sharing of eligible health research artefacts, including datasets, metadata, AI models, toolkits and relevant use cases. This integration is expected to facilitate greater collaboration, innovation and responsible development of AI solutions for the Ayush sector.

The MoU will help access to GPU-based and high-performance computing infrastructure through the IndiaAI initiative at subsidised rates, subject to defined service-level agreements. Access to advanced computing infrastructure is expected to help address critical infrastructure requirements and support the scaling of sophisticated AI research and applications in healthcare and traditional medicine.

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President Droupadi Murmu gives assent to Public Examinations Amendment Bill

Parliament passed the Public Examinations (Prevention of Unfair Means) Amendment Bill, 2026, after the Rajya Sabha too cleared it.

The Lok Sabha had passed the Bill.

It seeks to strengthen transparency, fairness, and integrity in the examination system by creating a robust legal framework while protecting the future of students. The Act includes several key provisions, including stringent penalties such as imprisonment of up to ten years, fines of up to ten crore rupees, and the confiscation of properties belonging to convicted offenders.

To ensure speedy disposal of cases, the Act requires every state government and union territory administration to establish special fast-track courts for day-to-day trials. It also mandates that investigations into offences must be completed within two months from the date of registration of information at a police station, while trials must be concluded within three months from the filing of the chargesheet.

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SEBI extends deadline till Oct-end to complete digital accessibility audits, resolve platform issues

Markets regulator SEBI extended, until October 31, the deadline for regulated entities to complete digital accessibility audits and resolve platform issues.

Earlier, the deadline to complete the digital platform accessibility audit was April 30 and the timeline to complete the remediation of those audit findings and achieve full compliance was July 31.

SEBI extended the deadline until October 31, 2026, following various formal requests from industry stakeholders who needed more time to meet the legal requirements of the Rights of Persons with Disabilities Act, according to its circular.

In July 2025, SEBI had issued a circular mandating all regulated entities to ensure their digital platforms are accessible to persons with disabilities. The move was aimed at fostering inclusivity in financial services and ensuring investors with disabilities have equal access to market infrastructure.

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India’s economy is likely to grow around 7% in Q1 FY27: SBI Research report

India’s economy is likely to grow around 7 per cent in the first quarter of current fiscal, higher than earlier expectations, supported by stronger economic indicators, improved industrial activity and a recovery in exports.

According to an SBI Research Pre-Monetary Policy Committee (MPC) report released, the growth estimate marks an improvement from the Reserve Bank of India’s earlier projections, which were lowered because of geopolitical uncertainties.

The report attributed the improved outlook to a broad-based pickup in high-frequency indicators during the April-June quarter. It said, domestic passenger vehicle sales grew 24.1 per cent year-on-year in June, electricity demand increased 11.5 per cent, exports rose 15.5 per cent, industrial credit expanded 19.2 per cent and the Index of Industrial Production (IIP) grew 7.3 per cent, indicating stronger economic momentum during the quarter.

SBI Research also noted that the global environment remains uncertain amid the West Asia crisis, but India’s domestic economy has shown resilience.

The report said the recovery in monsoon conditions could further support economic activity in the coming months. It noted that July’s surplus rainfall reduced the nationwide rainfall deficit to about 13 per cent, while reservoir levels have returned to normal and kharif sowing is only 4.7 per cent lower than last year’s level, pointing to the prospects of a better harvest.

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Govt extends IFSC Authority Chairman K Rajaraman's tenure till Oct 2028

The government has extended the tenure of the Chairman of the International Financial Services Centres Authority (IFSCA), K Rajaraman, for 27 months.

The Central Government hereby re-appoints K Rajaraman to the post of Chairperson, IFSCA, for a period beyond July 31, 2026 till attaining the age of 65 years, or until further orders, whichever is earlier, the finance ministry said in a gazette notification dated July 30.

Rajaraman will be attaining 65 years on October 24, 2028. He was appointed in 2023 for an initial period of three years.

Prior to appointment as the Chairman, Rajaraman was Secretary, Department of Telecommunications, Government of India.

IFSCA was established in April 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.

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World Breastfeeding Week | 1 to 7 August 2026

1 to 7 August is World Breastfeeding Week.

Supported by WHO, UNICEF and many Ministries of Health and civil society partners, World Breastfeeding Week is held in the first week of August every year.

Breastfeeding is one of the most effective ways to ensure child health and survival and yet currently, fewer than half of infants under 6 months old are exclusively breastfed.

In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week as an important health promotion strategy. With a different theme each year, it aims to promote the enabling environments that help women to breastfeed – including support in the community and the workplace, with adequate protections in government policies and laws - as well as sharing information on breastfeeding benefits and strategies.

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