NB Holdings Corporation, a wholly owned subsidiary of Bank of America Corporation (BoFA), will acquire a 49.9 per cent stake in Jio Credit, the lending arm of Mukesh Ambani’s Jio Financial Services (JFS), for ₹18,268.22 crore, or $1.9 billion, through a preferential allotment of equity shares and warrants.
The deal size is about 2.5 times the net worth of Jio Credit, which is estimated at ₹7,259 crore. BofA will initially acquire a 26.5 per cent stake in Jio Credit, which can rise to 49.9 per cent upon exercise of the warrants. The transaction is subject to regulatory and statutory approvals. JFS will hold the remaining stake in Jio Credit.
Following the transaction, Jio Credit’s board will have equal representation from Jio Financial Services and BofA. Its existing management team will continue to run the NBFC, while Jio Credit will remain consolidated as a subsidiary in Jio Financial Services’ financial reporting.
The investment would allow it to participate in India’s growth while partnering with a company with local expertise and differentiated capabilities.
The transaction will also give Jio Credit access to BofA’s expertise in financial services, governance, risk management and technology as it expands its lending business.
The Non-banking financial company (NBFC) announced the appointment of Ashish Singh as its managing director and chief executive officer (MD and CEO), effective January 1, 2027.
The leadership change comes after private equity major Bain Capital’s proposed investment of ₹4,385 crore to acquire an 18 per cent stake in Manappuram Finance
Ashish Singh will succeed promoter V P Nandakumar, the company’s current chairperson and managing director. Nandakumar will move into the role of non-executive chairperson from January 1, 2027.
key points:
In March 2025, Bain Capital and Manappuram Finance signed an agreement under which the private equity firm would acquire joint control of the lender
through an investment of ₹4,385 crore ($508 million).
The Reserve Bank of India approved the proposed capital infusion in February, allowing Bain to hold up to 41.7 per cent in the company following the open offer.
Manappuram Finance reported a 341.4 per cent year-on-year (Y-o-Y) rise in consolidated net profit to ₹585 crore in the first quarter of FY27. Assets under management (AUM) grew 57.2 per cent Y-o-Y to ₹69,635 crore. Gold loan AUM stood at ₹57,006 crore at the end of the June quarter, up 97.9 per cent from a year earlier.
A total expenditure of ₹292 crore has been incurred under the National Green Hydrogen Mission (NGHM).The mission was approved by the Union Cabinet in January 2023 with an outlay of ₹19,744 crore to establish green hydrogen production capacity of 5 million tonnes per annum by 2030.
Under the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme of the mission, 3,000 MW per annum of electrolyser manufacturing capacity has been awarded to 15 companies, and 756,100 tonnes per annum of green hydrogen production capacity has been awarded to 16 companies.
Green ammonia sale and purchase agreements have been signed for the production and supply of 670,000 tonnes per annum of green ammonia to 11 fertiliser units, and 30,000 tonnes per annum of green hydrogen production and supply capacity has been awarded for supply to the refineries of Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL),
Hindustan Petroleum Corporation (HPCL) and Numaligarh Refinery (NRL).Further, four pilot projects have been sanctioned for the use of hydrogen in the steel sector. V O Chidambaranar Port Authority has been awarded a project for the development of a bunkering and refuelling facility for green methanol at the port,
and a project has been awarded to the Shipping Corporation of India to acquire a dual-fuel ship capable of running on green methanol.
12 pilot projects have been sanctioned for the deployment of 70 hydrogen-fuelled vehicles and 16 hydrogen-refuelling stations across 21 routes in India.
Four projects have been awarded as Hydrogen Valley Innovation Clusters (HVICs), including the Jodhpur hydrogen valley, Odisha hydrogen valley, Pune hydrogen valley and Kerala hydrogen valley.
The Ministry of Women and Child Development is implementing Centrally Sponsored Schemes in the country for the welfare of women and children, which are placed under three verticals, viz. (1) Mission Shakti, for safety, protection and empowerment of women; (2) Saksham Anganwadi & Poshan 2.0 for improving nutrition & health indicators in the country;
and (3) Mission Vatsalya, for protection and welfare of children in difficult circumstances.
The ‘Mission Shakti’ aims at strengthening interventions for women safety, security and empowerment. Mission Shakti comprises of two verticals ‘Sambal’ for safety and security of women and ‘Samarthya’ for empowerment of women.
The ‘Sambal’ has components of One Stop Centre (OSC), Women Helpline (WHL), Beti Bachao Beti Padhao (BBBP) and Nari Adalat.
The Ministry introduced Anganwadi cum Creches (AWCCs) under Palna Scheme w.e.f. 01 April 2022, for providing day care creche facilities in safe and secure environment to children (aged 06 months – 06 years) of all mothers irrespective of their employment status along with nutritional support, health and cognitive development of children,
growth monitoring, immunization, education etc. Palna component under Samarthya vertical of Mission Shakti is a centrally sponsored scheme and is implemented with a funding ratio of 60:40 between Centre and State Governments and UTs with legislature except North East & Special Category States where ratio is 90:10.
For UTs without legislature, 100% funding is provided by the Central Government. Funds under the Scheme are released to the States/UTs in accordance with the guidelines of the Department of Expenditure through the Single Nodal Agency (SNA)/SNA-SPARSH mechanism of the Public Financial Management System (PFMS).
Ministry of Labour and Employment has informed that the provisions of the Maternity Benefit Act, 1961 have been subsumed under the Code on Social Security, 2020, which came into effect on 21.11.2025. Section 67 of the Code on Social Security, 2020 provides for creche facilities for establishment with 50 or more employees.
Under the Code, enforcement in respect of establishments under the State Sphere is the responsibility of the respective State Governments.
Chief Labour Commissioner (Central) Organisation under the Ministry of Labour and Employment is the designated enforcement authority for ensuring compliance with maternity benefit provisions in establishments under the Central Sphere.
The Office of the Development Commissioner (Handlooms), Ministry of Textiles, Government of India, organises ‘Srijan: Voices from the Loom’, a special gathering celebrating the women behind India’s handlooms and recognising their inspiring journeys, voices and contributions to the weaving heritage of the country.
The programme held on 13 August 2026, at India Habitat Centre, New Delhi.The event will be graced by Smt. Neelam Shami Rao, Secretary, Textiles and Dr. M. Beena, Development Commissioner (Handlooms). Ms. Kanta Singh, Deputy Country Representative, UN Women India, will be the Guest of Honour.
‘Srijan: Voices from the Loom’ seeks to place women weavers at the centre of the conversation on India’s handloom heritage, acknowledging not only their contribution to the sector but also their individual journeys, aspirations and voices.
The Ministry of Statistics and Programme Implementation (MoSPI) has revised the base year of the National Accounts Statistics from 2011–12 to 2022–23, and the revised series was released in February 2026.
The compounded annual growth rate (CAGR) of Manufacturing GVA at constant prices (2022-23 base) as per the revised series during 2022-23 to 2025-26 is 10.88%.
In accordance with the legal mandate under Section 162 of the Motor Vehicles Act, 1988, the PM-RAHAT (Road Accident Victims' Hospitalisation and Assured Treatment) scheme was launched for nationwide implementation on 13.02.2026,
with the primary objective of reducing fatalities due to road accidents by ensuring timely and uninterrupted medical care to road accident victims including during the critical Golden Houri.e., the time period lasting one hour following a traumatic injury during which there is highest likelihood of preventing death by providing prompt medical care.
The scheme provides treatment cover upto Rs. 1.5 lakh per victim, subject to a maximum cap of 7 days from the date of accident on any category of road. Further, the treatment cover will be available to all those victims who are involved in road accidents caused by use of motor vehicles.
Against the total amount of the claims raised by the hospitals, State Health Agencies (SHA) have approved claims amounting to Rs.12.59 Crores. Out of which, Rs.10.56 Crores have been paid to the hospitals.
As per the Scheme guidelines dated 04th June, 2025, designated hospitals under the Scheme, including empanelled hospitals
under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) that comply with the guidelines issued by the National Health Authority (NHA) for this scheme shall be deemed designated hospitals for the purposes of the Scheme.
States/UTs are empowered to take action under laws regulating clinical establishments, including the Clinical Establishments (Registration and Regulation) Act, 2010, or the corresponding State-specific laws. To ensure that victim reaches the hospital within Golden Hour, convergence with the 112 Emergency Response Support System has been established.
The National Biodiversity Authority (NBA) has released Rs. 15.52 crore in Access and Benefit Sharing (ABS) proceeds from M/s. Pioneer Overseas Corporation, which developed ten commercial mustard (Brassica juncea) hybrid varieties using India's biological resources.
The amount will flow to 26 State Biodiversity Boards (SBBs) and 3 Union Territory Biodiversity Councils (UTBCs), with the ABS share calculated based on the area under mustard cultivation in each State.
The NBA sourced cultivation-area figures from the ICAR–Indian Institute of Rapeseed-Mustard Research (ICAR-IIRMR), Bharatpur, Rajasthan, and used them to calculate each State's share.
Rajasthan, which accounts for nearly 42 per cent of India's mustard cultivation, is receiving the highest benefit, followed by Uttar Pradesh and Madhya Pradesh.
As mustard cultivation is spread across the country, almost every State and Union Territory receives a share proportionately.
The Office of the Development Commissioner (Handlooms), Ministry of Textiles, Government of India organised IIHT SUTRA 2026 – The Inaugural National Conclave of the Indian Institutes of Handloom Technology at Dr. Ambedkar International Centre, New Delhi.
Organised under the theme "IIHTs: Weaving the Future of the Indian Handloom Sector – Educate. Innovate. Transform."The conclave was inaugurated by Shri Giriraj Singh, Union Minister of Textiles, in the presence of Smt. Neelam Shami Rao, Secretary, Textiles, Dr. Beena M., Development Commissioner (Handlooms)
and other distinguished dignitaries representing Government, industry, academia and the handloom sector.The Ministry also released "Handloom Change Makers", a publication celebrating the achievements of distinguished IIHT alumni who have made notable contributions across industry, entrepreneurship, exports, research and public service.
The Union Minister also launched the Ministry's film on IIHTs titled "Weaving India's Handloom Future", presenting the journey, achievements and future vision of the Indian Institutes of Handloom Technology. The film highlights the contribution of IIHTs in developing skilled professionals and supporting the transformation of India's handloom sector.
August 12 marks the annual celebration of International Youth Day as an awareness day, designated by the United Nations (UN). The first Youth Day was observed in 1999 after the UN General Assembly (UNGA) passed a resolution accepting the recommendation made by the World Conference of Ministers Responsible for Youth in Lisbon.
WHO Director-General Tedros Adhanom Ghebreyesus will engage with young participants, highlighting key health priorities and the role of young people in advancing health for all. 2026 Theme is “Different Contexts, Common Aspirations”.
Hungary's parliament has elected András Baka, 73, a respected judge and former head of the Supreme Court, as head of state.
His task will be to monitor Prime Minister Péter Magyar's efforts to dismantle the interlocking economic and political powerhouse established by former Prime Minister Viktor Orbán. He will also oversee the writing of a new constitution, to replace Orbán's constitution of 2011.
In the World Athletics U20 Championships, India enjoyed a historic day in Eugene, USA, with Basant Kumar Meghwal and Shahnavaz Khan becoming the first Indians to win medals in the high jump and long jump at the championships. Basant Kumar Meghwal, the reigning Asian U20 champion,
won silver in the men’s high jump with a personal best clearance of 2.21 metres. Shahnavaz Khan claimed bronze in the men’s long jump with a best effort of 7.84 metres.Algeria’s Younes Ayachi won the high jump gold, while Great Britain’s Otis Poole took bronze. The two medals took India’s tally at the championships to three.
The FIH Hockey Men’s and Women’s World Cup 2026 will feature a revamped competition structure, with the traditional quarterfinal stage scrapped and the top two teams from each of the two crossover pools advancing directly to the semi-finals.
Belgium and the Netherlands jointly host the tournament from August 15 to 30. The new format means teams will have little margin for error from the outset, with results from the opening pool stage potentially carrying over into the next phase. India’s men have been drawn alongside England, Pakistan and Wales in Pool D,
Belgium and the Netherlands jointly host the tournament from August 15 to 30. The new format means teams will have little margin for error from the outset, with results from the opening pool stage potentially carrying over into the next phase. India’s men have been drawn alongside England, Pakistan and Wales in Pool D,
while the Indian women will face China, England and South Africa in their Pool D campaign.
The tournament will begin with the 16 teams in each competition split across four pools of four. From August 15 to 20, every team will play three matches against the other sides in its pool, with the final standings determining the composition of the next phase.
The Reserve Bank of India (RBI) has proposed that external benchmark-linked loans be made optional for non-banking finance companies (NBFCs), while emphasising that usurious rates are not charged for small-ticket loans in the draft norms on interest rates on loans and advances.
The draft, which offers a harmonised framework for determining interest rates on loans across regulated entities, said floating-rate retail loans and floating-rate loans to micro, small and medium enterprises (MSMEs) extended by commercial banks would have to be linked to an external benchmark, as is the norm now.
However, this requirement would not be mandatory for NBFCs, all-India financial institutions, regional rural banks and cooperative banks. These entities “may, at their discretion, choose to offer external benchmark linked floating rate loans to any category of borrowers.”
The Indian fencing team collected three gold, one silver, and one bronze medal across various senior individual events on the third day of the Commonwealth Championship at Lagos in Nigeria.
Team India’s stellar day three performance brought the nation’s overall combined medal count to an extraordinary 29 medals, comprising 8 Gold, 7 Silver, and 14 Bronze.
India established immediate dominance in the Senior Women’s Foil category, securing a gold-silver victory. Kanaglakshmi captured the gold medal following a precise and controlled campaign, while teammate Joys Ashitha took silver to claim the top two spots on the podium ahead of England’s Georgia Green and Emily Goodchild, who won Bronze.
The success continued in the Senior Men’s Epee discipline, where Rajendran Shanthimol Sherjin put on a commanding display to secure country’s second gold medal of the day. Sherjin outpointed South Africa’s Kruger Pieter, who finished with silver, while Wales’ Burkhardt Marc and South Africa’s Losevsky Sergey shared the bronze medals.
In the Senior Men’s Sabre event, Singh Karan Singh clinched India’s third gold medal of the day with an outstanding final fight against Australia’s Shim Yoongi, who took silver.Teammate Kumaresan Padma Gisho Nidhi added to the medal haul by winning bronze alongside Nigeria’s Akinyosoye Oluwafolayemi.
