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The Reserve Bank of India&rsquo;s announcement of a one-time digital fraud compensation scheme, capped at ₹25,000, is being projected as a customer-friendly intervention in an era of rampant cybercrime. Yet, beneath the reassuring language of &ldquo;immediate relief&rdquo; and &ldquo;shared responsibility&rdquo;, the framework raises serious legal, regulatory and enforcement questions that the central bank has chosen not to address&mdash;at least for now.
<h3 data-start="638" data-end="672">What the RBI Has Announced</h3>
Under the proposed framework, customers who suffer small-value unintended digital frauds will be eligible for compensation capped at the lower of ₹25,000 or 85% of the loss. The remaining loss will be shared between the customer and the bank, while the RBI proposes to fund its share through its Deposits Education and Awareness Fund, not unclaimed deposits.
The compensation is strictly once in a lifetime, applicable only if no mala fide intent is established. While the RBI has suggested a &ldquo;no questions asked&rdquo; approach for smaller frauds, it has simultaneously underlined that claims will be scrutinised to rule out fraudulent or collusive behaviour&mdash;without explaining how such scrutiny will be conducted, or by whom.
<h3 data-start="1422" data-end="1468">Once in a Lifetime: Relief or Warning?</h3>
The phrase &ldquo;once in a lifetime&rdquo; stands out for its severity. In regulatory terms, it implies that a victim of cyber fraud is presumed to have learnt their lesson after the first incident. This assumption is problematic in a digital ecosystem where fraud is often systemic rather than behavioural.
Frauds increasingly exploit SIM swaps, leaked databases, compromised payment gateways and mule accounts, factors largely beyond a consumer&rsquo;s control. Treating repeat victims as careless participants rather than potential targets of organised crime risks penalising the wrong stakeholder.
<h3 data-start="2073" data-end="2109">The Missing Enforcement Link</h3>
What is striking is not what the RBI announced, but what it chose not to announce.
Despite acknowledging the scale of the problem, there was no parallel declaration of coercive or time-bound enforcement measures involving the Department of Telecommunications, the Ministry of Home Affairs, or banks&mdash;all critical nodes in the fraud chain.
If SIM cards were not issued on fake or loosely verified identities, a significant percentage of UPI and OTP-based frauds would simply not occur. Yet, fraudulent SIM issuance continues, despite mandatory KYC norms. The blocking of over 9.42 lakh SIM cards and 2.63 lakh IMEIs only underlines how deep the rot already is.
<h3 data-start="2793" data-end="2844">Multiple Bank Accounts, Zero Accountability</h3>
Equally troubling is the ease with which fraudsters operate multiple bank accounts, often across states and institutions. These accounts function as temporary parking hubs for stolen funds, sometimes remaining active long after being flagged.
The scheme is silent on why real-time inter-bank alerts, tighter account opening norms, and accountability for lax KYC compliance are still not enforced uniformly. Without addressing this, compensation risks becoming a band-aid over a haemorrhage.
<h3 data-start="3355" data-end="3397">A Numbers Game That Doesn&rsquo;t Add Up</h3>
India lost over ₹23,000 crore to cyber fraud in 2024, a 206% jump from the previous year. Cybercrime incidents surged from 10.29 lakh in 2022 to 22.68 lakh in 2024, with 22 lakh cases registered last year alone. Against this backdrop, a ₹25,000 cap appears symbolic rather than proportionate.
Even the Union Budget&rsquo;s ₹782 crore allocation for cybersecurity pales in comparison to the scale of financial damage. While helpline 1930 and improved reporting mechanisms are welcome, post-facto relief cannot substitute prevention.
<h3 data-start="3959" data-end="3998">Shared Skin, But Unequal Stakes</h3>
The RBI&rsquo;s formulation of &ldquo;skin in the game&rdquo; for customers, banks and the regulator sounds equitable in theory. In practice, the customer remains the weakest party, lacking investigative tools, legal expertise or institutional leverage.
Banks and telecom operators, on the other hand, possess both data visibility and control mechanisms. Yet, the scheme stops short of imposing penal consequences for repeated institutional failures, focusing instead on consumer caution.
<h3 data-start="4485" data-end="4513">What Needs to Change</h3>
If digital trust is to be restored, compensation must be the last line of defence, not the first. What is urgently required is:
<ul data-start="4648" data-end="4899">
<li data-start="4648" data-end="4713">
Zero-tolerance SIM issuance norms with criminal liability
</li>
<li data-start="4714" data-end="4772">
Centralised tracking of mule accounts across banks
</li>
<li data-start="4773" data-end="4836">
Mandatory liability sharing skewed towards institutions
</li>
<li data-start="4837" data-end="4899">
Time-bound freezing of suspicious accounts and numbers
</li>
</ul>
Without these, the scheme risks being seen as a face-saving exercise, offering limited relief while sidestepping the hard structural reforms that cyber fraud demands.
The RBI has promised a discussion paper on enhancing digital payment safety. The real test will be whether that paper confronts these uncomfortable questions&mdash;or merely reframes them.

Limited relief amid fraud surge, but gaps in enforcement, checks remain glaring

RBI’s Fraud Relief Scheme Raises Hard Questions

The government has outlined key details of the Eighth Central Pay Commission (8th CPC) in Parliament, including its scope, timelines and implementation framework. 
The clarification came in a written reply by Minister of State for Finance Pankaj Chaudhary during the ongoing winter session of the Lok Sabha.
Chaudhary confirmed that the 8th CPC has been formally constituted, with its Terms of Reference notified on November 3, 2025, through a resolution issued by the Ministry of Finance. 
According to the reply tabled in the House, the commission will cover more than 50.14 lakh central government employees and around 69 lakh pensioners.
Addressing queries on the timeline for revised salaries and benefits, the minister said the implementation date &ldquo;shall be decided by the government&rdquo;. 
The commission is required to submit its recommendations within 18 months of its constitution, placing the deadline around mid-2027. 
He added that adequate budgetary provisions would be made once the recommendations are finalised.
Though the government has not announced an official date, pay revisions under previous commissions have generally taken effect from January 1 of the year for which they are due. 
Based on established practice, the changes under the 8th CPC are expected to be calculated from January 1, 2026, with arrears applied once implementation begins. 
Past commissions have seen varying gaps between the due date and rollout, with the 7th CPC implemented within six months.
The minister detailed the broad mandate of the commission as outlined in the notified Terms of Reference. 
Those covered include central government employees across industrial and non-industrial categories, all-India services, defence personnel, employees of Union Territories and other eligible groups.
Early estimates based on current proposals indicate a likely 20&ndash;25% overall increase in salaries. 
The minimum basic pay could see a significant rise, with projections ranging from ₹34,500 to ₹41,000 per month. 
Upon implementation of the new pay structure, the existing Dearness Allowance is typically reset to zero.&nbsp;
The government has clarified that no proposal is currently under consideration to merge DA permanently with basic pay.
The winter session of Parliament, during which the response was delivered, is scheduled to conclude on December 19.

Government outlines key updates on pay commission

Govt details 8th CPC scope, coverage and expected salary revision timeline in Lok Sabha

8th Pay Panel Details Shared In Parliament

Indian equity markets have staged a strong turnaround and are positioned for an exciting phase ahead, with 2026 expected to deliver robust returns, according to leading global market strategist Ridham Desai.
Benchmark indices have already delivered solid gains in 2025, with the Nifty 50 and Sensex rising around 10% and 9% respectively and touching fresh record highs. This marks a recovery after one of India&rsquo;s weakest relative years in more than two decades when measured in dollar terms.
India&rsquo;s recent resurgence has been driven by a clear policy shift. A series of interest rate cuts, combined with phased reductions in the cash reserve ratio and ample liquidity support, has eased financial conditions. Regulatory relief for banks has further strengthened the lending environment and improved confidence across sectors.
While global markets have enjoyed an extended bull run, India had lagged for much of the period. That trend has now reversed, with relative performance improving since late 2025. The revival is being supported by improving credit growth, especially in consumer lending, and stronger domestic demand.
Despite concerns around currency weakness and potential foreign outflows, confidence in India&rsquo;s growth outlook remains intact. With nominal growth expected to move into double digits in 2026, corporate earnings are likely to see a sharp recovery, potentially placing India among the fastest-growing markets globally.
Valuations have also become more attractive on a relative basis. At the same time, the drag from global technology and artificial intelligence-related trades appears to be easing, improving conditions for broader market participation.
Globally, unprecedented levels of fiscal and monetary stimulus in major economies are expected to limit downside risks to growth, even as trade tensions persist. However, a sharper-than-expected global slowdown or geopolitical shock remains the key external risk for India.
On the domestic front, a steady pipeline of initial public offerings is seen as healthy for the market. Continued capital raising is critical for sustaining the investment cycle, which remains at an early and productive stage.
Looking ahead, consumer-facing businesses, credit-driven sectors, energy infrastructure, banking and information technology services are expected to remain in focus. Manufacturing opportunities in areas such as defence, electronics, semiconductors and shipbuilding add to the long-term structural story. For investors, a patient, long-term approach centred on steady compounding remains the preferred strategy.

2026 Set to Be a Big Year for Indian Stocks

Markets have turned, growth is reviving, and Indian equities could see strong gains ahead

The Reserve Bank of India may opt to pause repo rate cuts in its December policy review amid stronger-than-expected economic growth, according to a report by SBI Research.
The report said expectations of a 25 basis point rate cut have weakened following a closer reading of robust Q2 GDP data and shifting global monetary trends. Central banks worldwide are increasingly adopting a pause-driven policy stance, with fewer rate cuts compared to earlier cycles.
SBI Research noted that while global equity markets appear stretched, Indian markets remain relatively better aligned with fundamentals. However, concerns persist in the government securities market, where weak transmission of past rate cuts is evident.
Despite a cumulative 100 basis points cut in the repo rate and reductions in the Cash Reserve Ratio, the spread between the overnight repo rate and the 10-year government bond yield has widened to over 100 basis points. This growing divergence, the report said, signals inefficiencies in monetary transmission.
Rather than further rate cuts, the RBI may need to move towards a neutral stance with calibrated easing, focusing on liquidity management and yield targeting. Clarifying the distinction between temporary and permanent liquidity operations could help improve market confidence and reduce volatility.
The report suggested that durable liquidity tools such as open market operations could play a bigger role in supporting transmission. Publishing a clear calendar for such operations may also help markets align expectations across the yield curve.
To stabilise long-term yields and reduce volatility, the RBI could consider measures such as liquidity-neutral Operation Twist, along with inclusion of State Development Loans in durable liquidity operations.
According to SBI Research, these steps would allow the central bank to support growth and market stability without altering its policy rate, especially as the economy shows signs of broad-based expansion. [Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

RBI Likely to Hold Rates as Growth Momentum Rises

Strong Q2 GDP data may push RBI towards policy pause, says SBI Research

The US Federal Reserve, led by Chair Jerome Powell, has reduced its benchmark interest rate by 25 basis points, setting the new target range at 3.75%&ndash;4.00%. The decision was announced after the central bank&rsquo;s two-day policy meeting concluded on 29 October 2025.
According to the Federal Open Market Committee (FOMC), the move reflects a shift in the balance of risks within the US economy. In its official statement, the Committee said that, &ldquo;In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by one-quarter percentage point to 3-3/4 to 4 percent.&rdquo;
The October decision marks the second consecutive rate cut this year, following the reduction announced in September that lowered rates to 4.00%&ndash;4.25%. Together, the two cuts represent the Fed&rsquo;s strongest signal yet that it is prioritising growth support amid signs of a cooling labour market.
Economic indicators suggest that activity in the US remains moderate but uneven. While job gains have slowed, unemployment has risen slightly though it remains historically low. Inflation, meanwhile, edged higher to 3% in September 2025 from 2.9% in August, staying above the Fed&rsquo;s 2% target.
The central bank&rsquo;s latest statement also confirmed that it will end the reduction of its securities holdings on 1 December, a step designed to ease financial conditions further. However, policymakers have stopped short of committing to additional rate cuts, noting that future decisions will depend on incoming data, labour market conditions, and inflation expectations.
The Fed reiterated its twin objectives of maximum employment and price stability, underscoring that uncertainty around the economic outlook remains high. It also acknowledged that downside risks to employment have increased in recent months, prompting a recalibration of policy to sustain growth momentum.
While the latest move is aimed at cushioning the economy, analysts caution that persistent inflation and global headwinds could limit the central bank&rsquo;s ability to extend the easing cycle. For now, markets will closely watch upcoming data and Powell&rsquo;s future statements for any indication of the next policy turn.

The Federal Reserve cuts rates amid labour-market stress

Fed Trims Key Rate To 3.75 %–4.00 %

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India&rsquo;s horticulture sector has shown remarkable growth over the past decade, supported by government efforts to diversify into high-value agriculture and boost farmers&rsquo; income.
As of 2024-25 (second advance estimates), horticulture production rose from 280.70 million tonnes in 2013-14 to 367.72 million tonnes. This includes fruit production of 114.51 million tonnes, vegetables at 219.67 million tonnes, and 33.54 million tonnes from other horticultural crops.
From 2014-15 to 2023-24, fruit output increased from 866 lakh metric tonnes to 1,129.7 lakh metric tonnes, a 30% rise, while vegetable production grew from 1,694.7 lakh metric tonnes to 2,072 lakh metric tonnes, marking a 22% increase. Productivity also improved, with fruits reaching 15.80 tonnes per hectare and vegetables 18.40 tonnes per hectare.
&ldquo;The horticulture sector has witnessed notable progress through targeted government schemes and initiatives addressing key challenges while unlocking the sector&rsquo;s full potential. The focus remains on enhancing crop quality, increasing production, and improving farmers&rsquo; access to markets,&rdquo; an official statement said.
The Mission for Integrated Development of Horticulture, launched in 2014-15, aims to ensure holistic growth across all states and union territories. Independent impact assessments, including by NITI Aayog, and regular monitoring by the Department of Agriculture and Farmers Welfare, have helped restructure the scheme and address field-level challenges.
Key initiatives include establishing Centres of Excellence for demonstration and training, the Horticulture Cluster Development Programme to leverage regional strengths, and a clean plant programme to provide disease-free planting material.
The government also supports the establishment of nurseries and tissue culture units, the expansion and rejuvenation of orchards and gardens, and the promotion of protected cultivation through polyhouses and greenhouses for high-value crops.
Additional interventions include promoting organic farming and certification, developing water resources and watershed management, and creating post-harvest and marketing infrastructure such as pack houses, cold storages, pre-cooling units, refrigerated transport, ripening chambers, and integrated cold chain systems.
These measures are part of India&rsquo;s broader effort to strengthen the horticulture sector and expand its role in domestic and global markets.
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India’s Horticulture Output Hits 367.72 M Tonnes

Government schemes drive record growth in fruits, vegetables, and high-value crops

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Monday expressed confidence that the ongoing trade talks between India and the United States would move towards a positive outcome.
&ldquo;We are hopeful that negotiations on tariffs will play out and there will be minimal impact,&rdquo; Malhotra said while speaking at an event in Mumbai.
His remarks come at a time when the sixth round of India-US Bilateral Trade Agreement (BTA) negotiations, originally scheduled for August 25, has been postponed.
The RBI Governor highlighted that India&rsquo;s strong foreign exchange reserves serve as a robust cushion against global uncertainties. &ldquo;We have very robust foreign exchange reserves of $695 billion, sufficient to cover 11 months of merchandise imports. Generations of freedom fighters gave us a &lsquo;Swatantra Bharat&rsquo;, a free India, and now we must work for a &lsquo;Samriddh Bharat&rsquo;, a prosperous India,&rdquo; he added.
Malhotra noted that while the overall tariff impact is expected to remain limited, certain labour-intensive sectors such as gems and jewellery, textiles, and apparel may face pressure.
The US recently announced a steep tariff hike on Indian imports. From August 7, President Donald Trump imposed a 25 per cent duty, with an additional 25 per cent levy set to take effect on August 27, effectively raising tariffs to 50 per cent.
Washington has justified its move as a response to India&rsquo;s continued import of Russian crude oil, arguing that it undermines efforts to pressurize Moscow amid the Ukraine conflict. The Indian government, however, has countered this claim, stating that Russian oil purchases have helped stabilise global energy markets.
Economic experts believe that despite the high tariffs, India&rsquo;s growth momentum is unlikely to be significantly dented due to strong domestic demand. While textiles and gems and jewellery exports could face moderate challenges, sectors like pharmaceuticals, smartphones, and steel are expected to remain resilient owing to exemptions, existing tariff structures, and robust local consumption. [Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

RBI Governor upbeat on India-US trade talks

Sanjay Malhotra says tariff impact minimal, highlights forex reserves as strong buffer

India&rsquo;s foreign exchange reserves rose by $1.49 billion, reaching $695.11 billion for the week ending August 15, according to data released by the Reserve Bank of India (RBI) on Friday.
This comes after a sharp $4.75 billion rise in the previous week, when reserves touched $693.62 billion. Analysts say the steady increase reflects India&rsquo;s stable external balance position.
Higher forex reserves provide the RBI greater flexibility to stabilize the rupee against the US dollar. By tapping into reserves, the central bank can release dollars into the market, preventing excessive volatility and shielding the rupee from sharp depreciation.
For the reporting week, foreign currency assets, the largest component of reserves, climbed by $1.92 billion to $585.9 billion. These assets are expressed in dollar terms but also capture changes in the value of currencies such as the euro, pound, and yen held in the reserves.
The gold component stood at $85.67 billion, underscoring its growing importance as a safe-haven asset. Since 2021, RBI&rsquo;s share of gold in total forex reserves has nearly doubled, in line with global central banks that are boosting gold holdings amid heightened geopolitical uncertainty.
The reserves also include Special Drawing Rights (SDRs) worth $18.78 billion.
With this level, India&rsquo;s forex reserves are sufficient to cover more than 11 months of goods imports and about 96 per cent of external debt, RBI Governor Sanjay Malhotra recently highlighted. &ldquo;Overall, India&rsquo;s external sector remains resilient as key vulnerability indicators continue to improve. We are confident of meeting external financing requirements,&rdquo; he said.
Meanwhile, India&rsquo;s merchandise exports showed strong momentum, rising 7.29 per cent to $37.24 billion in July 2025 compared with $34.71 billion in July last year. Commerce Secretary Sunil Barthwal noted that despite global uncertainties, India&rsquo;s services and merchandise exports have outperformed global trade growth so far in FY26.
Key drivers of exports in July included engineering goods, electronic products, pharmaceuticals, chemicals, gems, and jewellery, reflecting the broad-based strength of India&rsquo;s external trade sector. [Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed]

India’s Forex Reserves Surge to $695.11 Billion

RBI data shows forex reserves rose $1.49 billion,boosting rupee strength & trade stability

In a significant move to shape the future of Artificial Intelligence (AI) in India&rsquo;s financial ecosystem, a committee appointed by the Reserve Bank of India (RBI) has unveiled a comprehensive framework aimed at ensuring the responsible and ethical use of AI across the sector.
Formed in December last year, the committee has put forward 26 recommendations, structured around six key pillars, infrastructure, policy, capacity, governance, protection, and assurance.
Central to its proposal is the creation of a high-quality financial sector data infrastructure, envisioned as a form of digital public utility. This platform would support the development of transparent and reliable AI models, and could be linked to the AI Kosh, which is India&rsquo;s national datasets platform under the IndiaAI Mission.
The roadmap also calls for setting up an AI innovation sandbox, encouraging the creation of indigenous AI models tailored for financial services, introducing flexible policies that adapt to evolving technologies, and putting in place an AI liability framework.
To safeguard fairness and accountability, the panel has recommended that regulated entities adopt a risk-based AI audit framework. This would involve board-approved risk categorisation and oversight across the entire AI lifecycle,&nbsp; from data inputs and algorithms to decision outputs.
If adopted, the recommendations could set a benchmark for balancing innovation with accountability, ensuring AI benefits are harnessed without compromising security, consumer protection, or ethical standards.

RBI outlines 26 key steps for safe, ethical and innovative AI adoption in banking

RBI Panel Charts Roadmap for Ethical AI in Finance

As August inflation is expected to edge above 2 per cent &mdash; potentially reaching around 2.3 per cent &mdash; the likelihood of a <a title="RBI" href="https://www.benefitnews24.com/markets/rbi-holds-repo-rate-sensex-ends-slightly-lower/17501" target="_blank" rel="noopener">Reserve Bank of India</a> (RBI) rate cut in October appears slim, according to SBI Research. The report also cautioned that even a December rate cut could prove difficult if first and second quarter growth figures are factored in.
India&rsquo;s Consumer Price Index (CPI) inflation eased to a 98-month low of 1.55 per cent in July, down from 2.10 per cent in June and 3.60 per cent in July 2024. This marks the ninth consecutive month of decline, driven largely by a drop in food inflation, which has now fallen to a 78-month low.
Food inflation fell by 75 basis points in July compared to June 2025, recording its lowest level since January 2019 at &ndash;1.76 per cent, against &ndash;2.24 per cent back then. Core inflation also dropped sharply, slipping below 4 per cent for the first time in six months to 3.94 per cent. When gold prices are excluded, core inflation slid further to 2.96 per cent &mdash; almost 100 basis points lower than the headline core CPI.
In Q1 FY26, around 2,500 listed Indian companies reported topline growth of 5.4 per cent, with EBITDA rising about 6 per cent. However, SBI Research warned that Q2 could bring revenue and margin pressures for export-oriented, tariff-affected sectors such as textiles, gems and jewellery, leather, chemicals, agriculture, and auto components.
&nbsp;
ALSO READ: https://www.benefitnews24.com/economy/india-outpaces-us-in-global-growth-share-rbi-chief/17500
Internationally, US CPI inflation (not seasonally adjusted) grew 2.7 per cent year-on-year in July &mdash; 40 basis points higher than April &mdash; signalling tariff-related pressures.
Since the RBI&rsquo;s rate cut in June and its decision to hold rates in August, India&rsquo;s 10-year bond yield has been rising, moving from around 6.30 per cent in July to above 6.45 per cent. The SBI report noted that yields are unlikely to ease without clarity on tariffs.
It also described the yield curve as a &ldquo;public good&rdquo; in the Indian market, where debt market participants often act either pro-cyclically or counter-cyclically to the RBI&rsquo;s monetary stance. The report observed that post-June policy, almost all players have been selling in unison &mdash; a trend it termed &ldquo;surprising&rdquo;, leading to skewed price discovery despite inflation being at its lowest in eight years.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed]
&nbsp;

Rising August inflation may delay RBI rate cuts despite 8-year low CPI in July

Finance