Watch: Explained: Why Bank of Baroda paid 5,700 crore to settle NMC Health dispute
INDIA BUSINESS | Fri, 3 Jul 2026, 10:05PM IST
Bank of Baroda, the second largest Public Sector Bank on Thursday (July 2, 2026) informed stock exchanges that it had paid $600 million (about 5,700 crore) to settle litigation initiated by the administrators of NMC Health Plc, NMC Healthcare Ltd and NMC Holding Ltd. This ends one of the largest cross-border banking disputes involving an Indian lender.
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Explained: Flooded Car During Monsoon? Here's How To Avoid Motor-Insurance-Claim Rejection
INDIA MARKET | Fri, 3 Jul 2026, 9:58PM IST
Commuters move through a waterlogged road during heavy monsoon rain in Thane, Maharashtra, on July 3.
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LME approves Adani's major copper smelter in India as listed brand
INDIA MARKET | Fri, 3 Jul 2026, 9:58PM IST
The London Metal Exchange has approved Adani Copper for delivery against its contracts, enabling warrant issuance from July 10. Produced by Adani Enterprises Kutch Copper unit in Gujarat, the facility has 500,000-tonne capacity. The move may boost Indias copper self-reliance and reduce import dependence amid steady domestic demand.
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Tesla Imposes $200 Weekly Cap On AI After Employees Spend Thousands On Tokens
INDIA MARKET | Fri, 3 Jul 2026, 9:51PM IST
Tesla reportedly limits employee AI tool spending to $200 a week amid rising AI costs.
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Madonna Releases Confessions II, Her 15th Studio Album And First Since Madame X
INDIA MARKET | Fri, 3 Jul 2026, 9:47PM IST
Confessions II is also Madonna's return to Warner Records, the label that was behind many of her most career-defining album releases.
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RBI Imposes Rs 66.7 Lakh Penalty On Bank Of Baroda, GIC Housing Finance
INDIA MARKET | Fri, 3 Jul 2026, 9:44PM IST
The RBI found that the public sector lender had collected interest higher than the contracted rate of interest in certain loan accounts.
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Hitachi, Siemens Stay Jefferies' Top Picks Even As Govt Opens Door To Select Chinese Firms
INDIA MARKET | Fri, 3 Jul 2026, 9:35PM IST
The brokerage said it remains positive on Hitachi Energy India and Siemens Energy India, recommending investors use the recent weakness to accumulate the stocks.
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Strict Milk Safety Norms In Maharashtra; FDA To Slap Rs 10 Lakh Fine On Violations
INDIA MARKET | Fri, 3 Jul 2026, 9:31PM IST
According to Mundhe, all phases of the milk supply chain are covered by the new regulations.
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Rising discretionary spending, formalisation key growth drivers for Titan
INDIA BUSINESS | Fri, 3 Jul 2026, 9:26PM IST
Titan expects rising discretionary spending, premiumisation and formalisation across categories, along with robust economic growth, to drive long-term demand for its branded products
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IT Ministry summons Meta executives over ads promoting CSAM in India
INDIA MARKET | Fri, 3 Jul 2026, 9:23PM IST
Meta executives meet IT ministry officials over WhatsApp username issue
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Did Cristiano Ronaldo Say 'Bismillah' Before Taking Penalty? World Cup Match Clip Goes Viral
INDIA MARKET | Fri, 3 Jul 2026, 9:21PM IST
Viral clip sparks debate over what Cristiano Ronaldo said before scoring from the penalty spot.
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ACME, Mitsubishi sign $1 bn supply pact for Odisha green methanol unit
INDIA BUSINESS | Fri, 3 Jul 2026, 9:17PM IST
ACME Green Molecules and Mitsubishi Gas Chemical have signed a $1 billion long-term agreement for the annual supply of 100,000 tonnes of green methanol from Odisha
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Indian IT Firms Ramp Up AI Hiring By 16% Even As Overall Tech Jobs Shrink
INDIA MARKET | Fri, 3 Jul 2026, 9:17PM IST
AI and machine learning jobs grew by 25% in 14 industries, according to a Naukri study.
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Can India govern AI it does not own?
INDIA NEWS | Fri, 3 Jul 2026, 9:15PM IST
The recently released Guidance on Regulatory Principles for Model Risk Management by RBI is a concrete step towards AI governance in the banking & finance sector. The guidelines set out how entities should govern not only AI models, but any predictive system used for decision making. The guidelines put accountability squarely on businesses through an entity specific model risk management framework (MRMF) that would hold businesses accountable even for 3rd party models.While such guidance was overdue, lack of sovereign models could limit the control that India exerts on its tech stack, despite the stringency that RBI is pushing for. The release of the guidelines therefore poses a bigger question: Can India truly govern the AI models that it does not own?RBIs guidelines are centred around MRMF, which are board-approved framework applicable to all models, whether built in house or not. The MRMF has a wide scope, including model taxonomy, governance, usage scope, risk tiering and critical lifecycle activities.Also read | Beijings warning reveals real stakes of ModiTakaichi summitResponsibility is divided across three levels: The entitys board, a specially created risk management committee and the senior management. Furthermore, the core machinery of the governance attaches obligations at each stage of the model lifecycle, starting from deployment and ending at model decommissioning.What stands out in the guidance is the accountability laid on users relying on third party models. Financial entities must not only independently validate model accuracy, bias, suitability and risks, but also obtain technical documentation on the model's design, along with audit rights and exit arrangements.The motivations behind these requirements are straightforward. Generative AI, or more generally neural networks, are notorious for lacking explainability, making technical documentation necessary to understand the model's functioning and limitations.Similarly, audit rights allow users to assess whether the model was developed within a sound governance framework, while exit arrangements safeguard against sudden loss of model access.Despite being principally ideal, these requirements could be too ambitious for India, not because they are impractical but because of the broader ecosystem context.Also read | Ethanol 'experiment': Govt moves to contain falloutConsider, for instance, the requirement for minimum technical documentation, which expects vendors to disclose model performance benchmarks, known use cases, limitations and other relevant information.Yet, the model's design will never be fully within the user's control. Model weights, training data and other proprietary specifications remain with the vendor due to their intellectual and commercial value.Even if some of this information is disclosed, model opacity cannot be entirely eliminated because contemporary AI models remain fundamentally black boxes.Regulators, including RBI, are aware of these limitations, making empirical validation a practical alternative. Rather than understanding every internal mechanism of the model, its usability, accuracy and safety are assessed across a sufficiently large number of instances.If the model performs reliably, it can be deployed despite its limited explainability. Such trade-offs are necessary because if only fully interpretable models were permitted, every GenAI model would fail to qualify.While empirical validation may reasonably overcome the lack of explainability, the problems associated with such opacity reemerge in another way. India is yet to train its own sovereign models and remains entirely dependent on foreign sourced models.Trained on foreign data and for foreign contexts, these models inevitably carry many of the concerns that the guidance seeks to eliminate.Biases in data, the absence of India specific context, unknown cybersecurity risks and limited applicability to Indian settings are challenges that persist and remain difficult to identify because of model opacity.Although frontier models achieve state of the art accuracy, sectors such as banking, finance and medicine have very little tolerance for even minor errors. If a model makes an edge case prediction without sufficient Indian context, its suitability for deployment becomes questionable.While one may argue that the lack of context can be overcome through model fine tuning, such solutions must be viewed in the right context. RBIs guidelines will sweep across the entire financial sector, meaning every entity must comply irrespective of capacity and scale.While compute shortage makes fine tuning difficult in India, it is even tougher for smaller entities. Not only will these players face rising costs of fine-tuning models, but they might also receive limited technical support from AI vendors who could prioritise larger clients.Other requirements, such as audit rights are similarly constrained by the context of our AI ecosystem. Negotiating audit rights with foreign vendors is difficult, and even if such audits are possible, they are limited to the vendor's governance environment and do not reveal the internal mechanics of the models.Moreover, audits of foreign entities have an inherent limitation: auditors must ultimately accept some claims at face value, as direct inspection is not always possible.As far as exit plans are concerned, the situation is equally challenging. USA's ban on Anthropic Fable 5 and OpenAIs limited preview of next generation frontier model GPT 5.6 have renewed concerns about sudden supply chain disruptions, and RBI's requirement for exit plans appears to reflect this risk.But for an exit plan to be effective, the availability of substitutes is non-negotiable. In the absence of domestic alternatives, companies could be left paralysed if vendors begin to leverage their market power. The concentration of frontier AI models in the USA and China only worsens this dependence.If required by its strategic interests, the USA can single handedly restrict access to the most widely used AI models in India.The point here is not that India cannot govern its AI models at all. Rather, governance remains limited when the technology stack is not sovereign. RBI's current guidelines implicitly envision a framework in which domestic entities are discouraged from using models they cannot effectively control.However, with AI rapidly reshaping global competitiveness and no domestic frontier models having emerged yet, such expectations may be difficult to comply with.(Amit Kapoor is chair & Mohammad Saad, Researcher at Institute for Competitiveness. ).
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Trade Board Meets With Focus On FTAs; Exporters Seek GST Refund Scheme For Foreign Tourists
INDIA MARKET | Fri, 3 Jul 2026, 9:14PM IST
Commerce Minister Piyush Goyal chairs Board of Trade meeting with states and industry to strengthen export competitiveness and maximise benefits from FTAs.
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Meta Meets MeitY Over WhatsApp 'Usernames' Notice; Final Explanation Due Saturday
INDIA MARKET | Fri, 3 Jul 2026, 9:11PM IST
Meta has been directed to submit its final explanation by Saturday.
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Dabur, Godrej say demand holds firm despite cost pressures
INDIA BUSINESS | Fri, 3 Jul 2026, 9:10PM IST
Indian consumer goods giants Dabur and Godrej Consumer Products reported resilient demand in early fiscal 2027, defying geopolitical worries and rising costs. Despite input price pressures, both companies anticipate strong revenue and profit growth, with Godrej expecting high-teens revenue expansion. International markets are also showing promise, particularly in the Middle East, though El Nio's impact on rural demand remains a concern.
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'Tacky As Hell' Taylor Swift-Travis Kelce Wedding Faces Internet Backlash Over NYC Street Closures
INDIA MARKET | Fri, 3 Jul 2026, 9:06PM IST
There were also accusations that corporate MSG employees were kept from their workplace since 30th June to make way for wedding preparations.
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M&M Finance gains after Q1 disbursement climbs 21% YoY to Rs 15,560 cr
INDIA MARKET | Fri, 3 Jul 2026, 9:04PM IST
Mahindra & Mahindra Financial Services added 2.47% to Rs 326 after reporting estimated overall disbursement of Rs 15,560 crore for the quarter ended 30 June 2026, up 21% YoY over 30 June 2025 (excluding finance lease).
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India's goods exports may grow 16% to over $500 billion in FY27: Goyal
INDIA NEWS | Fri, 3 Jul 2026, 9:03PM IST
Commerce Minister Piyush Goyal expects merchandise exports to grow 16-17 per cent and services exports 10-11 per cent, taking India's total exports close to the $1 trillion target
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Ethanol Supply An 'Experiment', Not Policy: Top Law Officer Clarifies Amid Court Remark Row
INDIA MARKET | Fri, 3 Jul 2026, 9:02PM IST
Venkataramani said the word "experiment" was used in the context of the availability and supply of ethanol.
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Hitachi Energy Confident Of 'Level Playing Field' As Govt Allows Select Chinese Firms In Power Bids
INDIA MARKET | Fri, 3 Jul 2026, 9:00PM IST
Commenting on the decision, Venu said it reflects the realities of India's rapidly expanding renewable energy ecosystem and the supply chain disruptions witnessed in recent years.
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Middle class growth engine of India, 500 cities to be economic hubs: FM
INDIA NEWS | Fri, 3 Jul 2026, 8:53PM IST
Finance Minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity.
Participating in a panel discussion on 'How to promote the rise of a new middle class' at the Rencontres Economiques d'Aix-en-Provence, a major economic forum of France, Sitharaman said 31 per cent of India's population is middle class as of today.
Since India opened its economy, the middle class is growing at an annual rate of 6.3 per cent, she noted.
"We think 93 per cent of all spending in India will be because of the middle class or the slightly affluent consumers...and again, this middle class is not concentrated in our metropolitan cities...India's model has resulted in the development in such a way that the middle class is present not just in big cities but they are on the contrary in these tier two, tier three cities," the finance minister said.
The distribution of wealth is
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GoDaddy Says Delhi HC Privacy Order Carries Global Risks
INDIA MARKET | Fri, 3 Jul 2026, 8:51PM IST
The US company further said that complying with the requirement to disclose registration details within 72 hours would be difficult because there is no clear mechanism to determine whether a person requesting the information has a legitimate 'interest in obtaining' it or not.
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Aamir Khan Ready For New Beginning? All About His Third Wedding With Gauri Spratt
INDIA MARKET | Fri, 3 Jul 2026, 8:38PM IST
Aamir Khan and Gauri Spratt are set to tie the knot in a private ceremony in Mumbai.
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Tata Power offers 'pay-as-you-save' scheme with rooftop solar system for commercial users in Punjab
INDIA BUSINESS | Fri, 3 Jul 2026, 8:34PM IST
Tata Power Renewable Energy Limited has launched a 'pay-as-you-save' scheme in Ludhiana, enabling commercial and industrial consumers in Punjab to adopt rooftop solar systems with zero upfront cost. This initiative aims to install 200 megawatts of solar capacity over three years, allowing businesses to repay through savings-based EMIs or lease rentals.
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MeitY Orders Google, Apple To Remove BAT-BMS, 6 Other Apps Over E-Rickshaw Shutdown Scare
INDIA MARKET | Fri, 3 Jul 2026, 8:33PM IST
MeitY asks Google, Apple to remove 7 apps over alleged e-rickshaw battery shutdown risk.
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Zoho-Backed Arattai Disables Username Feature After MeitY Flags Potential Misuse
INDIA MARKET | Fri, 3 Jul 2026, 8:30PM IST
Arattai disables usernames after MeitY flags misuse concerns; feature to return later
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Temasek-backed Manipal Health gets SEBI approval for India IPO, eyes July listing
INDIA MARKET | Fri, 3 Jul 2026, 8:28PM IST
Manipal Health Enterprises, with the support of Singapore's Temasek, has successfully obtained approval from SEBI for its initial public offering, set to take place in late July or early August. This ambitious hospital chain is targeting one of the largest IPOs in India's healthcare landscape, aiming to raise as much as $1.2 billion, despite the current cautious market filled with geopolitical uncertainties and heavy foreign sell-offs.
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Iran In Talks To Sell Oil To Japan As US Sanctions Get Lifted
INDIA MARKET | Fri, 3 Jul 2026, 8:26PM IST
Iran's petroleum exports only drastically decreased during the US naval blockade that started in mid-April.
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Taylor Swift, Travis Kelce New York Wedding Celebration May Cost Up to Rs 191 Crore: Reports
INDIA MARKET | Fri, 3 Jul 2026, 8:16PM IST
Taylor Swift and Travis Kelce are reportedly planning a lavish wedding celebration in New York.
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Ethanol blending backed by global practice, scientific studies: Govt
INDIA NEWS | Fri, 3 Jul 2026, 8:07PM IST
The government on Friday issued a detailed rebuttal to what it described as misinformation circulating on social media about the country's E20 ethanol blending programme, rejecting claims ranging from excessive water consumption and engine damage to insurance invalidation and environmental harm.
In a 10-point clarification, the Ministry of Petroleum and Natural Gas said the programme, under which petrol contains up to 20 per cent ethanol, is supported by scientific studies, international experience and regulatory safeguards.
Rejecting claims that producing one litre of ethanol consumes 10,000 litres of water, the ministry said only surplus rice, cleared after meeting national food security requirements, is diverted for ethanol production.
It added that ethanol distilleries consume about 3-5 litres of processed water per litre of ethanol and increasingly operate Zero Liquid Discharge systems to recycle water.
The ministry also said maize, which now accounts for more than 40 per cent
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Assam estate sells Indias first matcha tea
INDIA BUSINESS | Fri, 3 Jul 2026, 8:03PM IST
A premium green tea product primarily manufactured in Japan, China and Vietnam, matcha is currently facing a global shortage due to skyrocketing worldwide demand
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USTR Probe: Indian Industry Bodies To Counter Forced-Labour Claims In July 8 Hearing
INDIA MARKET | Fri, 3 Jul 2026, 8:03PM IST
The July 8 hearing is expected to provide Indian industry an opportunity to directly present its case before US trade authorities.
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'Diplomacy Doesn't Feed People': Ex-Singapore Envoy Warns Pakistan Is Teetering On Brink Of Failure
INDIA MARKET | Fri, 3 Jul 2026, 7:47PM IST
Pakistan Prime Minister Shehbaz Sharif with Pakistan's Chief of Army Staff Asim Munir.
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DAC clears 52K cr proposals for the armed forces with focus on air defence
INDIA MARKET | Fri, 3 Jul 2026, 7:43PM IST
The Defence Acquisition Council cleared 52,000 crore worth of defence purchases, including air defence, anti-drone systems, missiles and high-altitude surveillance platforms
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