Business
RBI, Bank Indonesia to cooperate against money laundering, terror financing

The Reserve Bank of India (RBI) on Saturday said it has signed an MoU with Bank Indonesia (BI) to improve mutual cooperation between the two central banks.
Under the MoU, signed on July 16 in Indonesia’s Bali, on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting, the two will strengthen the exchange of information and cooperation in the area of central banking, including payment systems, digital innovation in payments services, and regulatory and supervisory framework for Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT), the RBI said.
National
Trying to benefit friends abroad: BJP’s Sinha accuses Cong over questions on ‘Op Sindoor’

New Delhi, June 2: BJP National Spokesperson Tuhin Sinha on Monday launched a scathing attack on the Congress party for questioning India’s ‘Operation Sindoor’, and suggested that the party seems to be attempting to benefit its ‘foreign allies’.
Speaking to media, Tuhin Sinha said, “The way the Congress party is repeatedly creating doubts about our achievements in ‘Operation Sindoor’, it certainly seems that it is trying to benefit its friends abroad.
“The Congress keeps asking the same question: How many losses did we suffer? What were our casualties? Prime Minister Modi has already responded, and our party has also addressed this seriously. If the Congress wants a clearer answer, it will have to wait.”
He claimed, “This is the same Congress party that has never celebrated Pakistan’s defeats. On May 10, a list was released of Pakistan Air Force air bases that were destroyed by our armed forces. Yet, did we ever see the Congress party celebrate that victory?”
He questioned, “The Congress must decide whose side it is on. Why is it so eager to know our losses when the entire world has acknowledged this as a major achievement and a significant victory for India?”
Sinha further addressed the controversy surrounding US President Donald Trump’s comments, which Congress has frequently referenced.
“Trump has been changing his statements repeatedly. India’s position is clear — this was a bilateral conversation limited to the DGMO level, after which a ceasefire was announced. There is no role for any third party. If a third party gives a statement contrary to our official stance, the Congress should trust its own government and its DGMO rather than mislead Indian citizens with irresponsible remarks,” he told media.
On the Congress’ demand for a special session of Parliament, Sinha questioned the urgency.
“Why is the Congress so restless? The Monsoon Session will begin in less than a month. What is the need for a special session now? Do they want to use it to make statements that become headlines in the Pakistani media? Are they aiming to benefit their foreign friends with such remarks? This is a direct question to Mallikarjun Kharge.”
He added, “All the necessary information regarding the strikes has already been shared multiple times. Even Congress leaders like Manish Tewari and Shashi Tharoor have clarified it abroad. So, the Congress should stop misleading the country.”
On the Murshidabad violence, Sinha professed, “Many pieces of evidence have now emerged proving that the violence was sponsored by Mamata Banerjee’s party. It is appropriate to call it ‘state-sponsored terrorism.’ During the time of the violence, the Waqf law was becoming an issue, and Mamata Banerjee was inciting the Muslim community against it. She even claimed she would not allow anti-terror laws to be implemented in Bengal. Under what law does she have the right to block central legislation in a state? No state has this authority.”
He further added, “By making such statements, Mamata Banerjee was indirectly encouraging those involved in the violence. A committee appointed by the Calcutta High Court has also provided supporting evidence. Whenever the deployment of BSF in Murshidabad is discussed, Mamata Banerjee openly opposes it. One of our party workers approached the High Court, after which BSF was deployed under the court’s order.”
Sinha questioned Banerjee’s opposition to central security forces.
“Why does she hate the BSF? Is it because they’re preventing illegal migration from Bangladesh? Her apparent intention to alter Bengal’s demographic profile is deeply concerning. Many unanswered questions remain regarding the Murshidabad violence. It is alarming that such incidents, involving Trinamool leaders, have become common in Bengal’s border districts.”
Reacting further on illegal Bangladeshi immigrants, Sinha pointed out recent actions taken post ‘Operation Sindoor’.
“In the last few weeks, BJP-ruled states have deported thousands of illegal Bangladeshi immigrants. Gujarat alone deported many. Similar actions are underway in Rajasthan, Uttar Pradesh, Haryana, Delhi, and even Odisha.”
However, he criticised Opposition-ruled states for inaction.
“States governed by the INDIA bloc are actively settling illegal Bangladeshis. The Santhal Pargana division of Jharkhand is heavily impacted, yet the Hemant Soren government shows no interest in tackling it. In fact, illegal immigrants are grabbing tribal lands with the state’s support,” he claimed.
He warned that illegal migration poses a significant threat.
“After ‘Operation Sindoor’, elements from Pakistan and Bangladesh may resort to proxy warfare. The presence of illegal migrants within our borders is a serious national security concern. BJP governments are taking decisive action, and we expect the same from Mamata Banerjee, Hemant Soren, and other INDIA bloc leaders. This is a national issue. No political compromise can be accepted when it comes to India’s security,” he concluded.
Business
India-Oman free trade pact may be signed soon: Piyush Goyal

Paris, June 2: Commerce and Industry Minister Piyush Goyal has indicated that India is likely to sign a free trade agreement (FTA) with Oman soon, as the talks between the two countries are making headway.
“I think you will see some good news very soon on the Oman FTA,” the minister told journalists here.
The minister is on an official trip to France with the aim of boosting trade and investments and will also attend a ministerial meeting of the World Trade Organisation (WTO) on Tuesday.
The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27 to January 28.
During the visit, Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of the Sultanate of Oman. The meeting saw productive discussions on enhancing bilateral cooperation in trade, investment, technology, food security, renewable energy and other key areas.
The two Ministers exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is at advanced stages of negotiations. Both Ministers agreed to expedite the discussions for an early signing of the CEPA, which will be a new milestone in bilateral trade relations and has the potential to significantly scale up two-way trade and investments.
The Minister also held a productive bilateral meeting with Minister Qais during which he undertook a detailed review of the bilateral trade and economic relations between India and Oman and identified concrete steps to further strengthen the mutually beneficial business ties.
On the sidelines of the visit, both sides signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters.
Oman is the third-largest export destination for India among the Gulf Cooperation Council (GCC) countries. The bilateral trade was about USD 10.5 billion, comprising exports of USD 4 billion and imports to the tune of USD 6.54 billion in 2024-25.
Business
UPI Lending & Payments Inclusive Towards Underserved & Unbanked Populations; Accelerate Innovation, Make India A Hotspot For Global Investors

New Delhi: India has emerged as one of the most dynamic fintech markets globally, driven by a potent combination of digital public infrastructure (UPI, Aadhaar, Account Aggregator), a mobile-first population, and regulatory clarity, a report showed on Monday.Fintech-led digital lending grew at 35 per cent CAGR in 2024, driven by rising credit demand, according to the report by QED Investors and Boston Consulting Group (BCG).
Tools like UPI have enabled a wave of fintech innovation from digital lending to payments to wealth particularly benefitting underserved and unbanked populations. These enablers have accelerated innovation and financial inclusion at scale, making India a key focus for both global investors and domestic fintech players, said the Media report.
India features among the top geographies poised for future fintech investment. Investors are encouraged to diversify capital into high-growth regions like India, with an emphasis on AI integration and disciplined scale, it added.India’s affluent middle class, currently 31 per cent of the population, is projected to grow to 40 per cent (nearly 600 million) by 2031.
This demographic shift is fuelling a surge in consumer demand for credit across retail, consumption, and SME sectors.”India stands at a unique inflection point in the global fintech landscape. With a strong foundation in digital infrastructure like UPI, Aadhar, Account Aggregator, and tech-savvy mobile-first population, the country has already shown how innovation can drive financial inclusion at scale,” said Sandeep Patil, Partner and Head of Asia at QED Investors.To win the next chapter, fintechs must pair innovation with disciplined execution.
“That means building trust, demonstrating profitability, and navigating an evolving regulatory landscape with maturity. The Indian market is large, dynamic and underpenetrated — well-positioned to be one of the defining arenas for global fintech over the next decade,” Patil mentioned.Globally, in 2024, fintech revenues grew by 21 per cent — up from 13 per cent in 2023 — marking a threefold acceleration over the financial services industry at large.“A class of scaled fintechs is coming of age
Investors are demanding greater maturity, and regulators want more accountability,” said Deepak Goyal, a managing director and senior partner at BCG.“Meanwhile, emerging disruptors are harnessing next-generation technologies like agentic AI and pioneering new business models, pushing established players to continuously innovate,” he added.
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