Defence Gets Highest Ministry Allocation

1 February 2026National

The Ministry of Defence received the highest allocation at Rs 7,84,678 crore (about 15% of total central expenditure), with defence capital outlay at Rs 2,19,306 crore, 17.6% higher than the FY26 revised estimate.

ShareWhatsApp Telegram

More Economy Current Affairs

Japan Credit Rating Agency Upgrades India's Sovereign Rating to 'A-' with Stable Outlook

The Japan Credit Rating Agency (JCR) upgraded India's Long-Term Foreign Currency and Local Currency Issuer Ratings by one notch from 'BBB+' to 'A-', retaining a Stable Outlook, and also raised India's country ceiling by one notch to 'A'. JCR cited India's solid economic growth, the effectiveness of economic policies in strengthening growth foundations, and improved soundness of the financial system. The upgrade continues a run of positive sovereign actions on India and sits alongside the record foreign exchange reserves of $740.803 billion reported for the week ended 28 August 2026, both pointing to strengthening external buffers and investor confidence.

GK ByteThe big three global rating agencies are S&P Global Ratings, Moody's and Fitch Ratings; JCR is a Japanese agency headquartered in Tokyo | 'BBB-' and above is investment grade; a move to 'A-' takes a sovereign two notches above the investment-grade floor | India's foreign exchange reserves are managed by the RBI and comprise foreign currency assets, gold, SDRs and the reserve position in the IMF

📅 5 Sept 2026EconomyRead complete →

Axis Bank and Scapia Launch Co-Branded Travel Credit Card

Axis Bank and travel fintech Scapia launched the co-branded 'Scapia Axis Bank Credit Card' aimed at digitally native Indian travellers. It is issued on both the Mastercard and RuPay networks and carries zero joining and annual fees, zero forex mark-up on international transactions and a Smart Forex feature for overseas spending. Cardholders get unlimited domestic airport lounge access on spending Rs 20,000 in the preceding month and a 1% fuel surcharge waiver. Rewards run at 10% on the Mastercard variant and 5% on the RuPay variant for eligible spends of Rs 500 or more, and 20% on bookings made through the Scapia app.

GK ByteScapia was incorporated in 2022, is headquartered in Bengaluru, Karnataka, and was founded by Anil Goteti | Axis Bank, headquartered in Mumbai, began in 1993 as UTI Bank and was renamed Axis Bank in 2007 | RuPay is the domestic card network operated by the National Payments Corporation of India (NPCI), launched in 2012

📅 5 Sept 2026EconomyRead complete →

ICICI Bank Buys Additional 2% Stake in ICICI Prudential Life Insurance for Rs 1,470 Crore

ICICI Bank Limited acquired an additional 2% stake in ICICI Prudential Life Insurance for Rs 1,470 crore in September 2026 through the stock exchange mechanism, buying 2,90,15,693 equity shares across multiple tranches. The purchase raised the bank's holding from 50.84% to 52.8%. The transaction was necessitated by regulatory requirements: following UK-based Prudential's proposed 75% acquisition of Bharti Life Insurance, Prudential must cut its stake in ICICI Prudential Life to below 10%. ICICI Prudential Life, headquartered in Mumbai, is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited; it began operations in December 2000 and is chaired by Sandeep Batra.

GK ByteICICI Bank was founded in 1994 and is headquartered in Mumbai, Maharashtra | IRDAI, the insurance regulator, was established in 1999 and is headquartered in Hyderabad, Telangana | LIC, established in 1956, is India's largest life insurer and is headquartered in Mumbai

📅 4 Sept 2026EconomyRead complete →

India's Forex Reserves Hit All-Time High of $740.80 Billion for Week Ended 28 August 2026

India's foreign exchange reserves rose by $11.475 billion to an all-time high of $740.803 billion for the week ended 28 August 2026, according to RBI data, up from $729.33 billion a week earlier. This was the ninth consecutive weekly increase, adding nearly $75 billion over that stretch. Foreign Currency Assets, the largest component, rose $9.337 billion to $600.67 billion, while gold reserves gained $2.191 billion to $116.409 billion. The surge was driven largely by inflows under RBI's special dollar-deposit mobilisation programmes, which drew more than $136 billion between 5 June and 31 August 2026.

GK ByteThe RBI was established on 1 April 1935 under the RBI Act, 1934 and is headquartered in Mumbai; Sanjay Malhotra is the Governor | India's forex reserves have four components — Foreign Currency Assets, Gold, SDRs and the Reserve Tranche Position with the IMF | The RBI publishes weekly reserve data in its Weekly Statistical Supplement, released every Friday

📅 4 Sept 2026EconomyRead complete →

See all Banking & Economy →All Current Affairs