RBI Penalises Banks and Pine Labs
1 May 2026National
The RBI imposed monetary penalties on Union Bank of India, Central Bank of India, Bank of India and fintech firm Pine Labs for lapses in crediting customer accounts, priority-sector lending and KYC norms.
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EIndia's Exports Reach USD 232.73 Billion in Q1 FY27The <b>Ministry of Commerce and Industry (MoC&I)</b> released trade data for <b>Q1 (April-June) of FY2026-27</b>. India's total exports in Q1 FY27 stood at <b>USD 232.73 billion</b> and total imports at <b>USD 270.15 billion</b>. Merchandise exports were <b>USD 129.32 billion</b> (up from USD 111.57 bn in Q1 FY26) and services exports were estimated at <b>USD 103.41 billion</b>. Merchandise imports stood at USD 216.18 billion and service imports at USD 53.97 billion.16 Jul 2026ERBI Approves Rajiv Kumar as Part-Time Chairman of HDFC BankThe Reserve Bank of India (RBI) approved the appointment of Rajiv Kumar as the part-time chairman of HDFC Bank for a period of three years, effective 15 July 2026. Earlier in July 2026, the RBI appointed Ravi Shankar as an Executive Director (effective 1 July 2026) to head the Department of Statistics and Information Management (DSIM).16 Jul 2026EUnion Cabinet Approves Rs 2.19 Lakh Crore Package — Semicon 2.0, Mobile Phone Manufacturing Scheme & Urea PolicyOn 15 July 2026, the Union Cabinet chaired by PM Narendra Modi cleared seven major decisions with a combined outlay of Rs 2,19,353 crore. Key approvals: Semicon 2.0 (outlay Rs 1,27,500 crore), the second phase of the India Semiconductor Mission; the Mobile Phone Manufacturing Scheme (MPMS) with Rs 62,500 crore over 5 years; and the National Investment Policy for Urea-2026 (NIPU-2026) to boost indigenous urea capacity. Rail projects cleared include doubling of the Paradeep-Haridaspur line (Rs 2,542 crore) and a fourth line between Dangoaposi-Rajkharsawan (Rs 1,365 crore), plus a 6-lane Greenfield elevated corridor linking NH-19 and the Varanasi Ring Road (UP) on Hybrid Annuity Model.16 Jul 2026EBank of Maharashtra Launches 'FinSpark''26' National Cybersecurity HackathonBank of Maharashtra (BoM) launched "FinSpark''26", a national-level cybersecurity hackathon under the theme "Securing the Future of Banking", with the Indian Banks' Association (IBA), the Department of Financial Services (DFS) and COEP Technological University. It offers a prize pool of over ₹10 lakh; the top 20 teams present at the Grand Finale at COEP, Pune, and winners demonstrate at Global FinTech Fest 2026.14 Jul 2026