REC-PFC Merger Approved

28 June 2026National

REC Limited and Power Finance Corporation approved a merger scheme effective 28 June 2026 with an 88:100 share exchange ratio, creating a power-sector financing giant with a combined loan book over Rs 11 lakh crore (subject to regulatory approvals).

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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

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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

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

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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

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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

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