Business

Proud Achievement: PM Modi Celebrates RBI’s Award for Digital Transformation

Published

1 year ago

March 18, 2025

On Sunday, Prime Minister Narendra Modi extended his congratulations to the Reserve Bank of India (RBI) for being awarded the ‘Digital Transformation Award 2025’ by Central Banking in London. PM Modi expressed his commendation on the social media platform X, citing the RBI’s announcement and labeling it a significant achievement.

He highlighted that digital innovation is bolstering India’s digital landscape, empowering millions throughout the nation.

“This remarkable achievement reflects a commitment to innovation and efficiency in governance,” PM Modi remarked in his post. “Digital innovation is continually enhancing India’s financial ecosystem and empowering countless individuals,” he added.

The central bank earned this distinguished award for its digital initiatives, ‘Saarathi’ and ‘Pravaah’, both of which were developed by its internal technology team. The RBI took to social media to announce the news: “The Reserve Bank of India has been selected for the Digital Transformation Award 2025 by Central Banking, London, UK.”

The award committee acknowledged how these initiatives have significantly minimized paper-based processes and transformed both internal and external operations of the RBI.

Launched in January 2023, ‘Saarathi’ has fully digitized the RBI’s internal workflows, allowing employees to securely submit and share documents, improving record management, and facilitating data analysis through various reports and dashboards. By automating processes, ‘Saarathi’ has boosted operational efficiency, task tracking, collaboration, and integration with other RBI systems. Previously, departments relied on a combination of manual and digital processes, but now, ‘Saarathi’ serves as a centralized digital repository for the bank’s information.

Introduced in May 2024, ‘Pravaah’ provides external users with a digital platform to submit regulatory applications to the RBI. Documents submitted via ‘Pravaah’ are automatically linked to the Saarathi database, where they can undergo digital processing using centralized cybersecurity systems and tracking.

To date, ‘Pravaah’ has digitized over 70 regulatory applications, benefiting nine departments within the RBI.

Business

Overseas Loans by Indian Firms See Sharp Decline

Published

15 hours ago

May 17, 2026

Namma Kudla

Business : Indian companies borrowed $5.43 billion from abroad in March, according to RBI data. This was 51% lower than March last year.

Experts said the weak rupee and high global interest rates made foreign loans less attractive for companies.

In the financial year 2025-26, India Inc raised nearly $43 billion through foreign borrowings. This was down from $61 billion in the previous year.

In March 2025, borrowings had crossed $11 billion due to large deals by companies like JSW Steel and Tata Semiconductor Manufacturing.

Companies are also avoiding overseas loans because hedging costs have become expensive during currency volatility.

The RBI reportedly discussed easing foreign borrowing rules and offering hedging support, but no final decision was taken.

Market experts said the ongoing West Asia conflict has increased uncertainty, making companies cautious about raising funds from abroad.

Business

Fuel Prices Hiked by Rs.3 per Litre across India

Published

3 days ago

May 15, 2026

Namma Kudla

New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.

After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs Rs.94.10 per litre.

The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.

The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.

Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.

Business

Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong

Published

2 weeks ago

May 4, 2026

Namma Kudla

Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.

Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.

Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.

Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.

Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.

Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.