Business

RBI Governor: India Takes the Lead in Financing Green Energy Initiatives

Published

9 months ago

March 14, 2025

India is at the forefront of financing renewable energy projects by categorizing them under “priority sector lending,” thus propelling the country’s shift towards a low-carbon economy in combating climate change.

During a policy seminar on Climate Change Risks and Finance, RBI Governor Sanjay Malhotra remarked, “Central banks in advanced economies have typically adhered to an asset-neutral approach. Conversely, central banks in emerging and developing markets have implemented directed lending policies to allocate credit to specific sectors, based on their unique national circumstances and developmental goals.”

He emphasized that India’s priority sector lending framework enables the allocation of credit to renewable energy projects. “We’ve included funding for small renewable energy initiatives, such as solar, biomass, wind, micro-hydel plants, and non-conventional energy-based public utilities like street lighting systems and remote village electrification projects, as part of our priority sector lending guidelines,” Malhotra stated.

The RBI Governor noted that while the recognition of central banks’ role in managing climate-related financial risks is growing, the discussion surrounding their function in promoting financing for a green and sustainable transition remains nuanced and multi-faceted.

Malhotra stated that as a central bank, the Reserve Bank is aware of its responsibilities in addressing and mitigating climate change-related risks to the financial system. To this end, it aims to serve as a facilitator, supporting capacity building and establishing a favorable regulatory environment for green and sustainable finance.

“A significant challenge in green lending for sustainable finance is the heightened credit risk associated with borrowers employing new and emerging green technologies, which often lack a robust track record in terms of reliability and efficiency. Therefore, regulated entities must develop the necessary expertise to better assess risks associated with financing projects utilizing such green technologies,” Malhotra explained.

He pointed out that modeling climate-related financial risks is both crucial and data-intensive. Currently, there is insufficient data available to assess the financial impacts of climate change. To tackle this issue, the RBI announced the establishment of the Reserve Bank – Climate Risk Information System (RB-CRIS) in October last year.

“The repository is designed to fill data gaps with standardized datasets, including hazard data, vulnerability assessments, and exposure data for physical risk evaluations, as well as sector-specific transition pathways and carbon emission intensity databases for transition risk assessments. We are working on this repository and anticipate its launch later this year,” he added.

Malhotra also highlighted the essential roles of technology and finance in the shift toward a low-carbon economy, stressing the need for innovative solutions and capabilities in these domains. The Reserve Bank has been promoting and enabling innovations through its Regulatory Sandbox and Hackathon initiatives in the financial technology sector.

“We plan to establish a dedicated ‘on-tap’ cohort focused on climate change risks and sustainable finance under the RBI’s Regulatory Sandbox initiative. We are also organizing a special ‘Greenathon’ to address climate change and related topics,” Malhotra announced.

Additionally, he noted that various jurisdictions have begun their work on assessing and disclosing climate-related risks. Organizations like the International Sustainability Standards Board (ISSB) under the International Financial Reporting Standards (IFRS) Foundation have released standards for climate-related disclosures.

Furthermore, the Basel Committee on Banking Supervision (BCBS) has issued a consultative document addressing the disclosure of climate-related financial risks, aiming to incorporate these disclosures within the Pillar III requirements of the Basel framework.

“The Reserve Bank has already published draft guidelines on a Disclosure Framework for Climate-related Financial Risks in February 2024 for public commentary. We have received valuable input and are currently finalizing the guidelines. Additionally, we are developing a guidance note on Climate Scenario Analysis and Stress Testing for regulated entities,” Malhotra concluded.

Business

Petroleum and Natural Gas Rules Amended to Ease Business and Operations

Published

2 days ago

December 12, 2025

Namma Kudla

The Union Government has approved amendments to the Petroleum and Natural Gas Rules, 2025 to promote domestic exploration and production. Union Minister Hardeep Singh Puri announced the changes on Thursday. He said the revised rules will offer greater ease of doing business and smoother operational procedures for companies in the energy sector.

One of the key amendments allows for long-duration leases. The lease period has now been increased from 20 years to 30 years. It can also be extended further up to the life of the field. Officials said this long-term clarity will help companies make better investment decisions.

The rules also provide another major reform. A company that receives a petroleum lease will now have the right to carry out all types of mineral oil operations under a single lease. This replaces the earlier system that required multiple permits.

According to the Ministry, the amendments aim to strengthen infrastructure, boost exploration activities, and support India’s long-term energy needs. The government expects the updated rules to attract more investors and improve efficiency in the sector.

Business

Egg Prices Rise in Bengaluru as New Year Nears

Published

5 days ago

December 9, 2025

Namma Kudla

Egg prices in Bengaluru have increased sharply. The rate, which was ₹5 per egg a month ago, has now touched ₹7. The city is also facing a shortage in supply. Traders say that demand for eggs rises in December due to Christmas, New Year celebrations, and higher non-vegetarian consumption during winter.

Supply from Tamil Nadu has also reduced, causing further pressure on local markets. According to the Karnataka Poultry Traders Association, Bengaluru needs about 1.10 crore eggs daily, but there is a shortage of nearly 30–40 lakh eggs.

Last year’s bird flu outbreak also affected poultry farms, leading to lower production this season.

Goa has seen a similar trend. Egg prices there have increased to ₹90 per dozen, and further hikes are expected in the third week of December. Reports suggest that rates may stay high until early 2026.

Goa depends heavily on neighboring states for its supply — around 80% from Karnataka and the rest from Maharashtra. Meanwhile, gold prices too have shown an upward trend.

Business

MRPL Wins Fourth Consecutive Best Refining Innovation Award at ETM 2025

Published

2 months ago

October 29, 2025

Namma Kudla

Hyderabad, October 28, 2025:

Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC and a leading Category-I Miniratna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum and Natural Gas, has achieved yet another milestone. The company has won the Innovation Award 2024-25 for Best Innovation in Research & Development in Refining Technology at the 28th Energy Technology Meet (ETM 2025) held in Hyderabad.

This marks MRPL’s fourth consecutive victory at these prestigious national awards, reaffirming its position as a pioneer in indigenous innovation within India’s refining sector.

The award recognizes MRPL’s breakthrough “Gradual Olefins and Aromatic Technology (GOAT)”, an advanced Crude-to-Chemicals process developed entirely by the company’s in-house R&D team. The GOAT technology demonstrates India’s growing capability to transform crude oil directly into high-value petrochemicals, thereby improving energy efficiency, cutting carbon emissions, and contributing to the nation’s sustainable refining goals.

The award was presented by Shri Hardeep Singh Puri, Hon’ble Minister of Petroleum & Natural Gas, in the presence of Shri Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas. The ceremony was organized by the Centre for High Technology (CHT) at the Hyderabad International Convention Centre (HICC).

Receiving the award on behalf of MRPL were Shri Nandakumar V. Pillai (Director – Refinery), along with Chief Managers Shri Karthick R. and Shri S. Nirmal Ganesh from MRPL’s Innovation Centre.

The 28th Energy Technology Meet, themed “Green Energy Horizons: Advancing Sustainable Refining & Energy Innovation,” serves as India’s leading platform for sharing advancements in refining and clean energy technologies. Organized by CHT under the Ministry of Petroleum & Natural Gas, ETM 2025 brings together refiners, petrochemical producers, technology providers, equipment manufacturers, and service companies from India and abroad to discuss sustainable and low-carbon pathways for the energy sector.

The three-day event, held from October 28 to 30, 2025, focuses on innovations driving India’s energy transition and circular economy efforts.

Speaking after receiving the award, Shri Nandakumar V. Pillai said,

“MRPL has always been a frontrunner in adopting and developing advanced technologies. Our Innovation Centre is not only creating but also implementing breakthrough technologies like GOAT — a futuristic Crude-to-Chemicals process that many in the global refining industry are still aspiring to achieve. Winning this recognition for the fourth consecutive year reflects our team’s commitment, creativity, and technical excellence. I congratulate our Innovation Centre team and wish them continued success in future innovations.”