December 19, 2025

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IMC EVENTS

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Notifications
 
CUSTOMS

17
Dec

Notification No. 77/2025 (Delhi)
S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962

INCOME TAX

17
Dec

Notification No. 170/2025 (Delhi)
S.O. 5799(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961

17
Dec

Notification No. 171/2025 (Delhi)
S.O. 5779(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

17
Dec

Notification No. 172/2025 (Delhi)
S.O. 5778(E).— In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961

RBI

19
Dec

RBI/DOR/2025-26/301 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Interest Rate on Deposits) Directions, 2025

19
Dec

RBI/DOR/2025-26/302 (Delhi)
Reserve Bank of India (Rural Cooperative Banks – Credit Facilities) Directions, 2025

19
Dec

RBI/DOR/2025-26/303 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Debit Cards: Issuance and Conduct) Directions, 2025

19
Dec

RBI/DOR/2025-26/304 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Credit Information Reporting) Directions, 2025

19
Dec

RBI/DOR/2025-26/305 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Credit Risk Management) Directions, 2025

19
Dec

RBI/DOR/2025-26/306 (Delhi)
Reserve Bank of India (Rural Co-operative Banks - Concentration Risk Management) Directions, 2025

19
Dec

RBI/DOR/2025-26/307 (Delhi)
Reserve Bank of India (Rural Cooperative Banks– Transfer and Distribution of Credit Risk) Directions, 2025

19
Dec

RBI/DOR/2025-26/308 (Delhi)
Reserve Bank of India (Rural Co-operative Banks - Interest Rates on Advances) Directions, 2025

19
Dec

RBI/DOR/2025-26/310 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Asset Liability Management) Directions, 2025

18
Dec

RBI/DOR/2025-26/281 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Concentration Risk Management) Directions, 2025

18
Dec

RBI/DOR/2025-26/282 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Transfer and Distribution of Credit Risk) Directions, 2025

18
Dec

RBI/DOR/2025-26/283 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Interest Rates on Advances) Directions, 2025

18
Dec

RBI/DOR/2025-26/284 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025

18
Dec

RBI/DOR/2025-26/285 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Asset Liability Management) Directions, 2025

18
Dec

RBI/DOR/2025-26/286 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025

18
Dec

RBI/DOR/2025-26/287 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Resolution of Stressed Assets) Directions, 2025

18
Dec

RBI/DOR/2025-26/288 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025

18
Dec

RBI/DoR/2025-26/289 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Financial Statements: Presentation and Disclosures) Directions, 2025

18
Dec

RBI/DOR/2025-26/290 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Prudential Norms on Declaration of Dividends) Directions, 2025

18
Dec

RBI/DOR/2025-26/291 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Know Your Customer) Directions, 2025

18
Dec

RBI/DOR/2025-26/292 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Responsible Business Conduct) Directions, 2025

18
Dec

RBI/DOR/2025-26/293 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Managing Risks in Outsourcing) Directions, 2025

18
Dec

RBI/DoR/2025-26/294 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Miscellaneous) Directions

18
Dec

RBI/DoR/2025-26/295 (Delhi)
Reserve Bank of India (Rural Co-operative Banks - Voluntary Amalgamation) Directions, 2025

18
Dec

RBI/DOR/2025-26/386 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Digital Banking Channels Authorisation) Directions, 2025

18
Dec

RBI/DoR/2025-26/297 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Undertaking of Financial Services) Directions, 2025

18
Dec

RBI/DOR/2025-26/298 (Delhi)
Reserve Bank of India (Rural Co-operative Banks - Governance) Directions

18
Dec

RBI/DOR/2025-26/299 (Delhi)
Reserve Bank of India (Rural Co-operative Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on December 11, 2025)

18
Dec

RBI/DOR/2025-26/300 (Delhi)
Reserve Bank of India (Rural Co-operative Banks - Prudential Norms on Capital Adequacy) Directions, 2025

17
Dec

RBI/DOR/2025-26/266 (Delhi)
Reserve Bank of India (Regional Rural Banks – Know Your Customer) Directions, 2025

17
Dec

RBI/DOR/2025-26/267 (Delhi)
Reserve Bank of India (Regional Rural Banks – Responsible Business Conduct) Directions, 2025

17
Dec

RBI/DOR/2025-26/268 (Delhi)
Reserve Bank of India (Regional Rural Banks – Miscellaneous) Directions, 2025

17
Dec

RBI/DoR/2025-26/270 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Voluntary Amalgamation) Directions, 2025

17
Dec

RBI/DOR/2025-26/385 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Digital Banking Channels Authorisation) Directions, 2025

17
Dec

RBI/DoR/2025-26/272 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Undertaking of Financial Services) Directions, 2025

17
Dec

RBI/DOR/2025-26/273 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Governance) Directions

17
Dec

RBI/DOR/2025-26/274 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on December 11, 2025)

17
Dec

RBI/DOR/2025-26/275 (Delhi)
Reserve Bank of India (Urban Co-operative Banks - Prudential Norms on Capital Adequacy) Directions, 2025

17
Dec

RBI/DOR/2025-26/276 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Interest Rate on Deposits) Directions, 2025

17
Dec

RBI/DOR/2025-26/277 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Credit Facilities) Directions, 2025

17
Dec

RBI/DOR/2025-26/278 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Credit Ca

17
Dec

RBI/DOR/2025-26/279 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Credit Information Reporting) Directions, 2025

17
Dec

RBI/DOR/2025-26/280 (Delhi)
Reserve Bank of India (Urban Co-operative Banks – Credit Risk Management) Directions, 2025

15
Dec

RBI/DOR/2025-26/236 (Delhi)
Reserve Bank of India (Local Area Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025

15
Dec

RBI/DOR/2025-26/237 (Delhi)
Reserve Bank of India (Local Area Banks – Asset Liability Management) Directions, 2025

15
Dec

RBI/DOR/2025-26/238 (Delhi)
Reserve Bank of India (Local Area Banks – Income Recognition, Asset Classification and Provisioning pertaining to Advances) Directions, 2025

15
Dec

RBI/DOR/2025-26/239 (Delhi)
Reserve Bank of India (Local Area Banks – Resolution of Stressed Assets) Directions, 2025

15
Dec

RBI/DOR/2025-26/240 (Delhi)
Reserve Bank of India (Local Area Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025

15
Dec

RBI/DOR/2025-26/241 (Delhi)
Reserve Bank of India (Local Area Banks – Financial Statements: Presentation and Disclosures) Directions, 2025

15
Dec

RBI/DOR/2025-26/242 (Delhi)
Reserve Bank of India (Local Area Banks – Prudential Norms on Declaration of Dividends) Directions, 2025

15
Dec

RBI/DOR/2025-26/243 (Delhi)
Reserve Bank of India (Local Area Banks – Know Your Customer) Directions, 2025

15
Dec

RBI/DOR/2025-26/244 (Delhi)
Reserve Bank of India (Local Area Banks - Responsible Business Conduct) Directions, 2025

15
Dec

RBI/DOR/2025-26/245 (Delhi)
Reserve Bank of India (Local Area Banks – Managing Risks in Outsourcing) Directions, 2025

15
Dec

RBI/DOR/2025-26/246 (Delhi)
Reserve Bank of India (Local Area Banks – Miscellaneous) Directions, 2025

15
Dec

RBI/DOR/2025-26/247 (Delhi)
Reserve Bank of India (Regional Rural Banks - Branch Authorisation) Directions, 2025

15
Dec

RBI/DOR/2025-26/384 (Delhi)
Reserve Bank of India (Regional Rural Banks – Digital Banking Channels Authorisation) Directions, 2025

15
Dec

RBI/DoR/2025-26/248 (Delhi)
Reserve Bank of India (Regional Rural Banks – Undertaking of Financial Services) Directions, 2025

15
Dec

RBI/DOR/2025-26/249 (Delhi)
Reserve Bank of India (Regional Rural Banks - Governance) Directions

15
Dec

RBI/DOR/2025-26/250 (Delhi)
Reserve Bank of India (Regional Rural Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 (Updated as on December 11, 2025)

15
Dec

RBI/DOR/2025-26/251 (Delhi)
Reserve Bank of India (Regional Rural Banks - Prudential Norms on Capital Adequacy) Directions, 2025

15
Dec

RBI/DOR/2025-26/252 (Delhi)
Reserve Bank of India (Regional Rural Banks – Interest Rate on Deposits) Directions, 2025

15
Dec

RBI/DOR/2025-26/253 (Delhi)
Reserve Bank of India (Regional Rural Banks – Credit Facilities) Directions, 2025

15
Dec

RBI/DOR/2025-26/254 (Delhi)
Reserve Bank of India (Regional Rural Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025

15
Dec

RBI/DOR/2025-26/260 (Delhi)
Reserve Bank of India (Regional Rural Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025

15
Dec

RBI/DOR/2025-26/257 (Delhi)
Reserve Bank of India (Regional Rural Banks - Concentration Risk Management) Directions, 2025

15
Dec

RBI/DOR/2025-26/256 (Delhi)
Reserve Bank of India (Regional Rural Banks – Credit Risk Management) Directions, 2025

15
Dec

RBI/DOR/2025-26/258 (Delhi)
Reserve Bank of India (Regional Rural Banks- Transfer and Distribution of Credit Risk) Directions, 2025

15
Dec

RBI/DOR/2025-26/259 (Delhi)
Reserve Bank of India (Regional Rural Banks - Interest Rates on Advances) Directions, 2025

15
Dec

RBI/DOR/2025-26/261 (Delhi)
Reserve Bank of India (Regional Rural Banks – Asset Liability Management) Directions, 2025

15
Dec

RBI/DOR/2025-26/262 (Delhi)
Reserve Bank of India (Regional Rural Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025

15
Dec

RBI/DOR/2025-26/263 (Delhi)
Reserve Bank of India (Regional Rural Banks – Resolution of Stressed Assets) Directions, 2025

15
Dec

RBI/DOR/2025-26/264 (Delhi)
Reserve Bank of India (Regional Rural Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025

15
Dec

RBI/DOR/2025-26/265 (Delhi)
Reserve Bank of India (Regional Rural Banks – Financial Statements: Presentation and Disclosures) Directions, 2025

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INDIAN ECONOMY
View: Why India fell off the global middle-class map

In 1980, neither China nor India had much representation in the “global middle class” — people who neither belong to the bottom half of the income distribution nor rank among the top 10% worldwide. Almost a half-century later, things have changed — but in very different ways. China now accounts for a sizable ...

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India-Oman FTA: Your 2-minute guide on key trade deal

The following are the highlights of the India-Oman free trade agreement signed on Thursday. It is officially called CEPA (Comprehensive Economic Partnership Agreement)....

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Indian companies in Oman can have 50% of staff from India

Oman has committed access to 127 sub-sectors of services and substantial liberalisation of the mobility framework for Indian professionals in the Comprehensive Economic Partnership Agreement (CEPA) signed on Thursday. In the mobility part of the agreement, Indian companies will be allowed to have 50% of it...

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AI could add $500 billion to India’s MSME economy, says BCG–FICCI report

AI adoption among MSMEs could unlock $500 billion in economic value. A joint report by BCGX and industry body FICCI estimates India’s AI market will reach $17 billion by 2027, with over 80% of enterprises ranking AI among their top three strategic priorities. Yet, less than one-third of the companies across t...

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MARKET & FINANCE
India’s big-bang financial reforms target wave of foreign money

India’s long-awaited package of financial services reforms is setting the stage for a surge of foreign capital into the world’s fastest-growing major economy. In the latest step, lawmakers passed a bill this week allowing up to 100% foreign ownership of insurance firms, bolstering an industry long viewed a...

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Govt proposes single framework for securities regulation

Finance Minister Nirmala Sitharaman table the Securities Market Code (SMC) Bill 2025 in the Lok Sabha on Thursday that proposes to merge three existing laws – the Securities Contracts Act (1956), the Securities and Exchange Board of India Act (1992) and the Depositories Act (1996). The Bill will be referred t...

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GLOBAL CORPORATE
How Chinese cars are beating European tariffs

WHEN THE European Union increased tariffs on Chinese battery electric vehicles (EVs) in 2024, the logic was straightforward: raise prices and imports will fall. A study published by the Kiel Institute, a think-tank, estimated that higher levies would cause Chinese car exports to plunge by 25%. After more than...

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Nike's China conundrum deepens as turnaround stagnates

Nike is running out of time to prove its China playbook works. The U.S. sportswear giant's sixth straight quarterly sales decline in the country - including a 20% drop in footwear - underscores how a market once seen as a growth engine has become its biggest pressure point. CEO Elliott Hill admitted on Thu...

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Trump-backed TikTok deal signed: US business to be sold to 3 American investors

The highly anticipated TikTok deal has signed over the sale of its US entity to the joint American venture of three investors, Oracle, Silver Lake and MGX, according to an internal memo obtained by the Associated Press. The deal is reportedly still being finalised, and is expected to close on January 22, as p...

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Accenture beats Q1 sales estimates, ends separate AI deal disclosure

Accenture, on Thursday, beat Street estimates for first-quarter revenue, riding on a strong demand for its AI solutions, but said it will no longer disclose separate revenue and bookings data for AI deals going ahead, as the tech is now increasingly embedded across almost all projects. “We have now reached...

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Trump administration reviews Nvidia AI chip sales to China amid national security concerns

U.S. President Donald Trump’s administration has launched a review that could result in the first shipments to China of Nvidia’s second-most powerful AI chips, five sources said, making good on his pledge to allow the controversial sales. Trump this month said he would allow sales of Nvidia’s H200 chips to Ch...

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Trump Media shares jump more than 35% after $6 billion merger announcement

Trump Media & Technology Group Corp. shares jumped sharply on Thursday after the company announced a $6 billion all-stock merger with TAE Technologies, a fusion power company. The stock, which trades on the Nasdaq, rose to 36% to trade around $14, up from the previous close of $10.47. In premarket trading,...

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INCOME TAX
I-T dept clarifies why intimations on property deals, foreign assets and AIS mismatches are being sent

On December 18, 2025, at 5.58 PM, the Income Tax Department announced that they have received some references regarding recent communications sent to taxpayers regarding their transaction(s). The income tax department is referring to the automated intimations via email being sent to many taxpayers about A...

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Income Tax Dept deploys non-filer monitoring system to track high-value transactions without ITR filing

The Income Tax Department has stepped up its efforts to bring more people into the tax net by closely tracking high-value financial transactions carried out by individuals and entities who do not file income tax returns, Parliament was informed recently. As part of this effort, the Central Board of Direct ...

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GLOBAL ECONOMY
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The Pain Points and Bright Spots in a Patchy US Inflation Report

The long-delayed Consumer Price Index report for November offered some early holiday cheer for a Trump administration feeling the heat from Americans over high and climbing prices. Housing costs were up by the smallest margin i...

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Mexico Central Bank Cuts Interest Rate as Its Raises Inflation Forecasts

The Bank of Mexico lowered its benchmark interest rate by 25 basis points on Thursday, signaling confidence that inflation is still on track to return to target by late next year despite an increase in near-term inflation risks. ...

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Japan's Core Inflation Steady in November, Stays Above BOJ Target

Japan's core consumer prices rose 3.0% in November from a year earlier, data showed on Friday, staying above the central bank's 2% target for the 44th straight month. The outcome reinforces market expectations the Bank of Japan...

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UK Consumer Sentiment Rises to Joint-Highest of Year, GfK Says

British consumer confidence edged up in December to its joint-highest level this year after finance minister Rachel Reeves' annual budget imposed few immediate tax rises on households, but morale remains subdued, according to a mo...

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Irish Central Bank Raises Growth Forecasts, Says Economy Resisting US Headwinds

Ireland's central bank on Friday raised its forecasts for domestic economic growth, saying the impact of U.S. economic policies had so far been relatively benign and consumer spending steadier than expected. Ireland is one of t...

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New Zealand's Business Confidence Hits Highest Level in 30 Years, ANZ Survey Shows

New Zealand's business confidence surged in December to hit its highest level in 30 years, with forward-looking activity indicators lifting again with some reaching multi-decade highs, an ANZ Bank survey showed on Friday. A net...

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Bank of Japan raises interest rates to highest level since 1995, signals more hike

The Bank of Japan raised interest rates on Friday to levels unseen in three decades and signaled its readiness for further hikes, taking another landmark step in ending decades of huge monetary support and near-zero borrowing cost...

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Bank of England cuts key interest rate by 25 basis points to 3.75% post MPC vote split

The Bank of England on Thursday cut its key interest rate for the first time in four months, signalling growing confidence that the inflationary pressures weighing on British households and businesses are finally easing, even as e...

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US CPI Data for November is out — Inflation cools or rebounds?

The U.S. Bureau of Labor Statistics (BLS) has released the US CPI data for November. The all items index rose 2.7 percent for the 12 months ending November, after rising 3.0 percent over the 12 months ending September. The all ...

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INDIAN CORPORATE
NTPC prepares 244 GW expansion plan up to 2037 at Rs 7 lakh crore investment

Power giant NTPC has prepared a roadmap to have an installed capacity of 244 gigawatts (GW) by 2037 that the company said will require a capex of Rs 7 lakh crore. Under the Ministry of Power, NTPC is the largest power generatio...

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‘Two wheeler is now Uber’s fastest growing segment in India, ’ says Prabhjeet Singh, President, Uber India

Uber India’s two-wheeler business is now its fastest-growing segment. The ride-hailing major is betting big on the category as it expands into B2B logistics through an ONDC partnership. In an interview with Anees Hussain, Prabhjee...

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Why L’Oréal is betting big on India’s Rs 4,700 crore derma beauty boom

Increasingly, Indian consumers are aware of retinoids and ceramides, and know when to replace that face cream containing salicylic acid with the one that offers the benefits of hyaluronic acid. That’s a far cry from the scenario e...

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JSW Energy to double Salboni thermal power capacity with Rs 40,000 cr investment: Report

JSW Energy announced plans to double the capacity of its Salboni thermal power project in West Bengal to 3,200 MW, with the total investment expected to rise to around Rs 40,000 crore, as per a report by PTI. The investment mar...

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Flipkart’s festive season supply chain clocks 24% growth, creates 400,000 seasonal jobs

Flipkart recorded a 24% year-on-year growth in units during its 2025 festive season, with over 60% of orders originating from tier 2 and 3 cities, the e-commerce firm said. The company fulfilled over 7.3 million shipments in a ...

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Flipkart to reach 1,000 dark store count by March-April 2026

Flipkart Minutes, the quick commerce arm of the Walmart-owned e-commerce giant, aims to double its dark store network to 1,000 by March-April 2026, according to Hemant Badri – SVP and Head of Supply Chain, Customer Experience & Re...

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Mukesh Ambani-led Reliance Consumer acquires Udhaiyam: Can this be a game-changer in South India’s ‘staple’ market?

The FMCG arm of Mukesh Ambani-led Reliance Industries Industries, Reliance Consumer Products (RCPL), has acquired a majority stake in Tamil Nadu’s heritage nutrition brand, Udhaiyams Agro Foods. Under the joint venture agreeme...

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