US lifts sanctions on Iranian oil at sea for one month

by Hansraj Agrawal | Mar 21, 2026 | Business

US Treasury Secretary Scott Bessent
| Photo Credit:
ABDUL SABOOR

The United States has announced the temporary lifting of sanctions on the sale of Iranian oil stranded at sea in an effort to cool down soaring global crude prices.

US Treasury Secretary Scott Bessent said the temporary measure will make available 140 million barrels of Iranian oil to global markets.

“This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” Bessent said in a long post on X.

The price of Brent crude has witnessed sharp swings from roughly $70 per barrel before the war began to as high as $119.50 this week.

“Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea,” Bessent said.

The US official claimed that at present, sanctioned Iranian oil is being hoarded by China on the cheap.

By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran, he said.

“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent said.

The pause on sanctions on Iranian oil loaded on vessels begins Friday and is set to end on April 19.

Petrol prices have increased from $3 a gallon in the US before the war began to $3.99 on Saturday.

“This temporary, short-term authorisation is strictly limited to oil that is already in transit and does not allow new purchases or production,” Bessent said.

Further, Iran will have difficulty accessing any revenue generated, and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system, he said.

So far, the Trump Administration has been working to bring around 440 million additional barrels of oil to the global market, undercutting Iran’s ability to leverage its disruptions in the Strait of Hormuz, the US official said.

Earlier Friday, US President Donald Trump said that the United States was considering “winding down” military operations against Iran but was not seeking a ceasefire with the Islamic Republic.

“We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with the terrorist regime of Iran,” Trump said in a post on Truth Social, giving the strongest indication that he may be prepared to soon end hostilities.

At the White House on Friday, Trump said he was not looking at a ceasefire with Iran.

“Well, look, we can have dialogue, but I don’t want to do a ceasefire. You know, you don’t do a ceasefire when you’re literally obliterating the other side. We’re not looking to do that,” the US President said before leaving for Florida.

Published on March 21, 2026

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HDFC Bank fires three employees after chairman resignation over ethical concerns

by Hansraj Agrawal | Mar 20, 2026 | Business

HDFC Bank has terminated three employees over lapses in client onboarding at its DIFC branch, following allegations of mis-selling Credit Suisse AT-1 bonds. The action comes days after chairman Atanu Chakraborty resigned citing ethical concerns, raising governance questions.
| Photo Credit:
SHAILESH ANDRADE

Days after the resignation of HDFC Bank chairman Atanu Chakraborty citing ethical concerns, the bank has terminated the services of three employees for gaps in client onboarding at its Dubai International Financial Centre (DIFC) branch.

According to sources, HDFC Bank has fired three senior executives over the alleged mis-selling of Credit Suisse’s additional tier-1 (AT-1) bonds.

Following the allegations of mis-selling, the local regulator — Dubai Financial Services Authority — barred HDFC Bank from onboarding new customers at its DIFC branch last September.

Bank cites gaps in onboarding, takes corrective action

When approached for a comment, the bank said in a statement that it has identified certain gaps in client-onboarding requirements at its DIFC branch in the United Arab Emirates (UAE) and completed a detailed and objective review of the matter.

“Appropriate remedial actions have been taken in line with internal policies. Personnel changes have been undertaken along with appropriate action as per the bank’s conduct regulation,” it said.

The HDFC Bank has well-established governance frameworks and continues to remain committed to maintaining high standards of compliance and regulatory adherence, it added.

Chairman’s abrupt exit raises governance concerns

Chakraborty abruptly resigned as the chairman of the country’s second-biggest lender, citing ethical concerns, effective March 18.

This is the first time that a part-time chairman of HDFC Bank left mid-way, raising concerns over the bank’s functioning.

“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision,” Chakraborty said in his resignation letter dated March 17.

In the letter addressed to the chairman of the Goverance, Nomination, Remuneration Committee, H K Bhanwala, Chakraborty said “there are no other material reasons for my resignation other than those stated above”.

Chakraborty’s tenure and background

Chakraborty was appointed as the part-time chairman of the bank effective May 5, 2021, almost a year after he retired as the economic affairs secretary.

His term was extended for another three years in 2024, till May 4, 2027.

Chakraborty, a 1985-batch IAS officer of the Gujarat cadre, retired as the secretary of the Department of Economic Affairs in April 2020. Prior to that, he was the secretary of the Department of Investment and Public Asset Management (DIPAM). Both departments are under the finance ministry.

Chakraborty became the chairman during the reverse merger process of the bank with the parent entity — HDFC Limited — a leading mortgage firm in the country.

The merger of HDFC Limited with HDFC Bank became effective on July 1, 2023, creating a financial behemoth with a combined balance sheet of more than Rs 18 lakh crore.

Published on March 21, 2026

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Maldives boat accident: Gautam Singhania rescued, two Indians missing

by Hansraj Agrawal | Mar 20, 2026 | Business

A file photo of Gautam Singhania

According to a report from the Maldives, a speedboat carrying tourists capsized near V Felidhoo early on Friday morning.

Singhania was among the tourists, and two other Indian men, including rally driver Hari Singh, are understood to be missing, and search operations are on.Singhania has been rescued.

Confirming the development, a spokesperson of Singhania said, “Gautam Singhania suffered minor injuries following an unfortunate accident. He is recovering under due care in Mumbai.” The spokesperson further said, “We thank you for the wishes and pray for the well-being of the affected friends.” As per the media report, seven people were on board the speedboat. They include two women from the United Kingdom and Russia, and five men from India.

Citing police, the report said five persons were swept into the sea, which included a woman from Russia and four men from India.

Published on March 21, 2026

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JP Morgan Chase resolves SEBI probe into FPI classification lapses

by Hansraj Agrawal | Mar 20, 2026 | Business

American multinational bank JP Morgan Chase settled with capital markets regulator SEBI a case related to alleged violation of FPI rules after paying Rs 34.42 lakh towards settlement charges.

The settlement order came after the bank filed a suo-motu settlement application with SEBI proposing to settle by “neither admitting nor denying the findings of facts and conclusions of law,” the regulator said in its order passed on Friday.

Alleged violations in FPI classification and licensing

According to SEBI, JP Morgan Chase had granted a Category II license to four FPIs from the UK that were not registered with the Financial Conduct Authority (FCA), in violation of market norms.

Further, after the introduction of the FPI Regulations, 2019, these four entities were re-categorised as Category I FPIs without verifying their regulatory status, SEBI noted.

Delay in acting on material change flagged

In addition, the market watchdog found that the bank failed to promptly act on a material change involving the merger of an FPI entity.

Despite being informed on November 1, 2024, JP Morgan Chase delayed advising fresh registration and allowed transactions to continue for 38 days, during which the FPI undertook 64 purchase transactions, as per the order.

SEBI flags non-compliance, approves settlement

The Securities and Exchange Board of India (SEBI) said the delay amounted to non-compliance with provisions related to reassessment of eligibility and handling of material changes in FPIs.

Thereafter, SEBI’s High Powered Advisory Committee and a panel of whole-time members approved the settlement terms, following which the bank remitted the amount of Rs 34.42 lakh.

“… in terms of the Settlement Regulations, it is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant (JP Morgan Chase Bank N A),” SEBI’s Whole Time Members Kamlesh C Varshney and Amarjeet Singh said in the order.

Published on March 21, 2026

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Rupee vaults well past 93 per USD mark, sinks 108 paise

by Hansraj Agrawal | Mar 20, 2026 | Business

The Rupee recorded one of its biggest single day falls in recent times, sinking 108 paise against the US Dollar and weakening well past the 93 mark, as hardening crude oil prices due to the ongoing West Asia War, FPI-related outflows from the equity markets and a strong Dollar weighed on it.

The Indian currency (INR) closed at an all-time low of 93.71 per USD against the previous close of 92.63. Opening weaker at 92.89, INR tested an intraday high/low of 92.88/93.7575.

The last time the Rupee fell by more than 100 paise was on June 4, 2024. Then the INR crashed about 139 paise.

V Rama Chandra Reddy, Head – Treasury, Karur Vysya Bank, said the sharp depreciation of the Rupee is a reflection of significant deterioration in global risk sentiment.

“The currency came under pressure primarily due to heavy FII outflows and a sharp surge in crude oil prices, which have climbed to around $118 per barrel, driven by the escalating crisis in West Asia.

“The situation continues to worsen, with increasing reports of damage to critical oil infrastructure in the Gulf region. If the conflict persists for an extended period, the implications for the global economy and particularly for India, could be severe, potentially exceeding the impact witnessed during the Global Financial Crisis and the COVID-19 pandemic,” he said.

Abhishek Goenka, Founder & CEO, IFA Global, observed that the Rupee’s downward movement was entirely due to the surge in energy prices.

He said there is a threat to energy supply (both Brent as well as LNG) as war escalates and as production sites are being targeted.

“The attack of South Pars, one of the major gas fields in the region sent energy prices soaring. Brent had touched about USD 118 per barrel yesterday and Rupee was at 93.30 in offshore.

“However, overnight Brent came off to $105 per barrel resulting in USDINR opening below 93. Brent then began moving higher again, and Rupee weakened tracking the move in Brent,” Goenka said.

Reddy noted that RBI appears to be actively intervening to contain excessive volatility in the currency, while prudently conserving its reserves to respond to further escalation, depending on how the crisis unfolds.

“Given the uncertainty surrounding the geopolitical developments, the trajectory of crude prices remains highly unpredictable. Consequently, the Rupee may continue to remain under pressure, with limited visibility on near term levels. While last year’s depreciation provides some context, a similar magnitude of decline may not materialize unless the conflict prolongs significantly,” he said.

Published on March 20, 2026

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Government launches ₹20,000 crore credit guarantee scheme for MFIs

by Hansraj Agrawal | Mar 20, 2026 | Business

The government has launched a ₹20,000-crore Credit Guarantee Scheme for Microfinance Institutions (MFI) 2.0 to revive credit flow and ease liquidity constraints in the sector..

The government has rolled out a ₹20,000-crore Credit Guarantee Scheme for Microfinance Institutions 2.0, a move that industry body Microfinance Industry Network (MFIN) said would help revive credit flow to underserved segments and ease funding constraints in the sector.

The scheme comes amid a sharp decline in bank funding to microfinance institutions (MFIs), particularly smaller players. According to MFIN, bank lending to the sector dropped by nearly 70% between the fourth quarter of FY24 and the third quarter of FY26, severely impacting liquidity.

Jiji Mammen, CEO & ED, Sa-Dhan, said, “We sincerely thank the Government of India for introducing the Credit Guarantee Scheme for the microfinance sector 2.0, an important and timely step towards strengthening financial inclusion initiatives in the country.”

“This initiative will strengthen lenders’ confidence to lend to MFIs, which have been under stress in recent times, initially due to recovery-related issues and later to liquidity issues. Sa-Dhan had been working for such a facility for the past year. We are very happy that the Government has come out with this scheme, and we thank them,” he added.

“We are sure this step will increase credit to underserved communities and support the continued growth and resilience of the microfinance ecosystem and financial inclusion. We deeply appreciate this progressive move and look forward to its transformative impact across the sector,” he further said.

AM Karthik, Senior Vice President & Co-Group Head, Financial Sector Ratings, ICRA Ltd, said, “The MFI credit guarantee scheme is designed to channel credit flow to the sector, with particular emphasis on small and mid-sized MFIs. Under this program, 15% of lender exposure is allocated to these MFIs. Combined with a one-year moratorium period, this arrangement is expected to strengthen liquidity in the short term and support credit growth. The scheme specifies a lending rate cap (EBLR or 1-year MCLR plus 2%) and a guarantee fee of 0.5%, reflecting a credit risk cover ranging from 70% to 80% based on MFI size. Retail microfinance borrowers to also benefit from the lower interest rates provided by MFIs which avail loans under this scheme.”

Loan pricing and tenure details

Loans under the scheme will be priced at a capped rate linked to the EBLR or 1-year MCLR plus 2 per cent. MFIs, in turn, must lend at least 1 percentage point below their average rate over the past six months. Loans will have a maximum tenure of three years, including a one-year moratorium.

Exposure is capped at 20 per cent of an MFI’s AUM, with absolute limits of ₹100 crore for small, ₹200 crore for medium, and ₹300 crore for large MFIs. The scheme also mandates that at least 5 per cent of loans go to small MFIs and 10 per cent to mid-sized players.

Credit guarantee cover ranges from 70 per cent for large MFIs to 75 per cent for medium MFIs and 80 per cent for small MFIs.

Boost to lender confidence

MFIN said the guarantee programme is expected to restore lender confidence and catalyse fresh credit from banks, especially for small and mid-sized MFIs that have borne the brunt of the funding squeeze.

The launch also coincides with improving asset quality metrics.

Portfolio at risk (PAR) for 31–90 days declined to 1.6 per cent from 3.2 per cent a year ago, indicating better repayment behaviour. However, constrained liquidity has weighed on growth, with the industry’s portfolio standing at ₹3.15 lakh crore as of December 31, 2025, a 7.3 per cent sequential decline.

Borrowers impacted by credit crunch

The funding crunch has had a direct impact on borrowers, with MFIN estimating that nearly 50 lakh customers have lost access to formal credit due to reduced lending activity.

MFIN chief executive Alok Misra said the scheme is a timely intervention that will help unlock liquidity and support sustainable growth in the sector. He added that, despite improvements in credit discipline and responsible lending practices, access to bank funding remained the key challenge for MFIs.

Published on March 20, 2026

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