India on Saturday raised the price of cooking gas by ₹60 per cylinder for both PMUY and non-PMUY users as the world’s third largest liquefied petroleum gas (LPG) consumer navigates a complex scenario of rising prices coupled with lack of cargoes from its main suppliers in West Asia, a region on the brink of a full blown war.

The price hike—second in the current financial year—comes at a time when when the world’s second largest LPG importer is scrambling to secure cargoes from the US and Canada, while invoking emergency powers back home directing refiners to maximise production of the critical cooking fuel used by more than 33 crore consumers, including over 10 crore PM Ujjwala Yojna (PMUY) beneficiaries.

Effective Saturday, non-PMUY consumers will have to shell out ₹913 for a 14.2-kg cylinder in Delhi. PMUY consumers will have to pay ₹613 per cylinder.

Breaking down the ₹60 per cylinder price hike for both PMUY and non-PMUY consumers, a top source said it translates to roughly 80 paise per family per day for cooking, or around 20 paise per person per day (for a family of four).

Besides, commercial LPG prices largely reflect prevailing international market conditions. They act as a market indicator of the global LPG price trend, the same source added.

The government also raised the price of commercial LPG—used by hotels and restaurants—by ₹114.5 per 19-kg cylinder to Rs 1,883 in Delhi.

Halt at Hormuz

Government sources said the price rise reflects the conflict in West Asia, which led to the closure of the Strait of Hormuz. India consumed more than 33 million tonne of LPG in FY25, of which over half was imported. Of this, 85-90 per cent came from West Asia with most cargo transiting the Strait.

Middle East Gulf (MEG), excluding Iran, is India’s largest supplier of LPG, covering 92 per cent (around 720,000 barrels per day) imports as of 2025, as per Vortexa. Maritime consultancy Drewry pegs that nearly 40 per cent of the global LPG supply passes through the 34 km narrow passage annually.

The government is exploiting all possible sources to get fresh supplies, some of which are expected by March-end. Besides buying 10 per cent of its LPG imports from the US, India is also in touch with Canada to procure LPG. Africa is another region that India can exploit for additional cargoes.

Shielding consumers

On rationale behind the price hike, sources said that it is important to view it in context of the current geopolitical scenario and the resultant LPG price movements, as well as the sustained efforts of the government to shield households from international volatility.

For instance, the average Saudi CP was around $575 per tonne from March 2024 to March 2026 (fluctuating from $636/tonne in March 2024, falling to $466 in November 2025, and then rising to $542 in March 2026). However, the domestic LPG (PMUY) prices have largely remained at ₹503-553 level.

Domestic LPG prices continue to remain below market-linked levels. For example, the market-determined price of a 14.2 kg cylinder in Delhi in March 2026 was around ₹987, while it was being sold to consumers at ₹853, roughly ₹134 lower than market price. Pricing calculations indicate that the required increase should be around ₹134 per cylinder, yet the government approved only ₹60.

For PMUY beneficiaries, the impact on household cooking expenses remains modest. The estimated cost of cooking per day per household increased from about ₹7.31 to ₹8.11, an increase of less than ₹1 per day.

While the average Saudi CP rose by 41 per cent from $385/tonne in July 2023 to $542 in March 2026, the effective price for domestic LPG (PMUY) has been reduced by about 32 per cent, from ₹903 per cylinder (14.2 kg) in August 2023 to ₹613 in March 2026.

Published on March 7, 2026

Bhavna Kakar of Latitude 28

Varanasi’s ghats look incandescent through the brush strokes of prolific painter Paresh Maity. The smallest of details are captured with luminous intensity in his larger than life canvases on display at the Bikaner House in Delhi. The spectacular exhibition also marks the 25^th anniversary of Sunaina Anand’s Art Alive Gallery which has had a long association with Maity.

Anand is just one of the many women gallery owners who have made Delhi’s art scene throb with life and helped fetch artists handsome commissions. A few months ago at Bikaner House, Renu Modi celebrated 35 years of her Gallery Espace with a nostalgic exhibition called Memory Fields featuring art works by M F Husain, Manjit Bawa among others.

Besides Anand and Modi, there is Bhavna Kakar’s Latitude 28 celebrating its 15^th year that started with the intention of breaking the white cube mould and making the gallery a space for dialogue and experimentation. Then there is Pooja Sood’s Khoj Studios, which is a radical space for alternative art. Roshni Vadehra leads one of Delhi’s oldest art galleries, founded by her father. 

And, of course, there is the formidable queen bee of art patronage Kiran Nadar whose KNMA galleries in Saket and Noida have made globally renowned works accessible to the general public. For instance, last year KNMA showed Caravaggio’s rediscovered 400-year old Baroque masterpiece Mary Magdalene in Ecstasy — a truly memorable experience for art lovers.

Curated Value

It’s not easy to run an art gallery. As Anand said, “There are no short-term gains in this field. There are challenges in running an art gallery especially when you want to position your gallery as a strong cultural institution and not just a place to buy and sell art. You have to be very sure about your Gallery’s vision and select artists whose art practices align with that programming.” She added that, “Legal procedures pertaining to sales and logistics also pose challenges.”

“One of the biggest challenges is the unpredictability of the art market,” points out Kakar,as she explains, “Running a gallery can be profitable, but it is rarely a straightforward commercial enterprise.”

“Most galleries operate at the intersection of culture, patronage, and business, and profitability often depends on a combination of sales, relationships, programming, and long-term reputation,” she added.

Changing landscape

But the good news is that the art landscape is changing. Modi said when she opened her art gallery in 1989, there were only a handful of collectors buying art. “There are many more collectors now, and they are much younger –in their 40sand 50s, or even younger. Awareness levels have risen manifold whether because of social media, or the many art fairs and biennales that have started recently. People building new homes now work with their architects and interior designers to source and display art. Even corporates are buying or commissioning art for their offices,” she added.

Kakar describes how galleries today are also expanding their role beyond exhibitions — through publications, residencies, talks, performances, and collaborations with museums and cultural institutions. “Ultimately, the sustainability of a gallery often lies in its ability to build trust, its long term vision — with artists, collectors, and the wider cultural community. When that ecosystem is strong, financial stability tends to follow, even if profitability is rarely the sole motivation for running a gallery,” she added.

Published on March 7, 2026

The RBI has exempted the promoters/promoter group of AU Small Finance Bank (AU SFB) from the requirement that they hold their stake in the transitioned Universal Bank through a Non-Operative Financial Holding Company (NOFHC).

When RBI gave its in-principle approval on August 7, 2025 for AU SFB’s transition from a Small Finance Bank to a Universal Bank, it had stipulated that the shareholding of the promoters/promoter group in the transitioned Universal Bank be held through a NOFHC.

But pursuant to the Bank’s request, RBI has replaced the aforesaid stipulation, AU SFB said in a regulatory filing.

“This requirement for NOFHC will now be applicable on the transitioned Universal Bank, if the Bank or its promoter (including promoter group) proposes to establish any group entity in the future,” it added.

So, in case the bank or its promoter/ promoter group wants to get into any other business like mutual fund or insurance post becoming a universal bank then they will need to form NOFHC.

AU SFB said it will submit its application for the final Universal Banking license, in line with RBI’s letter dated August 7, 2025 conveying its in-principle approval for transition, under the guidance of its Board and within the stipulated timelines. The RBI’s in-principle approval is valid for a period of 18 months.

AU SFB is the first small finance bank to receive RBI’s in-principle approval to transition into a universal bank.

In the third quarter ended December 31 2025, the Bank’s total deposits were up 23.3 per cent year-on-year (yoy) to stand at ₹1,38,415 crore. Advances rose 19.3 per cent yoy to stand at ₹₹1,29,898 crore. Net profit rose 26 per cent yoy to ₹668 crore.

Published on March 7, 2026

Federal Bank said its existing arrangement with Equirus Capital Private Ltd for wealth management services will be “restructured”.

The Bank intends to invest more and create its own franchise in the wealth management business as part of the next phase of growth.

As part of this strategic expansion, and to align with the Bank’s evolving product and service architecture for affluent and UHNI (ultra high networth individual) clients, the existing arrangement between Federal Bank and Equirus Capital Private Ltd for wealth management services will be restructured, the Bank said in a statement.

Customers who currently avail wealth management services through the existing arrangement with Equirus will continue to do so without disruption under the current framework.

Federal Bank, which launched its wealth management platform and its first Wealth Hub, said it continues to hold 8.69 per cent stake in Equirus.

The Bank and Equirus will continue to collaborate to fulfil the investment needs of UHNI category customers by offering select products and services from the Equirus wealth management suite, per the statement.

The Bank’s wealth management business will be led by Virendra Somwanshi, who brings extensive experience in building and scaling wealth management franchises within the banking sector, it added.

K V S Manian, MD & CEO, Federal Bank, said, “The Equirus partnership enabled the Bank to establish a strong foundation in the wealth management business. In the next phase of growth, we would like to invest more and create our own franchise in this space. We value our association with Equirus and look forward to continued collaboration in areas of mutual strength”

Mr. Ajay Garg, MD Equirus Capital, said, “As envisaged in the partnership, we had entered into the wealth management business 7 years ago and have been able to establish ourselves as one of the top 10 players in the wealth management business with presence across 23 cities. Federal Bank has been a valued partner and we are keen to support their desire to broaden their wealth presence and working closely with them on technology andbusiness build out to facilitate the same.”