RBI launches “Awareness Program on Digital Payments”

RBI launches “Awareness Program on Digital Payments”


The Reserve Bank of India (RBI) on Thursday launched a pilot programme titled “Awareness Program on Digital Payments” to promote safe and widespread adoption of digital payments across the country.

The pilot will be conducted in Maharashtra in partnership with CSC e-Governance Services India Ltd, per a central bank statement issued as part of the sixth edition of Digital Payments Awareness Week (DPAW), which is being observed during March 9-13, 2026 .

The program aims to conduct in-person awareness sessions for 10 lakh participants in rural and semi-urban areas. These sessions will be carried out by Village Level Entrepreneurs (VLEs).

Governor Sanjay Malhotra emphasised the need to maintain trust in digital payment systems and highlighted the central bank’s efforts to enhance customer awareness and protection. He also urged stakeholders to work collaboratively to strengthen public confidence in the adoption and use of digital payments.

The RBI also unveiled a multi-media awareness campaign titled “Thoda Dhyan Se”, encouraging users to remain alert and cautious while making online payments and transacting online.

Following the launch, the RBI Governor held discussions with the Managing Directors and Chief Executive Officers of select Payment Systems Operators (PSOs).

Published on March 12, 2026



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South Indian Bank enables EPF payments on net banking platform

South Indian Bank enables EPF payments on net banking platform


The move allows employers and establishments to remit EPF contributions, dues and related charges directly through the EPFO portal using SIB’s net banking interface

South Indian Bank (SIB) on Thursday launched Employees’ Provident Fund (EPF) payment services through its Internet banking platform SIBerNet in partnership with the Employees’ Provident Fund Organisation (EPFO).

The move allows employers and establishments to remit EPF contributions, dues and related charges directly through the EPFO portal using SIB’s net banking interface.

The service went live on March 12, 2026, and was inaugurated by Uttam Prakash, Regional PF Commissioner for the Kochi Region and UT of Lakshadweep, alongside P R Seshadri, Managing Director and CEO of South Indian Bank, and Biji S S, Senior General Manager and Head of Branch Banking.

Direct payment channel

The integration follows the completion of technical work between SIB and EPFO, enabling a direct payment channel for statutory EPF compliance. Employers can now initiate remittances without leaving the EPFO portal, using SIBerNet as the payment gateway.

Seshadri said the launch was aimed at simplifying statutory payments for businesses while strengthening the bank’s digital ecosystem.

On the day of the announcement, SIB shares on the National Stock Exchange closed at ₹38.99, down ₹0.44 or 1.12 per cent from the previous close of ₹39.43. The stock touched an intraday high of ₹39.48 and a low of ₹38.16, with the volume-weighted average price at ₹38.86.

South Indian Bank, headquartered in Kerala, operates 948 branches, 1,143 ATMs, and 126 cash recycler machines across India, along with a representative office in Dubai.

Published on March 12, 2026



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Dubai traders offer gold at  an ounce discount to London benchmark prices

Dubai traders offer gold at $30 an ounce discount to London benchmark prices


Gold prices in Dubai are currently trading at $30 an ounce discount to the London benchmark prices due to weak demand after the raging Iran war in the West Asian countries crippled flight services.

Tourists and bullion dealers from India and China are the major buyers of gold from Dubai. Tourist arrivals have come to a standstill with the cancellation of flights from both the countries.

Supply chain pressure

Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council, said traders in Dubai are selling gold at about $30 per ounce below the London benchmark price, largely due to disruptions in shipments caused by the ongoing West Asia conflict.

It is important for Indian jewellers and consumers to understand that gold prices globally remain high, and no country can afford to slash prices without destabilising the market, he said.

The current discount reflects supply chain pressures rather than a fundamental change in value, he said.

Prithviraj Kothari, President, India Bullion and Jewellers Association, said gold trading at a discount in Dubai reflects temporary logistical disruptions rather than a structural change in demand.

Buyers turn cautious

Flight cancellations across West Asia have slowed the movement of bullion, leaving excess supply in the local market and pushing prices to a $25–30 per ounce discount to London, he said.

At the same time, elevated price volatility and uncertainty around the duration of the conflict have kept buyers cautious, leading to weaker physical demand in key markets such as India and the Gulf, he added.

If transport routes normalise, these discounts are likely to narrow quickly as Dubai resumes its role as a key distribution hub for bullion flows to Asia and Europe, said Kothari.

Meanwhile, gold prices in India was up marginally at ₹160,303 per 10 grams against ₹160,230 on Thursday as rupee depreciated against dollar, according to the Indian Bullion and Jewellers Association of India data. In the global market, gold declined by about $60 an ounce to $5,118 on Thursday. April futures on COMEX slid to $5,123.14. On MCX, April gold futures quoted at ₹1,60,892 per 10 gm.

Published on March 12, 2026



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Russian ‘shadow fleet’ tankers divert to India after US waiver on crude imports

Russian ‘shadow fleet’ tankers divert to India after US waiver on crude imports


Shadow fleets — also referred to as dark or ghost fleets — consist of tankers operating outside the conventional regulatory framework that governs most global maritime traffic, often transporting sanctioned oil cargoes. (Representational image)
| Photo Credit:
REUTERS

India could see some near-term relief in crude oil supplies as several tankers carrying Russian crude — including vessels from the so-called “shadow fleet” — are changing course mid-voyage and heading towards Indian ports following a US waiver allowing the resumption of oil imports.

Shadow fleets — also referred to as dark or ghost fleets — consist of tankers operating outside the conventional regulatory framework that governs most global maritime traffic, often transporting sanctioned oil cargoes.

Vessel-tracking data from UK-based maritime analytics firms Lloyd’s List Intelligence and Vortexa indicate that at least four tankers have already diverted towards India. These include two sanctioned Aframax vessels, one sanctioned Suezmax and a non-sanctioned Very Large Crude Carrier (VLCC) that is part of the shadow fleet.

According to a Lloyd’s List Intelligence report, the Aframax tankers Oasis and Noble Walker, which are sanctioned by the EU and the UK but not by the US, were originally headed for China after loading crude from Russia’s Far East. Both vessels have since altered course mid-voyage.

Another vessel, the EU- and UK-sanctioned Suezmax Indri (Sierra Leone registered with nearly 80,000 tonne capacity), was initially sailing towards Singapore, before abruptly changing course on March 4. The tanker discharged crude originating from Russia’s Baltic region at Sikka port in Gujarat on March 9.

Similarly, data from Vortexa shows that about 60 million barrels of Russian crude are currently on the water, having been loaded before March 6 — the date the waiver was announced — and are within a typical 30-day sailing distance to India. Of this, around 24 million barrels are being transported on non-sanctioned vessels, while the remaining 36 million barrels are on sanctioned tankers.

Delia He, associate freight analyst at Vortexa, said the tanker ‘Sarah’ (Hong Kong registered with 1.60 lakh tonne capacity) would likely have moved into floating storage near Singapore while awaiting a buyer before redirecting its voyage. The vessel had sailed past Sri Lanka heading east when it began drifting on March 5. It completed its turnaround on March 8 and subsequently signalled Mundra in Gujarat as its next destination.

More diversions ahead

Industry analysts expect more such diversions in the coming weeks.

“We expect to see Russian crude oil in transit or in floating storage redirect to India,” said Mary Melton, senior tanker analyst at Braemar, quoted by Lloyd’s List.

Braemar said it has tracked six tankers — one VLCC and five Aframax/LR2 vessels — diverting from East Asian destinations where the cargo was originally expected to be discharged in China, and are now signalling India as their next port of call.

Published on March 12, 2026



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Bank of Baroda taps Asian investors for 0 million loan

Bank of Baroda taps Asian investors for $500 million loan


The bank said the proceeds will be used for general banking and corporate purposes

Bank of Baroda raised a $500 million five-year syndicated term loan on Thursday, marking its return to the global syndicated loan market after a one-year absence. The facility was arranged through the bank’s IFSC Banking Unit in GIFT City, with MUFG Bank and HSBC acting as mandated lead arrangers, underwriters and bookrunners.

The deal drew participation from 13 investors across Taiwan, South Korea, Japan and Singapore. The bank said the proceeds will be used for general banking and corporate purposes.

Investor confidence

Managing Director and CEO Debadatta Chand said the transaction reflects global investor confidence in the bank’s financial management and supports its strategy of diversifying funding sources.

The deal continues the bank’s push to expand its international investor base beyond its traditional domestic one. Bank of Baroda currently holds investment-grade credit ratings from all three major agencies — BBB with a Stable Outlook from S&P Global Ratings, BBB- with a Stable Outlook from Fitch (which recently upgraded its Viability Rating), and Baa3 with a Stable Outlook from Moody’s.

Bank of Baroda is a majority government-owned lender with operations in 15 countries. As of December 31, 2025, its total international business stood at ₹4,879.08 billion, accounting for 16.08 per cent of its global business.

Published on March 12, 2026



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Dodging LPG crunch, Bengaluru’s Oterra hotel takes the e-route

Dodging LPG crunch, Bengaluru’s Oterra hotel takes the e-route


The Oterra Hotel, E-City Bangalore

Even as an LPG supply crunch disrupts kitchens across Bengaluru’s hospitality sector, five-star hotel The Oterra has largely escaped the fallout by running its kitchens on electric induction systems.

The Electronic City-based luxury business hotel uses very little LPG in its daily operations, with most of the cooking handled by industrial induction cooktops powered by renewable energy. According to Srinivas Adiga, General Manager, The Oterra has its kitchens running, dodging the LPG crunch with electric cooking. LPG usage is limited to a pizza oven and certain stewarding operations, translating to just one or two commercial cylinders a day.

“Our kitchens are fully electric, so we are largely insulated from the current LPG shortage,” said Srinivas, noting that the hotel shifted away from gas-based cooking as part of a broader sustainability strategy.

The development comes as several restaurants and hotels in Bengaluru grapple with disruptions in commercial LPG supply, forcing many establishments to scale down menus, limit kitchen operations, or temporarily suspend services.

Shifting dialogue

Industry conversations are now increasingly turning toward diversifying fuel sources and adopting electric alternatives, particularly industrial-grade induction systems.

The current crisis, hospitality executives said, may act as a wake-up call for hotels that rely heavily on LPG, prompting a gradual shift toward electric kitchens, both as a resilience measure and a step toward sustainability.

The transition began with the hotel signing up for renewable power procurement in 2016. As part of its larger push to move towards a net-zero goal, the property gradually electrified several operations, including kitchen infrastructure in late 2022. Today, the hotel says nearly all of its culinary operations run on induction technology powered by green energy.

Published on March 12, 2026



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