Bulk users diverted 3.50 lakh tons of diesel sales to retail outlets in May forcing Govt to cap sales

by Hansraj Agrawal | Jun 15, 2026 | Business

Diesel at ROs is cheaper by ₹40-42 per litre compared to the fuel being sold at the dedicated dispensing stations for bulk users
| Photo Credit:
IMRAN NISSAR

Government capped diesel sales at retail fuel dispensing stations after bulk industrial and commercial users diverted as much as 3.50 lakh tonnes of the key transport fuel in May 2026, leading to “panic buying and unusually high sales” at fuel bunks that serve the common man.

For comparison, more than 10 per cent of the total districts in India (80 districts) witnessed over 30 per cent diesel sales of industrial, commercial and bulk users shifting to retail outlets (ROs) last month. Almost 42 per cent districts (327) saw sales rising over 10 per cent in May 2026 compared to last year.

Sujata Sharma, Joint Secretary in the Oil Ministry, said that some retail outlets are witnessing “unusually high sales”. The primary reason for this is that industrial, direct, institutional and commercial consumers have shifted to ROs leading to higher sales there. In May 2026, around 42 crore litres of diesel sales shifted from bulk to retail fuel dispensing stations.

RO Prices

Sharma said that bulk diesel sales accounted for 12.6 per cent of the total direct diesel sales in May 2025. However, this share has come down to 8.3 per cent in May 2026, which means around 350,000 tonnes of diesel sales by bulk users was diverted to ROs.

Another reason is that diesel at ROs is cheaper by ₹40-42 per litre compared to the fuel being sold at the dedicated dispensing stations for industrial, commercial and bulk users. In Delhi, diesel is priced at ₹95.20 a litre at retail pumps, while bulk diesel sales are priced at ₹134.50 a litre.

As per the Ministry, private OMC sales exhibited a decline of around 58 per cent in HSD sales during May 2026 due to higher prices fixed by them.

On June 11, the Oil Ministry through a notification mandated that a retail fuel outlet can sell up to 200 litres of diesel per person per day to curb black marketing and hoarding by unscrupulous elements.

Govt Action

Last month (May 29), the Ministry said that around 156 districts witnessed over 30 per cent jump in diesel sales. Also, 6 districts witnessed sales doubling.

The Oil Ministry official emphasised that enforcement has been ramped up. Since March, 1,330 FIRs have been registered in LPG cases with 311 arrests and 75,960 cylinders seized. For petrol and diesel, 12,303 litres of petrol and 91,263 litres of diesel were seized since May 27, with 50 FIRs and 49 arrests.

On the peace deal between Iran and the US, Sharma said “If the issue is resolved at the Strait of Hormuz, it is good for everyone. Supplies will definitely improve.”

The PSU OMCs are currently incurring an under recovery of around ₹700 per 14.2 kg domestic liquefied petroleum gas (LPG) cylinder. The under recovery of diesel and petrol is ₹27 per litre and ₹3 per litre.

Published on June 15, 2026

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RBI ने इस बैंक पर लगाया 6 महीने का प्रतिबंध, पैसे निकालने पर लगा दी लिमिट, क्या इसमें है खाता

by Hansraj Agrawal | Jun 15, 2026 | Business

RBI News: भारतीय रिजर्व बैंक यानी RBI अपने ग्राहकों के हितैों का अच्छी तरह से ख्याल रखता है. इतना ही नहीं बल्कि वो अपने नीचे काम करने वाले निजी और सरकारी बैंकों पर भी कड़ी नजर रखता है. जहां RBI को लगता है कि बैंक कुछ नियमों का उल्लंघन कर रहे हैं तो वो सख्ती से कार्रवाई भी करता है. ऐसा ही एक मामले हल ही में सामने आया है जब RBI के द्वारा एक बैंक को छह महीने के लिए प्रतिबंधित कर दिया गया.

किस बैंक पर लगा प्रतिबंध?
दरअसल भारतीय रिजर्व बैंक ने मुंबई स्थित मोगावीरा को-ऑपरेटिव बैंक को छह महीने के लिए प्रतिबंधित करने का फैसला किया है. इसकी मुख्य वजह बैंक की खराब होती वित्तीय स्थिति है. आरबीआई के मुताबिक ये पाबंदियां शुक्रवार यानी 12 जून को कारोबार बंद होने के बाद से लागू हो गई हैं और फिलहाल छह महीने तक प्रभावी रहेंगी. जरूरत पड़ने पर इनकी समीक्षा की जाएगी.

ये भी पढ़ें: Mukesh Ambani News: एक बार में ही कर दिए करोड़ों दान, केदारनाथ-बद्रीनाथ पहुंचे मुकेश अंबानी, जानें कितनी रकम की डोनेट

क्या- क्या लगे हैं प्रतिबंध?
बैंक के ऊपर कई तरह के प्रतिबंध लगाए गए हैं, जिनमें सबसे बड़ा फैसला ये है कि बैंक के ग्राहक अपने खातों से अधिकतम 1 लाख रुपये ही निकाल सकेंगे. इसके अलावा बैंक अब नए लोन नहीं दे सकेगा, पुराने कर्ज का नवीनीकरण नहीं कर सकेगा, कोई नया निवेश नहीं कर पाएगा और न ही नई जमा राशि स्वीकार कर सकेगा. इसके अलावा बैंक किसी तरह का नया कर्ज भी नहीं ले सकेगा. बैंक की मौजूदा नकदी स्थिति को देखते हुए जमाकर्ताओं को उनके बचत, चालू या अन्य खातों से अधिकतम 1 लाख रुपये तक निकालने की अनुमति दी गई है.

बैंक की लापरवाही
केंद्रीय बैंक RBI ने बताया कि वो लंबे समय से बैंक के बोर्ड और वरिष्ठ प्रबंधन के साथ कामकाज सुधारने के लिए बातचीत कर रहा था. लेकिन बैंक की ओर से इसे लेकर लापरवाही जताई गई. बैंक ने जमाकर्ताओं के हितों की रक्षा के लिए पर्याप्त प्रयास नहीं किए गए. इसी वजह से ये निर्देश जारी करने पड़े. हालांकि, RBI ने साफ किया है कि इन प्रतिबंधों का मतलब बैंक का लाइसेंस रद्द होना नहीं है. बैंक अपनी वित्तीय स्थिति सुधरने तक निर्धारित शर्तों के साथ सामान्य बैंकिंग सेवाएं जारी रख सकता है. आरबीआई आगे भी बैंक की स्थिति पर नजर रखेगा और जरूरत पड़ने पर नियमों में बदलाव या अन्य कदम उठाएगा.

ये भी पढ़ें: Investment Scheme: हर महीने 30 लाख कमाने का मौका, वीडियो में PM मोदी ने बता दी निवेश की नई स्कीम?

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Kolkata Municipal Corporation’s elections by December after delimitation of municipal wards, says Suvendu Adhikari

by Hansraj Agrawal | Jun 15, 2026 | Business

Suvendu Adhikari, Chief Minister of West Bengal
| Photo Credit:
Manvender Vashist Lav

The elections to the Kolkata Municipal Corporation (KMC) will be held by December this year after delimitation of municipal wards, West Bengal Chief Minister Suvendu Adhikari announced on Monday.

The Corporation is currently under an administrator following an ‘administrative deadlock’ after the resignation of Mayor Firhad Hakim earlier this month. Hakim has been one of the loyalists serving the Mamata Banerjee-led Trinamool Congress since the party was founded.

“There was an impasse in the Corporation after the Mayor’s resignation. So, the State Government gave three days to constitute a new board. Since the new board could not be formed, the government dissolved the existing board and appointed an administrator. By December 7, through elections, the civic body will be handed over to elected representatives,” Adhikari said during a programme at the KMC headquarters.

The Chief Minister proposed a delimitation exercise in the wards of the Kolkata Municipal Corporation before the elections. Explaining the rationale behind the exercise, he said that while some wards have over 40,000 to 50,000 voters, the electorate count in some other wards is only around 8,000 to 10,000.

“The government is in favour of conducting the election only after carrying out delimitation of wards,” Adhikari said.

Later, speaking to mediapersons, Adhikari said the BJP Government in West Bengal wants an elected body to take charge of KMC and is not keen on ’occupying’ the board through ’backdoor means’.

“Kolkata Municipal Corporation services are similar to emergency services. Elections will be conducted by the first week of December. We wanted the existing party (Trinamool Congress), which has the majority, to form the new board after the Mayor resigned. But if their party can not decide on who will be the Mayor, what can the State Government do?” he added.

Riding on a massive anti-incumbency wave against the erstwhile Trinamool Congress government, the BJP recorded a historic landslide victory in the Assembly elections held in April. The saffron party’s win ended 15 years of TMC rule and marked a watershed moment for the party as it dismantled Mamata Banerjee’s bastion. The party won 208 seats, reducing the TMC to just 80 in the 294-member West Bengal Assembly.

Published on June 15, 2026

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Government to sell up to 5% stake in ‌General Insurance Corporation

by Hansraj Agrawal | Jun 15, 2026 | Business

The government holds 82.4% in ⁠the insurer as of March 31, according to data ‌compiled by LSEG.
| Photo Credit:
SHAILESH ANDRADE

The Indian government plans to sell up to a 5 per cent stake in ‌General Insurance Corporation (GIC) via an offer for sale (OFS), the ⁠state-run insurer said on Monday.

Here are more details:

* The OFS includes ‌a base offer of up to a ‌2 per cent equity stake in GIC, ‌with ⁠an option to sell ⁠an additional 3 per cent if the issue is oversubscribed.

* The floor price is set at ‌₹352 per share ($3.72), implying a discount of about 9.1 per cent to the ‌company’s last close on Monday.

* The OFS opens for non-retail investors on June ⁠16 and for retail investors on June 17.

* India plans ‌to offload 10 per cent of its stake in the insurer in tranches to meet the market regulator’s minimum public shareholding norm, Reuters reported ‌in 2024. Of this, the government already sold a 3.4 per cent shareholding in September 2024.

* ⁠The government holds 82.4 per cent in ⁠the insurer as of March 31, according to data ‌compiled by LSEG.

Published on June 15, 2026

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RBI to Banks & NBFCs: Ensure policies and practices do not create incentives for mis-selling

by Hansraj Agrawal | Jun 15, 2026 | Business

RBI has asked banks and NBFCs to put in place a comprehensive policy for advertising, marketing and the sale of their own as well as third-party financial products and services
| Photo Credit:
FRANCIS MASCARENHAS

The RBI on Monday issued comprehensive instructions on advertising, marketing and sale of financial products and services by banks and NBFCs, whereby they have to ensure that their policies and practices do not create incentives for mis-selling or lead to bundling of products/services.

Further, banks and NBFCs (regulated entities/REs) cannot resort to “dark patterns” to mislead or trick users into doing something they originally did not intend or want. They have to obtain explicit customer consent, which indicates agreement to a specific action by or arrangement with them.

The instructions, which come into effect from January 1, 2027, specify what constitutes mis-selling and require them to determine the suitability and appropriateness of a financial product/service for individual customers.

Feedback mechanism

The REs shall establish a mechanism to seek feedback from customers, within a period of 30 days from the sale of any financial product/service, to ensure that customers have understood the features of the financial product/service and also the risks associated with such financial product/service.

RBI, in its Responsible Business Conduct Second Amendment Directions, 2026 for REs, emphasised that they should eschew the practice (compulsory bundling) of making availment of one product/service by a customer conditional upon availment of another product/service, whether own or third-party, offered by them.

REs cannot resort to “dark patterns” – any practice or deceptive design pattern using user interface or user experience interactions on any platform that is designed to mislead or trick users to do something they originally did not intend or want to do.

This is done by subverting or impairing the consumer autonomy, decision-making or choice and amounts to misleading advertisement or unfair trade practice or violation of consumer rights.

Customer consent

REs have to obtain explicit customer consent, which is a specific, informed and unambiguous indication of an individual’s choice, given through a duly recorded/documented statement or clear affirmative action. This indicates agreement to a specific action by or arrangement with them.

Mis-selling of a financial product/service, whether own or third party, includes the sale of a product/service which is neither suitable nor appropriate in view of the customer’s profile evaluated at the time of sale, notwithstanding her/his explicit consent; or the sale of a product/service without providing correct or complete information or by giving misleading information.

Further, mis-selling also includes the sale of a product/service without the customer’s explicit consent; or compulsory bundling of another product/service with the sale of the requested product/service; or the sale of a product/service involving any other element defined by the financial sector regulator concerned as mis-selling.

RBI has asked banks and NBFCs to put in place a comprehensive policy for advertising, marketing and the sale of their own as well as third-party financial products/services. This will cover aspects related to criteria for the determination of suitability and appropriateness of products/services offered to customers, feedback mechanism, customer compensation in cases of mis-selling, etc.

Published on June 15, 2026

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US-Iran agreement: Rupee touches 5-week high

by Hansraj Agrawal | Jun 15, 2026 | Business

The rupee gained 65 paise last Friday to close at 94.11 per dollar, a one-week high.
| Photo Credit:
–

The rupee was buoyed on Monday, touching a five-week high, as the US and Iran reached an agreement to end the West Asia conflict, leading to crude oil prices sinking to three-month lows.

The Indian currency closed stronger at 94.71 per US Dollar, up 40 paise against the previous close of 94.11. In intraday trades, the Rupee hit a five-week high of 94.4625.

The rupee gained 65 paise last Friday to close at 94.11 per dollar, a one-week high.

Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities, said: “We believe this marks the beginning of a more durable recovery rather than a one-off bounce. Two powerful tailwinds are now converging.

First, the government and the RBI have delivered what is effectively a bazooka on the capital-flows front.”

He emphasised that the measures announced earlier this month are sweeping — full tax exemption for foreign investors on government bond interest and capital gains, the Fully Accessible Route opened up to long-tenor 15-, 30- and 40-year bonds and green bonds, equity access widened to a broader class of non-resident individuals; and, crucially, the RBI bearing the entire hedging cost on fresh three-to-five-year FCNR(B) deposits until the 30th of September.

Banerjee said the move on FCNR(B) deposits allows banks to offer NRIs close to 7% on dollar deposits with no exchange-rate risk, and the September deadline creates a strong incentive to bring those dollars in quickly.

The market is estimating these measures could draw inflows of anywhere between $40 and $55 billion.

“Second, the oil equation is now turning in India’s favour. If the Hormuz agreement holds — and this morning’s developments suggest it will — and Brent moves down towards $70–73, that materially eases our import bill and current account, which only amplifies the inflow story.

“Alongside this, we expect flows into the equity segment to improve as global risk sentiment recovers. Taken together, this is a decisively positive setup for the rupee,” he said.

Banerjee assessed that over the next one to two weeks, the Rupee is expected to strengthen towards 94, and a decisive break of that level would open the door to 93, and potentially 92.5, over the following 2-3 months. For now, 94 is the key level to watch, and below that, 93.

Published on June 15, 2026

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