Category: Beyond

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Crude oil tops $107 as Hormuz tensions soar

Global crude oil prices have surged sharply, with Brent crude crossing the $107 per barrel mark, after fresh tensions in the Middle East and the collapse of diplomatic talks between the United States and Iran.

The rally came as peace negotiations between the two countries reportedly stalled, with no agreement reached on reopening or securing the Strait of Hormuz. The waterway is one of the world’s most important oil shipping routes, and ongoing restrictions there have significantly reduced global supply.

According to market reports, Brent crude futures climbed to around $107.97 per barrel during intraday trading, marking a multi-week high. At the same time, US stock futures slipped, reflecting broader market uncertainty linked to rising energy costs and geopolitical risk.

The main trigger for the price surge has been continued disruption in the Strait of Hormuz, where shipping activity remains limited due to escalating tensions and security concerns. The strait normally handles a large share of global oil shipments, and any blockage or slowdown immediately impacts global supply chains.

Adding to market anxiety, diplomatic efforts involving mediators such as Pakistan reportedly failed to make progress, and no new round of talks has been confirmed. This has reduced expectations of an immediate resolution, pushing traders to price in tighter supply conditions.

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NTPC plans ₹25,000 cr nuclear project in Bihar

State-run power company NTPC is planning a major nuclear energy project in Bihar’s Banka district. The company is currently studying the feasibility of setting up two nuclear power units, each with a capacity of 700 megawatts (MW), making a total proposed capacity of 1,400 MW.

The project, if approved, is expected to require an investment of around ₹25,000 crore. At this stage, NTPC has not made a final decision and is conducting technical and environmental assessments before preparing a detailed project report.

The proposed site in Banka is located about 250 km from Patna. Initial reports suggest that nearly 1,000 acres of land may be needed for the project. The Bihar government has expressed full support for the initiative and has assured assistance in providing land and ensuring adequate water supply, which is essential for nuclear power generation.

NTPC’s move is part of its broader plan to expand into nuclear energy and reduce dependence on fossil fuels like coal. The company is also looking to strengthen its presence in low-carbon and clean energy sources in line with India’s long-term energy goals.

If the project goes ahead, it would be one of the largest energy investments in Bihar and could significantly boost the state’s power infrastructure. It would also contribute to India’s broader strategy of increasing nuclear power capacity as part of its clean energy transition.

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Government pushes PSU Banks on wage revision

The Finance Ministry has asked public sector banks to complete the next wage revision process for employees and officers within the next 12 months, aiming to ensure salary hikes are implemented on time from November 2027.

The move relates to the upcoming 13th Bipartite Settlement, under which salaries, allowances and service conditions of bank staff are revised every five years.

Officials have asked banks to begin preparations early and avoid delays that affected previous wage settlements. The government said timely completion of the process is important for smooth operations and industrial harmony in the banking sector.

Usually, wage negotiations are handled by the Indian Banks’ Association with employee unions and officers’ bodies. The final agreement impacts lakhs of employees working in public sector banks and some private lenders.

The ministry has also asked banks to complete necessary approvals and procedural changes in advance so that the revised salary structure can be implemented without delay.

The development comes at a time when public sector banks are reporting strong profits and improved balance sheets after years of clean-up and reforms.

Employee unions are expected to closely monitor the talks, as the settlement directly affects salaries, allowances and retirement benefits.

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Gold at ₹1.53 lakh, Silver at ₹2.46 lakh

Gold prices remained close to record highs across India on Monday, April 27, while silver prices saw a slight dip as investors continued to track global developments and movement in commodity markets.

In major cities such as Delhi, Mumbai and Pune, 24-carat gold was priced at around ₹1.53 lakh per 10 grams, while 22-carat gold was trading near ₹1.40 lakh. Silver was quoted at about ₹2.46 lakh per kilogram in the retail market.

Traders said gold continues to attract buyers as it is traditionally seen as a safe investment during uncertain times. Ongoing geopolitical tensions and volatility in global markets have kept demand strong, helping prices stay firm at elevated levels.

At the same time, hopes of easing tensions in the Middle East prevented any sharp spike in prices. Market participants said investors are balancing risk concerns with expectations that diplomatic progress could reduce pressure on global markets.

Jewellers noted that domestic demand has become selective because of the steep rise in prices. Many retail buyers are purchasing smaller quantities or waiting for corrections before making large jewellery purchases.

Silver prices, meanwhile, remained under some pressure and slipped slightly compared to the previous session. Analysts said silver tends to be more volatile than gold because it is influenced not only by investment demand but also by industrial consumption trends.

Despite high prices, jewellers are expecting stronger footfalls in the coming days as Akshaya Tritiya and the wedding season approach. Both occasions are traditionally considered favourable for buying gold, which could support demand even at current levels.

Experts believe gold and silver may continue to witness sharp moves this week depending on global cues, especially developments in crude oil prices, currency markets and international political tensions.

For consumers planning to buy jewellery, traders advise checking purity, hallmark certification, making charges and GST before making purchases, as final prices vary from city to city and store to store.

Investors are also being advised to buy gradually rather than all at once, given the current volatility in bullion prices.

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India’s forex reserves rise above $703 bn

India’s foreign exchange reserves have climbed to $703.3 billion, continuing a steady upward trend and strengthening the country’s financial buffer against global uncertainties.

According to the latest Reserve Bank of India data, the reserves increased by around $2.3 billion in the week ending April 17, 2026. The rise reflects a mix of valuation gains and stable external inflows.

The biggest contribution came from foreign currency assets, which make up the bulk of India’s reserves. These assets include holdings in major global currencies such as the US dollar and euro, and their value often changes with global currency movements and central bank operations.

Gold holdings also played a role in the increase. India’s gold reserves have seen a gradual rise in value in recent months, supported by higher global gold prices and consistent accumulation by the central bank. This has added another layer of stability to the overall reserves.

Other components, including Special Drawing Rights and India’s position with the International Monetary Fund, remained largely unchanged during the period.

The latest increase comes after some fluctuations earlier this year, when global uncertainties such as geopolitical tensions and changes in oil prices affected reserve levels. However, the recent trend shows a recovery and steady build-up.

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RBI cancels Paytm payments bank licence

The Reserve Bank of India (RBI) has cancelled the licence of Paytm Payments Bank and said it will move ahead with winding up the bank through legal process. The decision follows long-standing regulatory concerns over compliance and operations.

The RBI said the bank had repeatedly failed to meet required norms and its functioning was not in line with banking rules. Because of these issues, the central bank said continuing operations was no longer appropriate and ordered closure proceedings.

Paytm Payments Bank has already been under restrictions for a long time. It was first stopped from adding new customers, and later faced limits on deposits and account activity.

For customers, the RBI has assured that their money is safe. The bank has been told to repay all deposits during the winding-up process, and it is expected to have enough funds to do so.

The bigger concern for users is what happens to everyday services like wallets and payments. Paytm has clarified that its main app will continue to work. Services such as UPI payments, QR code scanning, mobile recharges, and payment systems used by merchants are expected to remain active.

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Finance Minister flags AI threat to banks

Union Finance Minister Nirmala Sitharaman has warned India’s banking sector about rising cybersecurity risks linked to advanced artificial intelligence tools, urging lenders to upgrade their security systems and prepare for new digital threats.

At the centre of the concern is “Claude Mythos,” an AI model developed by Anthropic. Reports suggest the tool has advanced capabilities to detect software weaknesses across computer systems and browsers. Officials fear such technology, if misused, could be exploited for fraud, hacking, theft of customer information and disruption of banking services.

The warning came during a high-level review meeting attended by senior officials from public and private sector banks, regulators and technology agencies. Discussions focused on how powerful AI systems could be misused to target financial institutions.

Sitharaman said Indian banks have managed cyber risks well so far through digitisation, regular software upgrades, firewalls and fraud monitoring systems. However, she cautioned that traditional safeguards may not be enough to tackle AI-driven attacks in the future.

She called for stronger and more flexible security systems to counter evolving risks. The Finance Minister also stressed the need for closer coordination among banks, regulators and cyber agencies to improve preparedness.

Banks were asked to create a real-time intelligence-sharing mechanism so suspicious activity or attempted breaches can be reported quickly across the sector. Officials said a coordinated industry-led system would be developed to monitor threats and improve response capabilities.

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Rupee slips 24 paise to 94.25 against US dollar

The Indian rupee continued its downward trend in early trade, depreciating by 24 paise to 94.25 against the US dollar, tracking weak global sentiment and sustained pressure from foreign capital outflows.

According to reports, the domestic currency opened at 94.25 and remained at the same level in early deals, marking another session of weakness against the greenback. The fall comes amid a broader risk-off mood in financial markets, with investors reacting to global uncertainties and a strong US dollar.

Forex traders noted that volatility in crude oil prices and geopolitical tensions in West Asia have added to pressure on emerging market currencies, including the rupee. Higher oil prices tend to hurt India’s import bill, which in turn weighs on the currency.

Another key factor behind the decline is continued foreign institutional investor (FII) selling in domestic equity markets. Outflows from Indian equities have reduced dollar supply in the local market, further weakening the rupee. Market participants also pointed to a stronger dollar index, which has been gaining against a basket of global currencies, making emerging market currencies less attractive.

The rupee has now extended its losing streak for several sessions, reflecting persistent pressure from external factors rather than domestic fundamentals alone. Traders say sentiment remains cautious, with global risk appetite fluctuating due to macroeconomic uncertainty and interest rate expectations in major economies.

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Government brings new online gaming rules

The Centre has notified new online gaming rules that will come into effect from May 1, bringing stricter regulation to India’s rapidly growing gaming industry.

Under the new framework, online money gaming has been banned. Platforms that allow users to wager money for prizes or winnings will not be permitted to operate. The government said the move is aimed at protecting users from fraud, addiction and heavy financial losses.

A new national regulator, the Online Gaming Authority of India, will be created to oversee the sector. The body will classify games, monitor compliance, handle complaints and publish a list of banned platforms. It will also work with banks and agencies to stop illegal transactions linked to prohibited apps.

The rules also introduce stronger user safety measures. Approved platforms must ensure age verification, parental controls, grievance systems and clear disclosures for users.

Casual games and platforms that do not involve money will face fewer restrictions. Esports and skill-based gaming platforms are expected to benefit from clearer rules and easier registration.

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India seafood exports makes a record of ₹72,325 cr

India’s seafood exports touched a record ₹72,325 crore in the financial year 2025-26, showing the strength of the sector even as demand from the United States weakened. Export volumes also increased, reflecting steady global interest in Indian marine products.

The country exported 19.32 lakh metric tonnes of seafood during the year, according to provisional figures from the Marine Products Export Development Authority (MPEDA). This marks one of the best performances for the industry in recent years.

Frozen shrimp remained the star product, contributing the largest share of export income. Shrimp exports brought in ₹47,973 crore, making up more than two-thirds of the total earnings. Demand for Indian shrimp remained firm across several international markets.

Although the United States continued to be the biggest buyer of Indian seafood, exports to that market declined during the year. Industry sources said tariff-related issues and trade pressures affected shipments, making Indian products less competitive there.

However, losses in the US market were more than offset by strong growth elsewhere. China emerged as a key growth driver, with imports of Indian seafood rising sharply. The European Union also increased purchases significantly, while countries in Southeast Asia recorded healthy demand.

Other seafood categories such as frozen fish, squid, cuttlefish, dried products and live seafood also performed well. Only chilled seafood exports reported a drop.

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