The Mumbai Daily

Karnataka plans 1,000 MW data parks across three major cities

Karnataka's Energy, Large Industries, and IT ministers met at Shakti Bhavan to plan data parks totalling 1,000 MW across Bengaluru, Mysuru, and Mangaluru. The preliminary meeting signals the state's intent to scale digital infrastructure well beyond its existing Bengaluru tech corridor.

Madras HC grants Sattankulam custodial death convicts time to appeal

The Madras High Court has given nine policemen, sentenced to death by a Madurai trial court, additional time to file appeals in the 2020 custodial deaths of trader P. Jayaraj and his son J. Benicks in Sattankulam, Tamil Nadu. The case drew nationwide outrage and resulted in one of the rare instances of Indian courts awarding capital punishment to police officers.

Karnataka to Resume Yettinahole Water Project After ₹257 Crore Penalty

The long-stalled Yettinahole water diversion scheme in Karnataka will restart within a week after the Centre directed the state to pay ₹257 crore in penalties and mitigation costs. The project is designed to supply drinking water to chronically drought-prone southern Karnataka districts including Kolar, Chikkaballapur, and Tumkur.

Rising Snakebite Deaths Spread Panic Across Kerala Communities

Snakebite incidents and fatalities have surged in Kerala, alarming residents across rural and forested districts. Herpetologists and health experts point to gaps in anti-venom access, first-responder training, and public awareness as key drivers of preventable deaths.

Court rejects bail for key accused in Zubeen Garg murder case

A court has rejected the bail plea of Shyamkanu Mahanta, the key accused in the death probe of celebrated Assamese singer Zubeen Garg. Assam Chief Minister Himanta Biswa Sarma had stated in the state assembly that Garg's death was 'plain and simple murder'.

Maharashtra Opens Self-Enumeration Portal for Census 2027

Maharashtra has become the first state to launch a self-enumeration option for Census 2027, allowing residents to fill in their own household data digitally instead of relying solely on door-to-door enumerators. The move modernises India's census collection and could serve as a template for a national rollout.

Suspected Canine Distemper Kills Tigress and Four Cubs at Kanha

A tigress and her four cubs have died at Kanha Tiger Reserve in Madhya Pradesh, with state wildlife officials suspecting Canine Distemper Virus as the cause. CDV, which spreads from domestic dogs living near forest fringes, is an emerging and poorly-controlled threat to India's big-cat populations.

Indian firms step up cross-border acquisitions, Sun Pharma-Organon leads

Indian companies are accelerating outbound acquisitions across IT services, pharmaceuticals, healthcare and renewable energy, with Sun Pharma's purchase of Organon's international branded portfolio marking the most prominent recent deal. The trend signals a strategic shift by Indian corporates toward buying global scale and capabilities rather than building them organically.

Adani Enterprises swings to Q4 net loss as depreciation bites

Adani Enterprises reported a Q4 net loss driven by surging depreciation on its rapidly expanding asset base, even as full-year income grew a modest 3% to ₹1,02,943 crore. Pre-tax profit before exceptional items collapsed to ₹4,309 crore from ₹6,533 crore a year earlier, exposing the P&L cost of the group's aggressive capital build-out.

Sensex, Nifty surge 7% in April despite rupee slide and FPI outflows

Indian benchmark indices posted roughly 7% gains in April, their strongest monthly performance in recent memory, shrugging off a depreciating rupee, elevated global crude prices, and sustained foreign portfolio investor net selling. The broad-based rally suggests domestic institutional and retail buying more than offset external headwinds.

Union MF launches long-short equity SIF under Arthaya platform

Union Mutual Fund has introduced its first long-short equity Specialised Investment Fund (SIF) under its Arthaya brand, allowing the fund to take both long and short equity positions. The product targets sophisticated investors seeking returns that are less dependent on unidirectional market moves.

Automakers push back on India's draft E100 and E85 fuel rules

India's draft notification proposing E100 and E85 fuel standards has been welcomed by sugar mills and distilleries but met with resistance from carmakers, particularly in the luxury segment. Automakers question the commercial viability of retooling powertrains beyond the current E20 mandate when consumer demand for higher ethanol blends remains uncertain.

Police launch speed crackdown on Mumbai-Nashik highway

Maharashtra Police have initiated an anti-overspeeding enforcement drive on the Mumbai-Nashik highway, one of the state's busiest inter-city road corridors. The drive targets speeding violations through increased patrolling and traffic checks.

Maharashtra clears ₹51.68 crore scholarship arrears pending since 2018-19

The Maharashtra government has released ₹51.68 crore in scholarship payments that had been withheld for nearly seven years. The disbursement ends a prolonged wait for eligible students, likely from SC, ST, OBC, and minority categories, under state welfare schemes.

Mumbai family deaths: FDA finds no watermelon vendor in area to check for affected stock

Mumbai family deaths: FDA finds no watermelon vendor in area to check for affected stock

Rohit Shetty firing case: 1624-page chargesheet filed; Lonkar, Arzoo Bishnoi shown as wanted accused

Rohit Shetty firing case: 1624-page chargesheet filed; Lonkar, Arzoo Bishnoi shown as wanted accused

Dawood aide, drug trafficker Salim Dola remanded in NCB custody till May 8

Dola (59) was arrested in Turkiye on the basis of an Interpol Red Notice issued on India’s request in March 2024

Supreme Court hollows out a landmark law that had protected minority voting rights for 6 decades

The Supreme Court's ruling came in a congressional redistricting case out of Louisiana after the State created a district that gave the State its second Black representative to Congress

Lebanon says Israeli strikes kill 9 people, including 2 children

Speaking to a delegation from the International Federation of Red Cross and Red Crescent Societies, President Joseph Aoun had earlier slammed “continuing Israeli violations” in south Lebanon

Israel-Iran war LIVE: Israel may have to 'act again' against Iran, Defence Minister Katz says

Pakistan said that it was actively engaged with the U.S. and Iran to end the war in West Asia

We need not raise capital for the next 5-6 years, says SBI Chairman Challa Sreenivasulu Setty

SBI promotes 8 CGMs as DMDs in annual reshuffle

State Bank of India has elevated eight Chief General Managers to Deputy Managing Director positions. These promotions align with the bank's annual cycle. New DMDs are being assigned departments as existing officials retire. Several retirements are scheduled between June and September. This strategic move ensures continuity in leadership across key banking functions.

UPI logs ₹314 lakh crore in FY26, completing its first decade

UPI processed ₹314 lakh crore in transactions in FY26, its tenth year since the 2016 launch. Transaction value has grown over 4,000-fold and volume nearly 12,000-fold since inception, cementing UPI as the world's largest real-time payments network by volume.

State-owned banks add 50,000 staff in FY26; NARCL quickens NPA recovery

Public sector banks collectively hired over 50,000 employees in FY26, reflecting expanded business volumes and financial inclusion mandates. NARCL, the government-backed bad bank, simultaneously accelerated its stressed-asset recovery operations.

RBI brings 104 tonnes of gold home; total reserves reach 880 mt

The Reserve Bank of India has shifted 104 tonnes of gold from overseas custodians to domestic vaults, taking total holdings to 880 metric tonnes. Surging gold prices have pushed gold's share of India's foreign exchange reserves to 16.7%, up from 13.92% just six months ago.

Adani Enterprises posts ₹221 crore Q4 loss; HUL, Bajaj Finserv gain

Adani Enterprises reported a net loss of ₹221 crore in Q4 FY26, dragging down the group's flagship entity, while Adani Ports, Bajaj Finserv, Cholamandalam Investment, and HUL delivered earnings growth. Go Fashion and Nalco were notable underperformers in the same results cycle.

Indian Banks Build Provisions to Guard Against War-Related Losses

Indian banks are proactively setting aside additional capital buffers to absorb potential losses from war-related disruptions to borrowers, trade, and collateral values. The move reflects a sector-wide shift toward macro-prudential caution amid escalating regional geopolitical tensions.

Fino Payments Bank plans pivot to tech-led small finance bank

Fino Payments Bank is exploring a transition to a small finance bank licence, anchored on an asset-light, technology-driven operating model. The shift would unlock lending capabilities currently barred under its payments bank charter.

Central Bank of India reports 30% decline in Q4FY26 at ₹724 cr

Net profit impacted as the Bank took a one time impact of recognition of Deferred Tax Asset (DTA)

Oriserve launches AI platform for BFSI operations

Oriserve services are aligned with RBI guidelines, GDPR and ISO 27001 standards

RBI signals prolonged rate pause despite elevated inflation estimates

The RBI is expected to hold interest rates steady for an extended period even as inflation forecasts rise, because core inflation remains benign and nominal GDP growth is projected to rebound sharply in FY27. Sufficient private-sector capacity-building incentives further reduce the case for a rate hike.

As fraud cases rise, are banks doing enough to stop them?

Banks have massive IT budgets to support their operations. Still, their use in preventing frauds seems a little primitive.

HDFC Bank seeks to rebuild trust, the biggest currency in banking

Interim Chairman Keki Mistry stakes personal reputation at age 71 to soothe frayed nerves after predecessor's abrupt exit

AI is reshaping lending, and why it’s bad news for traditional banks

NBFCs are increasingly using AI to gain market share and could outpace traditional banks in credit growth and underwriting efficiency over the next decade.

How UPI boom in rest of India hides a paradox in wealthy states

India’s richest states are the slowest to go cashless. While states like Tamil Nadu and Andhra lead in digital-payment adoption, Gujarat, Karnataka, and Delhi are among those that fall behind. Why?

Yes Bank Rescue Made SBI Rich but Left AT1 Bondholders Uncompensated

SBI's ₹2,450-crore stake in the 2020 Yes Bank rescue has returned 3.6x, while retail AT1 bondholders written down to zero remain uncompensated five years on. The divergent outcomes expose structural gaps in India's investor-protection framework for hybrid bank instruments.

Banks Tamed NPAs by Going Retail, Starving Industry of Credit

Indian banks have sharply reduced bad loans by pivoting from corporate to retail lending, but the structural shift has throttled credit supply to industrial firms that are the primary engines of job creation. The reallocation raises serious concerns about the economy's capacity to sustain employment-intensive growth.

India's Rating Agency Credibility Crisis Needs Reform, Not New Entrants

India already has six credit rating agencies, yet systemic credibility—not a shortage of raters—remains the central problem. Proposals for a new agency sidestep the real fix: structural reforms to eliminate issuer-pays conflicts of interest and curb rating shopping by corporates.