State Bank of India (SBI) and seven private sector lenders that had invested in Yes Bank during its reconstruction in 2020, will together sell 20 per cent stake in the bank to Japan-based Sumitomo Mitsui Banking Corporation (SMBC) for ₹13,482 crore, in the largest cross-border deal in the Indian banking sector.

Apart from SBI, the seven private banks having stake in Yes Bank are: HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, IDFC First Bank, and Bandhan Bank.

The transaction is subject to regulatory and statutory approvals, including from the Reserve Bank of India (RBI) and Competition Commission of India (CCI).

In a bid to tackle the city’s water scarcity and reduce dependence on unregulated private tankers, the Karnataka government on Thursday launched ‘Sanchari Cauvery’ — a government-managed, tech-enabled drinking water delivery system — offering doorstep delivery of BIS-certified Cauvery water at subsidised rates.

Launched by Deputy Chief Minister DK Shivakumar in front of the Vidhana Soudha, the initiative is to ensure affordable and accountable water supply, particularly to those living in areas where piped Cauvery water has not yet reached. The scheme comes at a time when concerns over groundwater depletion and the so-called “tanker mafia” are mounting across Bengaluru.

Under Sanchari Cauvery, residents can book water tankers via a new mobile app or web portal, track delivery vehicles in real-time using GPS, make online payments and verify the delivery through a mandatory OTP system. The service promises delivery within 24 hours, even during high-demand periods, and is supported by a 24/7 helpline for grievances. All tankers will carry drinking water certified by the Bureau of Indian Standards (BIS).

Morningstar DBRS on Friday upgraded India’s sovereign credit rating to 'BBB' with a stable outlook, up from 'BBB (low)', citing structural reforms, infrastructure investments, and fiscal consolidation as key drivers. The global credit rating agency also raised India’s Short-Term Foreign and Local Currency Issuer Ratings to 'R-2 (high)' from 'R-2 (middle)', maintaining a stable outlook.

The upgrade reflects India’s efforts to balance persistent fiscal challenges against strong growth prospects underpinned by robust investments in infrastructure and digitalisation, Morningstar DBRS said in a report.

"From a cyclical perspective, the country’s macroeconomic balances look healthy. Inflation has returned to the Reserve Bank of India’s (RBI) tolerance band of 4% (±2%). The external sector is strong, and a sound policy framework has helped the economy navigate challenging global conditions," Morningstar DBRS said in the report.

India Infrastructure Finance Company Limited (IIFCL) on Thursday reported a 39 per cent jump in net profit to Rs 2,165 crore for the fiscal ended in March 2025 on account of improvement in core income.

The state-owned infrastructure finance company had earned a net profit of Rs 1,552 crore in the previous fiscal.

The company recorded its all-time high performance, for the fifth year in a row with record Profit Before Tax (PBT) of Rs 2,776 crore, recording a growth of 37 per cent over the previous year’s PBT of Rs 2,029 crore, IIFCL managing director PR Jaishankar said while announcing annual financial numbers.

In a bid to improve access to capital for startups, the government on Friday expanded the Credit Guarantee Scheme for Startups (CGSS). The revised scheme doubles the maximum guarantee cover per borrower to ₹20 crore from ₹10 crore.

The enhanced guarantee cover will boost credit availability for startups and drive innovation, the Department for Promotion of Industry and Internal Trade (DPIIT) said in a notification.

In addition to expanding the overall cover, the extent of guarantee has also been increased. For loans up to ₹10 crore, the guarantee will now cover 85 per cent of the amount in default, while for loans above ₹10 crore, the coverage will be 75 per cent.

The ongoing 10th International Trade Fair organised in Bhrikutimandap was inaugurated by the Commerce Minister of Nepal, Damodar Bhandari. The five-day-long fair has 120 pavilions across Nepal, China, Ukraine, Bangladesh and Turkey. 40 stalls from China had EV vehicles, electronic goods, agricultural tools, a clothing range, home decor, with a major attraction of incense from Tibet.

Nepal Handicrafts like wood sculptures, jewellery, ritualistic utensils, Himalayan herbs, tea, coffee, spices, processed agricultural produce and Made in Nepal clothes are highlights of the event. Several exhibits talked about their products, and Chairman of the Federation of Nepalese Chamber of Commerce and Industries, Umesh Dalmia, informed about how Nepal is planning to attract visitors like the International Trade Fair organised in Pragati Maidan in Delhi.

The trade fair aims to provide a platform for business-to-business connections for an international market.

Government watchdog CCPA has issued notices to 13 e-commerce players like Amazon and Flipkart for illegal sale of walkie-talkie devices on their platforms, which could raise security concerns at a time of military conflict between India and Pakistan.

In an official statement on Friday, the government said the Central Consumer Protection Authority (CCPA) has issued 13 notices to leading digital marketplaces against the illegal listing and sale of walkie-talkies on e-commerce platforms.

These platforms are: Amazon, Flipkart, Meesho, OLX, TradeIndia, Facebook, Indiamart, VardaanMart, Jiomart, Krishnamart, Chimiya, Talk Pro Walie Talkie and MaskMan toys.

The crackdown focuses on the sale of walkie-talkies without proper frequency disclosure, licensing information, or Equipment Type Approval (ETA), constituting a violation of the Consumer Protection Act, 2019.

India has abstained from voting on the International Monetary Fund’s (IMF) proposed $1.3 billion bailout package for Pakistan, citing Islamabad’s “poor track record” in effectively utilising previous financial aid.

The decision comes amid escalating tensions between the two countries following India’s recent military strikes against terror infrastructure in Pakistan and Pakistan-Occupied Kashmir as part of Operation Sindoor in retaliation against the April 22 Pahalgam attack.

At the IMF board meeting held on May 9 in Washington, India flagged concerns over Pakistan’s repeated failure to meet conditions attached to IMF assistance.

The US Department of State in a statement on Wednesday (local time) said that the Quad partners convened at the Asia-Pacific Center for Security Studies in Honolulu, Hawaii for a Tabletop Exercise, a simulation to launch the Quad-IPLN-exercise (IPLN).

"From April 28 to May 2, the Quad partners (the United States, Australia, India, and Japan) convened at the Asia-Pacific Center for Security Studies in Honolulu, Hawaii for a Tabletop Exercise, a simulation to launch the Quad Indo-Pacific Logistics Network (IPLN)," the statement read.

"IPLN is an initiative that enables Quad partners to leverage shared logistics capabilities in the Indo-Pacific to support civilian response to natural disasters more rapidly and efficiently across the region," the statement added.

Thalassaemia still causes a lot of physical and emotional problems for children and their families in India, where the number of cases is the highest in the world. Thalassaemia is a disease related to children about which people have very little knowledge. Every year 10 thousand to 12 thousand children in India fall victim to this disease. In such a situation, 'World Thalassaemia Day' is celebrated every year on 8 May to spread awareness about this disease.

In thalassaemia, the level of haemoglobin in the body starts decreasing. Due to this, the body gradually starts lacking blood, and the child becomes helpless in walking. Dr Isha Kaul, Director, Hemato-Oncology, BMT, Max Super Speciality Hospital, explains what thalassaemia is. What are its symptoms, and what should be done to prevent it?

Thalassaemia is a genetic blood disorder that causes the body to produce less than normal levels of haemoglobin. This can lead to anaemia, fatigue, and other serious health problems. Patients with thalassaemia could potentially be treated with a stem cell transplant, in which the damaged blood-forming cells in their body are replaced with healthy cells from a donor.