COMPANIES | PAGE 6 BACK PAGE | PAGE 22 Institutionalise NTA reforms: SC to Centre INTERNATIONAL | PAGE 9 Flipkartintalkswith300 eateriesfordeliverypilot HYDERABAD, THURSDAY, AUGUST 20, 2026 Trump pauses 50% tariffs on imports from Canada FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXIII 92, 30 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 76,909.68 ▼ 325.78 NIFTY: 24,078.30 ▼ 76.60 NIKKEI 225: 65,326.42 ▼ 2,134.31 HANG SENG: 25,495.07 ▲ 23.92 `/$: 95.76 ▼ 0.08 `/€: 111.14 ▼ 0.34 BRENT: $91.25 ▲ $0.23 GOLD: `1,53,041 ▼ `585 RBI GOVERNOR INTERVIEW WITH FE FCNR(B) decision data-driven, well thought out: Governor ● Central bank expects at least $80 bn from all three forex schemes; says decision taken from position of strength ❝ KSHIPRA PETKAR & JOYDEEP GHOSH Mumbai, August 19 RESERVE BANK OF India (RBI) Gov- ernorSanjayMalhotra onWednesdaystronglydefended the decision to advance the closure of the FCNR(B) swapwindowbya month, describing it as awell-thought-out, calibrated,prudent and data-driven response to evolving conditions. “It will not be correct to call it a U-turn; it is rather a calibration,” Malhotra told FE in an exclusive interview.The move demonstrated the central bank’s ability to remain flexible and data-dependent amid rapidly changing conditions, he added. Responding to criticism that his remarks after the August 5 Monetary Policy Committee (MPC) meeting had ruled out an early closure,Malhotra said the RBI was still assessing a situation that was evolving rapidly. “I would like to highlight the use of the words‘as of now’when I mentioned that there was no proposal to advance the last date,”he said.The RBI had also said it would keep stakeholders informed of any decision,clearly indicating that an early closure had not been ruled out,he added. According to Malhotra,the deci- PAGE 8 RATES MAY NEED RECALIBRATION: MPC MINUTES RBI GOVERNOR SANJAY Malhotra, in the minutes of the August Monetary Policy Committee meeting, said policy tightening may be warranted if higher food, fuel and other input prices lead to a broad-based rise in inflation and de-anchor inflation expectations, reports fe Bureau. Navi gets $100 mn from Prosus at $1.3-bn valuation FINANCIAL SERVICES COMPANY Navi has announced a $100-million investment from MIH Payments Holdings BV, an indirect wholly-owned subsidiary of Dutch investment group Prosus, at a valuation of $1.3 billion. The investment marks Navi’s first institutional capital raise, reports fe Bureau. ■ PAGE 8 & sionwas taken from a position of strength.The RBI expects the three schemes — foreign currencynonresident (bank),orFCNR(B), deposits,external commercial borrowings (ECBs) and overseas foreign currencyborrowings (OFCBs) — to attract at least $80 billion.This reflected the country’s strong macroeconomic fundamentals and would furtherstrengthen its bal- Continued on Page 13 RUPEE AT 3-WEEK LOWAS OIL RISES THE BENCHMARK BRENT crude prices rose about 1% to $91.89 a barrel — a near-three-week high — on Wednesday onWestAsia worries. Elevated oil prices, along with sustained dollar demand from businesses, sent the rupee down to its weakest level in three weeks. Stock prices slipped too, with the benchmark Nifty falling for seven straight sessions, its longest losing streak in 11 months. —Kishor Kadam Rupee vs dollar Intra-day, August 19 9 95.681 Pr Previous close 0.08% 95 763 95.763 95.760 Nifty’s longest losing streak in 11 months 24,170 24,130 24,154.90 Previous close 0.32 % 24,010 Open »INSIDE« Brent prices soar to near-3-week high 92.50 92.00 24,078.30 24,090 24,050 Close Inverted scale ($ per barrel) 91.02 Previous close 91.50 91.00 « MARKETS ❝ ❝ IN THE NEWS INDIAN BANKS HAVE THE SCALE AND THE ABILITY TO HAVE A LARGER GLOBAL FOOTPRINT. THEY ARE ON THE RIGHT PATH Close 90.50 91.89 Open Close, 9:30 pm INDIAN STOCKS LEAST FAVOURED IN ASIA PAGE 8 AMIT CHAKRAVARTY FE BUREAU Ahmedabad, August 19 OMANI WATERS ARE emerging as the critical passage keeping Gulfoilmovingtoglobalbuyers, includingIndia,withmorethan 80% of outbound flows either usingtheOmanisideormoving withtrackingsystemsswitched off. Increasing traffic through thealternativechannelcomesat an opportune time for India,as a supply squeeze of Russian Urals over recent weeks have inflatedthecostofthecountry’s crudeimports.TheIndiancrude basketaveraged$88.62abarrel inAugustsofar,upfrom$82.04 in Julyand $83.22 in June. Route Vessel passages IN A LANDMARK decision, the been given under the Occupational Safety, Health and Working Conditions Code Gujarat government on Wednesdaygrantedpermission to Micron Technology’s semiconductor facility in Sanand to have a 12-hour workday while maintaining the statutory weeklylimit of 48 hours. The move,under the newly introduced Occupational Safety, Health and Working Conditions Code, is aimed at consolidating the state’s leadership in India’s fast-growing semiconductor assembly, test and packaging industry. The code allows states to exempt factories from certain provisions, subject to safeguards, while ensuring that employeesdonotworkbeyond the weekly limit.“Gujarat has ANEES HUSSAIN Bengaluru, August 19 ■ The relaxation has ■ Gujarat has secured six major projects under the India Semiconductor Mission, attracting investments of nearly `1.4 lakh cr ■ Micron Technology’s Sanand facility is expected to assemble and test tens of millions of semiconductor chips in 2026 exercised this provision keeping in view the larger public interest,economic growth and employmentgenerationinthe state,” Kunvarji Bavaliya, minister of labour, skill develop- Zepto raises free delivery threshold QUICK COMMERCE MAJOR Zepto has hiked the minimum order value for free delivery to `199, up from `149, reports fe Bureau. In case of high demand, the minimum value has jumped to `299. The move marks the completion of a steady retreat from the aggressive fee waivers it unveiled last year. ■ PAGE 6 Share (%) Dark 73 80.2 Oman route 2 IMO route 15 1 TOTAL AIS/tracking system switched off; Kpler says these vessels are likely using Omani route 91 Iran route Accordingtosourcesintrade circles, insurers, however, no longerconsidertheOmancorridora safe alternative amid continuedattacks.“Morethan80% 2.2 16.5 1.1 100 of outbound flows are either transiting through Omani waters or sailing dark,” Kpler said, adding the latter are also likelyusing the Omani route. THE SECURITIES AND Exchange Board of India (Sebi) has asked brokers to accept orders during the five-minute transitiontotheclosingauction session(CAS)toimproveliquidityandpricediscoveryunderthe new stock closing mechanism, three brokers told Reuters. Under the present mechanism,orders are not taken from 3:15 pm to 3:20 pm.These five minutes are set aside to calculatereferencepricesandtransitionfromcontinuoustradingto CAS — a 20-minute auction windowthatbeginsat3:15pm. However,Sebihasnowasked brokers to accept orders during the five-minute window as it aimstoboostmarketparticipation and efficient price discovery,the brokers said,requesting anonymity. “Starting in September,wewill begin accepting after-market orders between 3:15 and 3:20 pm to enhance price discovery in CAS. This change will increase CAS’ efficiency,”saidDhirajRelli,MDand CEO of HDFC Securities. The move comes after multiplemeetingsbetweenSebiand brokersaimedatimprovingthe PANDEY: STRONG ACTION AGAINST MANIPULATION If anybody feels that they will manipulate CAS for defaming the new system, they are in danger...we will act strongly against it and act immediately REPORT ON PAGE 8 »INSIDE« SEBI IMPOUNDS `3.7-CRORE GAINS OVER MANIPULATIVE CAS TRADES PAGE 8 newsystem’sefficiency.Sebidid not immediately respond to a request for comment.The new mechanismledtosharpswings in the benchmarks Nifty and Sensex in the first few sessions after being implemented on August 3. —REUTERS cancel pre-ride tip CHIP PUSH ■ The production capacity is projected to rise to hundreds of millions of chips annually from 2027 ment and employment,said. Tamil Nadu and Karnataka alreadyallow12-hourworkday for specific industries. Continued on Page 9 Will blacklist developers forsub-contracting:Govt IN A MAJOR crackdown on poor quality of highway construction, the government plans to use GST payment trails to expose and blacklist contractors who delegate work through multiple layers of sub-contracting, reports fe Bureau. Errant road developers may face two-to-three-year bans. ■ PAGE 4 OmaniwatersreplacingHormuzasGulfoilartery CHANGING COURSE boosting liquidity Gujarat allows 12-hour Uber,Ola,Rapido workday at Micron unit bypass govt call to OVER 80% OF OUTBOUND CRUDE FLOWS LIKELYUSING NEWROUTE, MAYPUTALID ON INDIAN BASKET SAURAVANAND New Delhi, August 19 ● Move aimed at JAYSHREE P UPADHYAY & VIVEK KUMAR M August 19 ance of payments,he said.Inflows had been stronger than the RBI and most market participants had expected.“There is a diminishing marginal utility of every dollar that is swapped.At the same time, there is an increasing marginal cost because you need to sterilise it for a longer period,”Malhotra said. While the announcement may have appeared sudden,stakeholders had been given more than twoweeks to make the necessaryarrangements and benefit from the scheme during the remaining period,which the RBI considered sufficient,he added. The underlying objective of the facility— to attract foreign currencyassets and strengthen the external sector— remained unchanged.The decision ON PAGE 2 to close the temporary facilityearlywas part of the RBI’s external-sectormanagement, Malhotra said. On the cost and contingent liability for the RBI,Malhotra said the foreign currency assets received through the swaps would appear as foreign currency assets on the central bank’s balance sheet,increasing its size. WE ARE LOOKING TO MAKE CROSSBORDER PAYMENTS ACROSS VARIOUS COUNTRIES CHEAPER, MORE ACCESSIBLE, SAFE, SECURE AND FAST. THAT'S THE PRIMARY PURPOSE Sebiasksbrokers to accept orders during CAS shift Source:Kpler(Liquid-ladenvesselpassages throughtheStraitofHormuzsinceJuly20) Tankers continue to get throughdespitepersistentsecurity risks,challenging claims of a complete shutdown of the StraitofHormuz.Buttheroute’s growing importance has not translated into lower risk premiums.“Insurers now treat the Omanicorridor,designedasthe safe lane, as part of the target set,” Kpler said.War-risk cover for a single Hormuz voyage has been quoted at $5-14 million, while spot VLCC (very large crude carrier) rates onAsia routes remain nearhistoric highs. The divergence is significant: Omani waters are increasingly important for physicallymovingGulfbarrels, but shipowners and insurers still do not have a dependable low-riskcorridor.Thisassumes greaterimportanceforIndiaas refiners again look towards traditional West Asian suppliers at a time when Russian crude availability has eased sharply from July’s peak. Russian crude supplies to India averaged around 1.9 millionbarrelsperday(mbpd)inthe firsthalfofAugust,downnearly 32%from2.8mbpdinJuly.UAE crude deliveries, meanwhile, stood at around 700,000 bpd and Saudi Arabia at about 480,000 bpd during the first half of August. The numbers underline the growing relevance of Gulf supply routes as refiners rebalance purchases amid lowerRussian flows. Continued on Page 9 RIDE-HAILING APPS UBER, Rapido, Ola and Namma Yatri continuetopromptuserstopay a tip before a ride is confirmed, morethanaweekafterthegovernmentaskedthemnottodisplay such additional payment features until a journeyis completed,an FE reviewof the apps in Bengaluru and Mumbai on Wednesdayshowed. InanadvisorydatedAugust 11,the ministry of road transport and highways drew the attention of aggregators to Clause 14.15 of the Motor VehicleAggregatorGuidelines, 2025, under which tipping must be entirelyvoluntaryand canbeofferedonlyafterajourney is completed. No tipping option may be shown at the time of booking, before the ride begins or while it is in progress,the advisory said. The clause also requires the entire tip amount to be credited to the driver without any deduction by the aggregator and bars any tipping feature that is misleading or manipulative, or otherwise violates the Consumer Protection Act, 2019.The advisoryspecifically PAY PAIN ■ An August 11 advisory says no tipping option may be shown at the time of booking & before ride ends ■ Apps continue to ask for additional amounts, having only changed wording of the prompts cited prompts such as “advance tip”,“choose an addon”,“improve your chances of quicker ride confirmation” and “a driver may be more likely to accept this trip if you add a tip”as examples. Continued on Page 9 Govt to tweak,extend infraviabilityschemes PRASANTA SAHU New Delhi, August 19 WITH A GREATER thrust on public-private partnership (PPP) projects to boost infrastructure creation, the Centre will soon extend the Viability Gap Funding (VGF) and India InfrastructureProjectDevelopment Fund (IIPDF) schemes till FY31. The extension will come with a few changestobothschemes,which playa keyrole in PPPprojects. Under the VGF scheme, fundingformostsectorswould beretainedattheexistinglevel, HYDERABAD buttherecouldbesomemoderation in funding for social-sector projects.PPP projects in the social sector, including healthcare and education, were taken up on a pilot basis with up to 80% VGF, whichwasconsidered very high compared with other sectors. “Thesocial-sectorVGF is too high. Hence, the funding may be lowered a bitsothatitdoesnotlooklikean EPC(engineering,procurement &construction)project,whichis almost entirely government funded,” an official said. Continued on Page 9