BACK PAGE | PAGE 16 COMPANIES | PAGE 4 Raghav Chadha, 6AAPRajya Sabha MPs cross over to BJP INTERNATIONAL | PAGE 10 Trai to scale up digital consent across 11 banks CHENNAI/KOCHI, SATURDAY, APRIL 25, 2026 US DoJ drops criminal probe into US Fed chair FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 299, 16 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: 76,664.21 ▼ 999.79 NIFTY: 23,897.95 ▼ 275.10 NIKKEI 225: 59,716.18 ▲ 575.95 HANG SENG: 25,978.07 ▲ 62.87 `/$: 94.26 ▼ 0.14 `/€: 110.16 ▼ 0.11 BRENT: $105.12 ▲ $0.05 GOLD: `1,50,212 ▼ `39 PAGE 2 INDIA-NZ FTA TO BE SIGNED ON MONDAY INDIA AND NEW Zealand will sign a free trade agreement on Monday that will entail a $20-billion investment commitment by the island nation over the next 15 years along with zero-duty access for New Delhi in all key export sectors, reports Mukesh Jagota. Ashok Lahiri to be Niti Aayog Vice-Chairman ECONOMIST ASHOK LAHIRI and scientist Gobardhan Das, two illustrious names from West Bengal, will become the NitiAayog vice-chairman and member, respectively, government sources said, reports PTI. Lahiri is a former CEA to the government and a member of the 15th Finance Commission. Das is the director of the Indian Institute of Science Education and Research, Bhopal. Continued on Page 5 MUKESH AMBANI, Q4FY25 Q4FY26 Ebit Revenue 12.9 Net profit 0.7 Ebitda margin (%) gi ( ) 16.6 16,971 (` crore) 14.8 12.6 FE BUREAU Mumbai, April 24 Thewarin WestAsiahas ledtounprecedenteddislocationinglobal supply chains THE RESERVE BANK of India (RBI) on Friday cancelled the banking licence of Paytm Payments Bank (PPBL), bringing to a close a prolonged regulatory crackdown marked by repeated compliance failures and business restrictions. The central bank said the action follows repeated violations of licensing conditions,including deficiencies in customer due diligence, technology systems and fund flows—issues that had already led to stringent restrictions on the bank’s operations over the past two years. The move formalises what had effectively become a nonoperational entity after the RBI, in January 2024, barred the bank from accepting fresh deposits, onboarding customers or carrying out most banking services. The central bank said itwill move the appropriate high court to initiate winding-up proceedings against the bank, more than two years after first imposing curbs on its operations over lapses including deficiencies in customer due diligence. CHAIRMAN, RELIANCE INDUSTRIES Reliance Industries consolidated financials 19,407 RELIANCE INDUSTRIES (RIL) ON Fridayreportedamixedset of March quarter results, with revenue surpassing expectations but profitability coming underpressureamidweakness in its energy businesses. Consolidated revenue from operations rose to a record `2,98,621 crore, up 12.9% year-on-year and marking the strongest growth in 13 quarters,comparedwithBloomberg estimates of `2,80,572 crore. Net profit attributable to owners of the company stood at `16,971 crore, marginally above estimates of `16,943 crore but down 12.6% from a year earlier,making it the lowest in six quarters and the weakest year-on-year performance in 22 quarters. PERFORMANCE UPDATE YoY % chng Retail in slow zone Jio profit rises 4% RELIANCE RETAIL ON Friday reported its slowest profit growth in seven quarters forthe January-March quarter, at 0.5% y-o-y to `3,563 crore amid higher tax expenses and investment in its quick commerce business, reports Viveat Susan Pinto. But revenue growth in Q4 held up supported by a broadbased performance across consumption baskets,it said in a post-results earnings call. ■ P4 RELIANCE INDUSTRIES SUBSIDIARY Jio Platforms (JPL) on Friday posted a 4% rise in its net profit during the March quarter despite lack of headline tariff hikes, on the back of a sequential rise in averagerevenueperuser(Arpu)andsustained uptick in data consumption, reports Urvi Malvania. JPL’s consolidated net profit in Q4 rose to `7,935 crore. ■ P4 Mythos:AnthropicintalkswithIndia SOUMYARENDRA BARIK New Delhi, April 24 ANTHROPIC IS CURRENTLY talking to several governments, including India’s, to help safeguard critical infrastructure such as banking, energy and telecom in the face of cybersecurity risks posed by its powerfulAI model,Mythos, it has been learnt. “Anthropicisactivelyengaging with a broad range of governments,includingIndia.There are ongoing discussions,which are very constructive.They are centredaroundsecuringcritical infrastructure.There is a belief RISK FACTOR ■ The AI company ■ FM has chaired a high-level meet with banks to assess Mythos risks is engaging with several governments across the globe ■ Talks are on helping safeguard critical infra such as banking, energy and telecom Anthropic is also coordinating with US govt on timing, scope & structure of providing Washington access ■ within Anthropic that allied democracies need access to defence capabilities against powerful AI models,” sources Paytm loses bank licence afterrepeated lapses closetothecompanysaid. The company is also coordinating very closely with the US government on the timing, scopeandstructureofproviding WashingtonaccesstoMythosso that they can study the system andpreparedefensivemeasures against its risks.This particular conversation, centred around offering access to the government, is not currently happening between Anthropic and India,it is understood. It had earlier been reported that the Indian government is in conversation with Anthropic’s senior leadership in the US on the issue,a discussionwhichwas initiated bythe external affairs ministry. Continued on Page 10 ● BANKSWORKINGTOTACKLE MYTHOSTHREAT: FM Finance Minister Nirmala Sitharaman with SBI Chairman CS Setty at an event to inaugurate the new premises of the bank’s local head office at Maharashtra Circle in Kharadi, Pune. On the risks arising from Anthropic’s Mythos, the FM said banks will identify the investments needed to counter the latest threat US probe finds dumping of solar cells by India THE US COMMERCE department has through its investigation has determined that solar cells from India are being sold in the US below the fair value and recommended anti-dumping duty equal to the dumping margin, reports Mukesh Jagota. ■ PAGE 3 PTI ■ PAGE 2 COMPLIANCE FAILURES Benchmarks snap2-week winningrun KISHOR KADAM Mumbai, April 24 BENCHMARK EQUITY INDICES snapped a two-week winning streak on Friday, as investors resorted to profit booking amid concerns over rising crude oil prices, which surged nearly 20% to $107.5 per barrel. Persistent geopolitical uncertainty due to lack of progress in the US-Iran peace talkskeptinvestorsontheedge. IT stocks also came under significant selling pressure due to subdued earnings and weak guidance for the current fiscal. The Sensex plunged 999.79 points (1.29%) to close at 76,664.21, while the Nifty declined 275.10 points (1.14%) to end below the 24,000-mark at 23,897.95 on Friday. This marked the third consecutive session of losses. On a weekly basis, the Sensex and Nifty fell 2.33% and 1.87%, respectively, after registering gains in the previous twoweeks—theirworstweekly performance in six weeks. Continued on Page 10 SELLING STRESS « Sensex 80% of users hit despite regulatory tightening Darkpatternsinonlinepaymentspersist:Survey FE BUREAU Mumbai, April 24 INDIA’S DIGITAL PAYMENTS surge may have made transactions frictionless, but for a majority of users, the experience remains anything but transparent. Despite regulatory tightening, “dark patterns” — from hidden charges to manipulative app design — continue to be deeply embedded in payment platforms, raising fresh concerns over consumer protection. A nationwide LocalCircles survey,covering over 141,000 users across 386 districts, finds that 63% of users have experienced hidden charges or drip pricing — up from 52% two years ago — underscoring how deceptive pricing practices persist despite regulatory action. The persistence of such 68% DIGITAL BOOM, HIDDEN TRAPS 63% facesubscriptiontraps,withlittle changedespitenewRBInorms 82% encounterbaitand-switchoffers, wherepromised cashbackisnot delivered 66% 61% usershitbyhidden charges,upfrom 52%intwoyears reportinterface manipulation,makingit themostwidespread darkpattern practices comes even as India cements its position as the world’s largest real-time payments market. UPI now accounts forover80% of retail digital transactions, processing more than 20 billion trans- report“basket sneaking”,with add-onsautoincludedin transactions Surveycovers141,000usersacross386 districts,spanningurbanandruralIndia actions a month — a scale that has transformed everyday commerce but also amplified consumer exposure to design manipulation. Interfacemanipulationhas emerged as the most pervasive concern. As many as 82% of usersreported“interfaceinterference”, where app design nudges them towards unintended purchases. Another 61% flagged “basket sneaking”, where add-ons such as insurance or tips are automaticallyincluded in transactions. Equallytroublingisthepersistence of subscription traps. About 68% of users said they found it difficult to delink bank accounts or cancel mandates once enabled — a figure unchanged over two years. Meanwhile, 66% reported “bait-and-switch” tactics, where promised cashback or offers failed to materialise after transactions, and 42% encountered “forced action” practices such as blocked walletfundsorcoercivedata-sharing requirements. Half of the respondents also flagged disguised advertisements,where promotional content is presented as neutral information — blurring the line between interface and marketing. Continued on Page 7 -2.33 % 78,4 ,493.54 78,493.54 76,664.21 Apr 17, 2026 Apr 24, 2026 ■ Action follows deficiencies in KYC, tech systems and fund flows ■ Bank had effectively turned non-operational after Jan 2024 curbs ■ RBI to approach HC for winding-up proceedings ■ No fresh deposits, onboarding or core banking activity since Jan 2024 ■ Payments bank licence was granted in 2015; operations began in 2017 Paytm Payments Bank, backedbyOne97Communications, had received its payments bank licence in August 2015, allowing it to accept small deposits but not extend loans. It commenced operations in 2017 as part of India’s push towards financial inclusion and digital payments. However, regulatory concerns surfaced early. In 2018, the RBI barred the bank from onboardingnewcustomerscitingKYCdeficiencies,beforelifting the restriction after remedialsteps.Thescrutinyreturned in 2021,when a fresh embargo on new customers followed adverse findings in an IT audit thatflaggedgapsintechnology systems, data governance and compliance processes. The pressure intensified over time. The RBI imposed penalties and issued multiple supervisorywarnings,pointing to persistent shortcomings in customerduediligence,reporting standards and governance practices. Concerns were also raised around the use of funds andlinkageswithinthebroader Paytm ecosystem. Continued on Page 5 Rupee seesworst week in 3years, declines 1.43% UNDER PRESSURE ■ On Friday, the domestic currency fell to 94.25, down 14 paise or 0.15% Rupee vs dollar 92.93 ■ Lack of clarity over US-Iran talks, elevated crude oil prices kept it under pressure Apr 17, 2026 « ECONOMY RAGHAVENDRA KAMATH & KISHOR KADAM Mumbai, April 24 44,141 US PRESIDENT DONALD Trump is sending Special Envoy to West Asia Steve Witkoff and Special Envoy for Peace Jared Kushner to Pakistan for talks with Iran's Foreign Minister Abbas Araghchi, CNN reported on Friday. RIL’s profit under pressure 43,832 TRUMP SENDING 2 ENVOYS FOR TALKS WITH IRAN 298,621 INTERNATIONAL PAGE 10 RECORD QUARTERLYREVENUE GROWTH OFFSETBYMARGIN SQUEEZE 264,573 IN THE NEWS 1.43 % 94.26 Apr 24, 2026 Inverted scale Rupee continues to be the worstperforming Asian currency this fiscal ■ CHRISTINA TITUS Mumbai, April 24 Iran ceasefire.Crude oil prices surged 20% to $107 per barrel during the week. THE RUPEE LOGGED its In the current financial sharpest weekly drop in three year, the rupee depreciated years,pressured by persistent nearly 4.9% and continues to uncertainty surrounding be the worst-performing the US-Iran peace talks, Asian currency. which continued to keep oil “The market saw heavy prices elevated. buying interest today(Friday), On Friday, the local cur- driven by equity sell-offs and rency fell to 94.25, down 14 importers hedging amid fears paise or 0.15% from of war uncertainties,” »INSIDE« the previous close. said a dealerat a stateOver the week, the owned bank. RUPEE rupee fell 1.43%, sur- VALUATION Dealers said the rendering gains led by AT 12-YEAR RBI has intervened LOW the Reserve Bank of through its dollarsales PAGE 6 India’s (RBI) forex and capped further interventions. depreciation. The rupee’s decline started “There has been an with the RBI’s reversal of increased demand in the marsome of the forex market ket for the past three to four restrictions. days amid rising oil prices and On April 20, the RBI rolled a stronger dollar index. The back some forex curbs by RBI sold dollars at 94.30 today withdrawing its circular bar- (Friday), capping the rupee ring banks from offering cer- below those levels temporartain derivative contracts to ily,while importers stepped in resident and non-resident to buy every dip,” said clients, now allowing cancel- Anil Kumar Bhansali, head of lation or rebooking as well. treasury, Finrex Treasury This pressure intensified Advisors LLP. further with crude oil prices climbing amid the fragile US- Continued on Page 10 ITnavigates Nitu Samra is uncertainties, Noida airport shift led byAI interim CEO Voda Idea may tweak tariffs selectively THEJANUARY-MARCHquarter results from TCS, Infosys, HCLTech and Wipro reflected a sectornavigatingtwocross-currents:macrouncertaintylinked to geopolitical tensions and a structural shift driven by artificial intelligence that is beginning to compress revenues, reports PoulomiChatterjee. TELECOM OPERATORVODAFONE Idea (Vi) will opt for selective tariff adjustments rather than a broad-based price hike, chief executive Abhijit Kishoresaid,indicating that recent pricing actions in the sector are likely to remain limited to incremental corrections,reports Ojasvi Gupta. ■ PAGE 5 CHENNAI/KOCHI NOIDA INTERNATIONAL AIRPORT on Friday announced the appointment of its Chief Financial Officer Nitu Samra as the interim chief executive officer after authorities denied permission for foreign national Christoph Schnellmann to be at the helm,reports feBureau. ■ PAGE 4 ■ PAGE 4