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Bank of America to invest in Jio Credit Ltd, to acquire up to 49% stake in it

Mumbai, Aug 13 (NVI): Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) have signed a definitive agreement under which the latter will acquire up to 49.9% stake as a joint venture partner in Jio Credit Limited (JCL), a wholly-owned subsidiary of JFSL, through a preferential allotment of equity shares and warrants.

The deal will involve an investment of up to ₹18,268 crore (~$1.9 billion USD) by BofA through a preferential allotment of equity shares and warrants.

The transaction initially gives Bank of America a 26.5% equity interest in JCL, which can go up to 49.9% upon exercise of the warrants. The transaction is subject to regulatory and statutory approvals.

The investment will allow BofA to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner that has local expertise and differentiated capabilities.

Both companies share the common vision of improving clients’ financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management.

JCL is among India’s NBFCs, having built assets under management (AUM) of ₹30,667 crore (~$3.2 billion USD) as of June 30, 2026, within just two years of operations.

Beyond securing long-term capital for sustainable loan growth, the collaboration provides the venture with access to BofA’s expertise related to financial services, governance, risk
management, and technology.

Pursuant to the transaction, JCL’s Board of Directors will have equal representation from both JFSL and BofA.

The existing management team of JCL will continue driving the strategy and operations at the NBFC and JCL will continue to be consolidated as a subsidiary in JFSL’s financial reporting.

Commenting on the proposed partnership, Mukesh D. Ambani said: “By combining our digital reach with Bank of America’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation.”

Brian Moynihan, Chair and Chief Executive Officer, Bank of America said: “India is one of the world’s most important growth markets, and this investment reflects our confidence in its future, a market we know well and have supported for decades. We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than $3 billion in assets under management in just two years.

“By combining Jio Financial Services’ scale, local expertise and customer base with Bank of America’s global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth.” (BVI)

Mines and Minerals Bill passed by Parliament

Parliament new

New Delhi, Aug 13 (NVI) Parliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2026, which seeks to restrict states’ powers to levy taxes on mineral rights and mineral-bearing lands.

The bill was cleared by the Rajya Sabha today, a day after it was passed by the Lok Sabha.

The bill will become a law after receiving the President’s assent.

Replying to the debate in the Upper House, Mines Minister G Kishan Reddy said the legislation does not seek to interfere with the autonomy or revenue rights of states, but aims to ensure uniform mineral rates across the country.

Reddy said the Centre was seeking to regulate major minerals such as coal, limestone, iron ore, copper and manganese, while states would continue to have powers over 49 minor minerals.

Defending the government’s approach, Reddy said coal was crucial for power generation, with 73 per cent of India’s electricity generation coming from coal.

For Indian industry to remain competitive globally, availability of electricity is crucial.

He also alleged that coal blocks allocated were a “scam” during the previous Congress-led government, while claiming that mineral allocations over the past 12 years had been transparent and through auctions. Unlike past, no block has been allocated on nomination basis.

Reddy said states’ share of mineral revenue had risen from 65 per cent in 2014-15 to 85 per cent now, while their share of coal revenue had increased from 51 per cent to 96 per cent.

He said the Centre receives only about 11 per cent of mineral revenue, with 88 per cent going to states, and asserted that no state would suffer any revenue loss because of the amendment.

The minister cited Entry 54 of the Union List, which empowers Parliament to regulate mines and mineral development in public interest, and said taxation was an important tool for regulating and developing the sector.

The truncated debate on the bill was held amid slogan shouting by Opposition MPs, who since the start of the monsoon session sought the presence of Home Minister Amit Shah in the House to respond to concerns over police using brutal force against students protesting at Jantar Mantar in the national capital over leak of medical college entrance exam papers.

They also raised slogans against the alleged theft of donations made to Ram Temple at Ayodhya.

The Minister replied to the debate amid sloganeering by the Opposition MPs.

The bill was passed after the House negated by a voice vote an amendment moved by Trichi Siva of DMK seeking referal of the bill to a select committee of the Rajya Sabha.

Some opposition MPs wanted a division of votes on the amendment but Chairman C P Radhakrishnan said such exercise could not be taken up amid din in the House. (NVI)

Bomb blast at Red Fort last year was ‘officially attributed’ to Al-Qaeda: UN report

Site of blast near Red Fort (File pic)

New Delhi, Aug 13 (NVI) The bomb explosion near the Red Fort here in November last year has been “officially attributed” to Al-Qaeda in the Indian Subcontinent (AQIS), according to a UN Security Council sanctions monitoring report.

On November 10, 2025, a car laden with explosives blew up at a busy traffic signal at around 6:50 p.m. The car was being driven by Dr. Umar Un Nabi, a doctor by profession and an assistant professor at Al Falah University in Faridabad, Haryana, and he was killed in the blast.

At least 12 innocent civilians were killed and 32 others were injured in this terror incident.

“The attack in November 2025 on the Red Fort in Delhi was officially attributed to AQIS,” said the 38th report of the Analytical Support and Sanctions Monitoring Team, submitted to the Security Council’s 1267 Sanctions Committee on ISIL and Al-Qaeda.

It said AQIS has continued to evolve from a fragmented outfit into a regional terrorist entity.

“AQIS established logistics and financial networks, working in decentralised small, scattered cells instead of large units.

The report also expressed concern over AQIS seeking to exploit Bangladesh to establish cells there.

It further said Al-Qaeda and ISIL (Da’esh) had maintained a sustained interest in developing chemical and biological weapons, though they had so far failed to overcome the technical challenges involved.

“For example, in February, ISIL (Da’esh)’s English-language Invade magazine included instructions on how to develop botulinum toxin and cyanide,” it said.

The report said ISIL-K had shown “particular interest” in developing ricin and had circulated related instructions over the past year.

It added that Indian authorities arrested three people, including a doctor, at the end of 2025 for allegedly being tasked by an ISIL (Da’esh) cell abroad with developing ricin. (NVI)

NCB Jammu seizes 438 grams of suspected heroin in high-risk operation

Shivam Bakshi

Jammu, Aug 13 (NVI): The Narcotics Control Bureau (NCB) Jammu Zonal Unit has seized 438 grams of suspected heroin and apprehended a man from Kathua during a high-risk operation near Lower Ragoora along the Tawi River, officials said.

According to officials, the NCB team was conducting the operation when an associate of the accused allegedly brandished a weapon and fled from the spot, posing an armed threat to the officers.

An authorised NCB officer fired two warning shots into the air in a safe direction to defuse the situation, they said.

The accused, a resident of Kathua, was apprehended from the spot, while the suspected heroin was seized.

The operation was successfully completed with critical support from the Border Security Force (BSF), officials said.

Further investigation is underway to trace the forward and backward linkages of the narcotics network and identify other persons involved, they added.(NVI)

Pakistan air force bombs civilian area in Balochistan; kills 27, injures dozens

Photos of those injured in Pakistani air bombing in Balochistan

Quetta (Balochistan), Aug 13 (NVI) In yet another barbaric action, Pakistan has carried out air strikes using fighter jets on an area in occupied Balochistan, killing at least 27 and injuring several other innocent civilians, including infants, women and old people.

Pakistani military aircraft conducted air attacks on Gidar in Surab district of Balochistan, hitting residential structures.

At least 27 civilians, including infants, women and children, were killed and dozens others were wounded in the aerial bombings, according to reports from the ground.

The deceased included a 4-year-old boy and a 75-year-old man.

The air strikes also caused heavy damage to the residential houses.

The brutal act of the Pakistani military triggered mass protests in Surab and other places of Balochistan.

Baloch National Movement (BNM) described the Pakistani Air Force’s bombing as a blatant war crime.

It said innocent 20 civilians, including children under the age of 10, have been killed in this attack by jets on populated areas, raising serious questions about human rights and the safety of civilians in Balochistan.

“The bombing of civilian populations and the killing of innocent children is a clear violation of international humanitarian law and the Geneva Conventions,” said a spokesman of BNM.

“Not only is the Pakistani army involved in this blatant use of military force against civilians in Balochistan, but the local disgruntled politicians and all political parties who facilitate it are also equally complicit in the crime,” he added.

BNM has urged the European Union and international organizations to take immediate and effective measures instead of remaining silent on this humanitarian crisis.

“In particular, the European Union should immediately suspend Pakistan’s GSP Plus status and all other trade privileges, as these international facilities are conditional on respect for fundamental human rights,” the spokesman said.

The spokesperson said that instead of giving space to the one-sided propaganda and false narrative of the ISPR, the international media should report impartially based on facts.

“International intervention and impartial investigations by international rights organizations are the need of the hour. If the international community does not respond immediately, not only will the humanitarian crisis in Balochistan worsen, but the very reputation of international institutions will also be at stake,” the BNM spokesman said.

Two earthquakes jolt Gilgit-Baltistan, tremors felt in Kashmir and Ladakh

earthquke
(File/Representational image)

Srinagar, Aug 13 (NVI): Two back-to-back earthquakes jolted the Gilgit-Baltistan region on Thursday, with mild tremors being felt in parts of Kashmir and Ladakh, according to earthquake monitoring data.

The first quake, measuring 5.5 on the Richter scale, occurred at around 6:05 am at a shallow depth of 10 kilometres.

A second earthquake of magnitude 4.3 struck the region at around 9:54 am, also at a depth of 10 kilometres.

Mild tremors were felt in parts of Kashmir and Ladakh following the seismic activity.

There were no immediate reports of any loss of life or damage to property.

Further details are awaited.(NVI)

Security Preparedness Reviewed in Rajouri-Poonch by White Knight Corps GOC

Jammu, Aug 13 (NVI): The General Officer Commanding (GOC) of the White Knight Corps on Wednesday visited the headquarters of Counter Insurgency Force (CIF) Romeo to review the security situation and operational preparedness in the Rajouri-Poonch region, officials said.

The Corps Commander was briefed on the prevailing security scenario, surveillance mechanisms, counter-infiltration measures and initiatives undertaken to enhance the operational capabilities of formations and units deployed in the hinterland, they said.

The GOC appreciated the alertness, professionalism and operational acumen of the troops and urged all ranks to maintain a high level of preparedness and responsiveness to effectively meet emerging security challenges.

CIF Romeo is responsible for counter-insurgency operations in the Pir Panjal region and plays a key role in maintaining security in the border districts of Rajouri and Poonch.(NVI)

J&K poised to script new cinematic chapter with maiden International Film Festival

Srinagar, Aug 12 (NVI): Jammu and Kashmir is set to host its maiden International Film Festival from September 7 to 10, with the administration planning a series of cinematic and cultural events to showcase the Union Territory as major film land tourism destination.

Chief Secretary Atal Dulloo on Wednesday chaired a meeting of senior civil and police officers to review preparations for the International Film Festival of Jammu and Kashmir (IFFJK-2026), stressing that the inaugural edition should set a benchmark for future editions.

Dulloo directed all departments concerned to meticulously plan the event, from the arrival of guests and participants to its conclusion, and ensure seamless coordination and hospitality.

He said the festival, which is envisaged as an annual event, provides an opportunity to showcase Jammu and Kashmir’s rich cultural heritage, handicrafts, landscapes and artistic traditions before national and international audiences.

The chief secretary directed the General Administration Department to designate nodal officers at major airports, including Mumbai and Delhi, besides ensuring smooth reception and facilitation at Jammu and Srinagar airports.

He also asked the Tourism, Handicrafts, Floriculture and Culture departments to organise curated tours, craft safaris and heritage experiences for visiting filmmakers, artists and other guests.

A comprehensive publicity campaign through local and national media, social media and outdoor publicity has also been planned to promote the festival and highlight J&K’s creative ecosystem and tourism potential.

Dulloo directed the J&K Academy of Art, Culture and Languages to organise live cultural performances by local artists at suitable locations in Jammu and Kashmir during the festival.

He also called for adequate security arrangements and close coordination among the Home Department and other security agencies.

According to officials, around 1,100 film entries from nearly 80 countries have been received for the inaugural edition. The entries are currently being scrutinised by a Preview Committee for selection of films to be screened across seven screens over four days.

Film screenings are proposed at the Sher-i-Kashmir International Convention Centre (SKICC) and INOX Cinemas in Srinagar, Waves Cinema in Jammu, besides select festival sessions in Gulmarg.

The inaugural, closing and award ceremonies are proposed to be held at SKICC, with live broadcasting planned to provide wider reach.

The festival will also feature masterclasses, workshops and roundtable discussions involving filmmakers, industry professionals, artists, students and other stakeholders, including students of mass communication.

Officials said various committees have already been constituted with clearly defined terms of reference to ensure accountability and coordination. A dedicated IFFJK application has also been developed to facilitate registrations and provide real-time festival updates.

The meeting also reviewed arrangements relating to transportation, traffic management, security, hospitality, protocol, invitations and publicity.

Dulloo directed the Divisional Commissioners of Jammu and Kashmir to undertake a micro-level review of all arrangements and ensure that preparations are completed well in advance.

The administration aims to establish IFFJK as a landmark annual cultural event showcasing Jammu and Kashmir’s cinematic potential, artistic talent, cultural heritage and tourism appeal to audiences in India and abroad.(NVI)

J&K Govt launches ‘JK Karigari’ marketplace to promote authentic handicrafts

NEW Delhi, Aug 12 (NVI) : The Jammu and Kashmir government on Wednesday launched ‘JK Karigari’, an official marketplace aimed at taking authentic handicrafts and products from the Union Territory to national and global markets.

The platform was launched during the Bharatiya Vyapar Mahotsav here as an initiative of the Housing and Urban Development Department under the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM).

The initiative seeks to empower urban women Self Help Groups (SHGs), preserve traditional crafts and create sustainable livelihood opportunities by connecting artisans directly with buyers.

The platform will showcase Kashmiri handicrafts, including Pashmina, Kani and Sozni shawls, papier-mache, walnut wood carving, crewel embroidery and carpets, besides organic local produce. It will also feature traditional handicrafts and food products from Jammu, including Chabri, macrame home and devotional decor and wooden crafts.

Each product listed on the platform will carry a QR code containing details of the artisan, district and Geographical Indication (GI) tag, officials said. The system is intended to ensure traceability and authenticity, with payments going directly to artisan groups without middlemen.

Commissioner Secretary, Housing and Urban Development Department, Mandeep Kaur described the initiative as a “game changer for urban women artisans” and said it would provide them with a government-backed platform to access customers beyond local markets.

She said around 4,000 SHGs, comprising nearly 50,000 women members, are currently associated with DAY-NULM across Jammu and Kashmir.

The government is also exploring further interstate collaborations to expand the market reach of SHG products, she said.

Kaur said the initiative brings together heritage, technology and inclusive growth, with the objective of ensuring artisans receive a fair price while consumers get authentic products directly from their makers.

Officials said SHG members have undergone skill-upgradation and capacity-building programmes aimed at improving craftsmanship, product quality and market readiness.

The launch also builds on an agreement signed in November 2024 between the National Urban Livelihoods Mission, Jammu and Kashmir, and the Uttar Pradesh Handicrafts Development and Marketing Corporation Limited to promote SHG products and handicrafts from Jammu and Kashmir in Uttar Pradesh and vice versa.

The agreement seeks to improve market access, increase incomes and promote economic self-reliance among artisans and SHG members through cross-learning and sharing of best practices.

Several senior officials, MPs and representatives of SHGs attended the launch. The beneficiary artisans also shared their experiences and thanked the government for providing them with a wider marketing platform.

Officials appealed to the public and institutional buyers to explore the ‘JK Karigari’ collection, describing the platform as a bridge between Jammu and Kashmir’s traditional craftsmanship and contemporary markets.(NVI)

CM Omar Abdullah approves Rs 5.15 crore project for Gurudwara Charan Kamal Sahib

File Photo : J&K Chief Minister Omar Abdullah

Srinagar, Aug 12 (NVI): Jammu and Kashmir Chief Minister Omar Abdullah has approved a Rs 5.15 crore project for the comprehensive development of the historic Gurudwara Charan Kamal Sahib at Bakhta in Kathua district, officials said on Wednesday.

The project envisages construction of a new Langar Hall and Prayer Hall besides provision of modern civic amenities for devotees visiting the revered shrine.

The initiative is aimed at strengthening pilgrimage infrastructure in Jammu and Kashmir while preserving the region’s rich cultural and spiritual heritage, they said.

The development is expected to provide improved facilities to devotees and contribute to the conservation and promotion of the Union Territory’s diverse heritage.(NVI)

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