State Bank of India

Traders say the Reserve Bank of India is intervening to shield the rupee as a deadlock between the United States and Iran pushes oil prices higher. Higher crude costs widen India's import bill and pressure the currency, prompting speculation the central bank is selling dollars to limit depreciation.

Union Home Minister Amit Shah launched the country's first central bank digital currency, presented as a step toward greater transparency in the delivery of funds and welfare mechanisms. The move ties India to a growing list of nations experimenting with digital rupee-style state currencies, and officials frame it as a way to cut leakage and make transactions traceable.

Banking services across India could be disrupted for five days, with reports saying a bank employees' strike is set to begin from a specific date. Customers are being advised to note the dates and complete important transactions in advance, including work at branches of the State Bank of India. Branches, cheque clearing and cash services may be affected during the strike period, while digital services are expected to run normally.