Jana Small Finance Bank (SFB) on Tuesday said that the Reserve Bank of India (RBI) has returned its application seeking voluntary transition into a universal bank due to non-fulfilment of the criteria prescribed by the central bank.

Jana SFB had applied for transition into a universal bank earlier this year (FY26), after it closed the financial year 2025 (FY25) with gross non-performing assets (NPAs) and net NPA ratio of below 3 per cent and 1 per cent respectively for two consecutive years.

The fate of Mehli Mistry, 65, appears sealed after a majority of trustees voted against his reappointment to the boards of the Sir Dorabji Tata Trust and Sir Ratan Tata Trust. With three out of six trustees opposing his renomination through a circular resolution circulated last week, Mistry is set to step down from the Tata Trusts board.

According to people familiar with the matter, the three trustees — Chairman Noel Tata, Venu Srinivasan, chairman of TVS Group, and former defence secretary Vijay Singh — opposed his renewal.

The disaster management teams in Odisha are on high alert due to a brewing cyclonic storm in the Bay of Bengal, which is forecast to bring heavy rainfall to the state from October 27.

While the cyclone is not expected to make a direct landfall in Odisha, it is still likely to cause widespread downpours and gusty winds.

Bihar Chief Minister Nitish Kumar addressed a public meeting in Danapur on Friday and promised to provide 10 million job opportunities to the state's youth over the next 5 years.

Speaking at the election rally, he said, "One million people have already been granted government jobs, and 4 million have received job opportunities. 10 million people will be given job opportunities over the next 5 years."

Prime Minister Narendra Modi on Saturday extended greetings on the occasion of Chhath, a four-day festival to worship the Sun god celebrated across the country, especially in Bihar, Jharkhand and eastern UP.

"With the sacred ritual of 'Nahay-Khay', the four-day grand festival of Chhath begins today. I extend my heartfelt wishes to devotees across Bihar and the entire nation. My respect and salute to all those observing the fast," the prime minister said in a post on X.

Banks will be able to give loans to Indian companies for acquiring the entire equity stake or a controlling part of it in domestic or foreign firms as strategic investment that creates long-term value rather than for short-term financial restructuring if the Reserve Bank of India’s (RBI’s) draft circular, issued on Friday, comes to fruition.

However, the circular’s condition is that acquiring companies are listed entities with satisfactory net worth and have been profitable for the previous three years.

The Securities and Exchange Board of India (Sebi) has restricted mutual funds (MFs) from participating in pre-IPO placements of equity shares. It clarified that MFs can invest in unlisted shares only as anchor investors ahead of an IPO.

An anchor allotment takes place a day before an IPO opens to the public, while pre-IPO placements are made in the months leading up to the listing.

Reliance Industries on Friday said it will adapt its refinery operations to comply with the latest sanctions imposed by the United States, the United Kingdom and the European Union on the import of Russian oil.

In response to the restrictions, RIL said it "remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements".

Prime Minister Narendra Modi on Friday visited Bihar's Samastipur district, where he kick-started his election campaign for the upcoming high-stakes Assembly elections next month, asserting that under Chief Minister Nitish Kumar, the National Democratic Alliance (NDA) will break all electoral records in Bihar.

The Telangana government on Friday announced an ex-gratia of ₹5 lakh to the kin of those from the state who died in a bus fire accident in Kurnool district of neighbouring Andhra Pradesh.

As per the directives of Chief Minister A Revanth Reddy, those injured in the accident would be provided with a financial assistance of ₹2 lakh, state Transport Minister Ponnam Prabhakar said.

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