India is to nearly treble the size of its rare earth magnet manufacturing incentive scheme to more than Rs 7,000 crore in a significant effort to increase domestic capacity in the vital rare earth industry.

According to sources, the action comes as a number of countries, including India, increase their attempts to create a trustworthy supply chain for rare earth magnets, which are essential parts of cellphones, wind turbines, electric cars, and defense systems, in the face of China’s tightening export regulations.

Approximately 90% of the world’s rare earth production is being processed in China. As trade tensions with the US escalated in April of this year, Beijing tightened export limits on vital minerals, hurting global supplies to clean energy and automakers.

The goals of India’s enlarged production-linked incentive (PLI) program are to lessen reliance on Chinese imports, encourage domestic manufacturing, and draw in private investment.

In order to guarantee safe access to the raw materials required for the creation of magnets, the government is also looking into forming alliances with countries that have abundant natural resources.

The projected increase in incentives, according to industry analysts, is a reflection of India’s larger plan to fortify its vital minerals ecosystem, which includes value addition, high-tech manufacturing, exploration, and mining.

In order to protect India against supply-chain disruptions worldwide, the PHD Chamber of Commerce and Industry (PHDCCI) had earlier in the day urged the government to establish a specialized Department of Critical Minerals and implement “aggressive mineral diplomacy.”

Similar to the US oil reserve strategy, the chamber likewise recommended for strategic mineral stockpiling and interministerial coordination.

Critical minerals will play a major role in the global energy transition, experts have emphasized again and over again.

While renewable energy technologies like solar and wind require up to three times as many minerals as conventional sources, electric vehicles are expected to be six times more mineral-intensive than conventional cars.

Reports state that India wants to establish itself as a major role in the global clean energy and electronics value chains in addition to bolstering its industrial base by increasing its output of rare earth magnets.

In order to maintain its subsidized food program and replace supplies from Pakistan, Mauritius is eager to establish long-term agreements with India for the purchase of about 33,000 tons of rice, according to Takesh Luckho, chairman of the Mauritius State Trading Corporation.

During the global rice conference here, Luckho told reporters that after India banned non-basmati rice exports in 2023 in an effort to lower local costs, Pakistan emerged as a major exporter of rice.

India supplied the majority of Mauritius’ rice through long-term agreements.

However, Pakistan was able to enter the market after the Mauritian government was compelled to begin an open tendering process following the prohibition. Since India has lifted the prohibition, he claimed, they are now attempting to undo this. India’s main competitor in the global rice market is Pakistan.

“Though India supplied some rice through government-to-government deals even during the ban, this was not enough as the annual requirement of Mauritius works out to around 1,000 tonnes of basmati rice and 32,000 tonnes of non-basmati white rice.”

As part of its social welfare program, the island nation provides its citizens with non-basmati white rice at a discounted price.

Mauritius’s top trading partner is India, whose main exports include motor vehicles, cereals, cotton, and pharmaceuticals. Medical equipment, cast iron and aluminum waste and scrap, and other manufactured commodities are exported by Mauritius to India.

Due in part to the Double Taxation Avoidance Convention (DTAC), Mauritius is a significant source of foreign direct investment (FDI) for India. This has made it easier for Mauritius to invest heavily in India.

The first of its kind to be signed between India and an African country is the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between Mauritius and India. It was put into force in 2021 with the intention of strengthening economic cooperation.

India has given Mauritius substantial development aid, with a focus on infrastructure, healthcare, and education. India sees Mauritius as a key economic gateway to Africa and a partner in its “Look Africa” program.

Additionally, the two nations have strengthened their strategic partnership, especially in fields like marine security.

India won their first-ever Women’s ODI World Cup on Sunday night, defeating South Africa by 52 runs in the final at the DY Patil Stadium in Navi Mumbai.

Throughout the event, India displayed exceptional poise and consistency under the direction of head coach Amol Muzumdar and captain Harmanpreet Kaur. Shafali Verma (87 runs, 2 wickets), Deepti Sharma (58 runs, 5 wickets), and Amanjot Kaur, whose incredible catch to dismiss Laura Wolvaardt changed the match decisively in India’s advantage, were the team’s main performers.

After scoring a valiant 58 to help India reach 298/7 in 50 overs, Deepti Sharma claimed 5-39. Then, he helped the hosts dismiss South Africa for 246 in 45.3 overs to complete a historic victory, making them just the third nation after Australia and England to win both the men’s and women’s ODI World Cup.

In the summit match, Shafali Verma had a significant effect with the ball, scoring twice in rapid succession to give India the victory. Prior to Sinalo Jafta falling as the fifth wicket, she tightened India’s hold on the match by dismissing Sune Luus in her opening over and then dismissing the dangerous Marizanne Kapp.

In the first innings, India scored 298/7, the second-highest total ever in a Women’s ODI World Cup final. At 223 for 3, India appeared poised for a huge score after a solid 100-run opening partnership between Smriti Mandhana (45) and Shafali Verma. However, South Africa fought back to limit them to just under 300.

While Deepti Sharma’s cool 58 offered stability in the middle order, Shafali stole the show with a fluid 87. With a quick 34, Richa Ghosh added to the innings’ late momentum.

Ayabonga Khaka was the most impressive bowler for South Africa, taking three wickets for fifty-eight, while Nonkululeko Mlaba, Nadine de Klerk, and Chloe Tryon each took one wicket.

With the intention of hitting another boundary, Wolvaardt threw it high. Amanjot Kaur stood on the rope, her eyes fixed, her nerves steely, the hopes of a country in her hands. She took off running. She jumped. India erupted when she landed with the ball in hand, having stretched every fiber of her being. That catch was more than a simple dismissal. It was salvation.

“I’m speechless,” remarked head coach Amol Muzumdar, overtaken with emotion. utterly pleased. They are deserving of this moment in every way.Every Indian is proud of their perseverance and faith.We don’t let early failures to determine who we are. We simply needed to finish better, although we dominated the most of the games. There was no turning back after we took that action.

Harmanpreet Kaur, the captain of India, praised her team and thanked the audience for their support.

“I simply am so appreciative of this group. They have been outstanding. We appreciate everyone’s support during all of the highs and lows. A special gratitude goes out to our selectors, my dad (I nearly forgot him), and everyone back home. Many thanks. We always believed that, even after those three defeats. After the last game, we talked about it since we felt this team had what it took to make things better. Bravo to each and every member. Day and night, they remained upbeat, concentrated, and gave it their all. This team is deserving of their presence.This is only the start. We’ve succeeded in breaking this barrier, which was our goal. The next thing we want to do is make this a regular occurrence. Next year, we have the Champions Cup and another World Cup. We just want to keep getting better every day because big things are coming. This marks the beginning of a new chapter, not its conclusion.”

Smriti Mandhana, the vice captain of India, broke down in tears as she talked about her team’s World Cup journey and triumph.

“We have all experienced a great deal of heartbreak in each World Cup that we have participated in. But we always thought that we had a bigger duty—not just to win, but to keep women’s cricket progressing. Just take a look at the support we’ve received over the past month and a half, to be honest. It has been amazing. I’ll take those forty-five restless nights any day for the chance to ultimately win the World Cup today. It was undoubtedly difficult for all of us to endure the most recent World Cup. After that, though, our goal became very clear: to improve in every way—to get stronger, fitter, and better. And to be honest, nobody really discusses it, but what makes this squad unique is how unified we were. Through good times and bad, everyone helped one another. We truly rejoiced in each other’s accomplishments. This time, the team atmosphere was just so upbeat and cohesive. I believe that’s been the most significant change,” Mandhana continued.

“To be honest, we haven’t been able to shake that feeling, so it feels like a dream. I feel so good that I could help in a World Cup final in this manner. All-rounder Deepti Sharma, who claimed to have scored a valiant 58 and claimed 5-39 in the final to make it feasible to win the POTS trophy, stated, “I just wanted to dedicate this (POTS) trophy to my mom and dad.”

“I said at the beginning that God has sent me here to do something nice, and that reflected today,” said opener Shafali Verma, who received the POM. I can’t put into words how delighted I am that we won. Even though it was challenging, I had faith in my ability to succeed if I could maintain my composure. Everyone, including my brother, parents, and friends, encouraged me and gave me advice on how to play. For me and my squad, it was crucial, and all I wanted was for my team to win.I worked on my plans with a clear head.I was overjoyed to be able to execute, and I had the support of Smriti di and Harman di. When you reach that clarity, that’s all you need. The elders asked me to simply play my own game.”

The Indian women’s cricket team made history when they won the ICC Women’s Cricket World Cup 2025, and President Droupadi Murmu praised them for their achievement.

President Murmu posted on X, “My heartiest congratulations to each and every member of the Indian women cricket team on winning the ICC Women’s Cricket World Cup 2025! They have created history by winning it for the first time. They have been playing well and today they got the result befitting their talent and performance. This watershed moment will take women cricket to still higher performances. I admire the way the girls have done India proud,”

Prime Minister Narendra Modi led the country in celebrating India’s first ICC Women’s Cricket World Cup victory, praising the team’s tenacity and talent following their exciting 52-run victory over South Africa.

Taking to X, the Prime Minister wrote: “A spectacular win by the Indian team in the ICC Women’s Cricket World Cup 2025 Finals. Their performance in the final was marked by great skill and confidence. The team showed exceptional teamwork and tenacity throughout the tournament. Congratulations to our players. This historic win will motivate future champions to take up sports.”

Jay Shah, the former secretary of the BCCI and chairman of the ICC, praised the Indian women’s cricket team for their historic victory in the ICC Women’s Cricket World Cup 2025, claiming that it was the product of extraordinary skill, tenacity, and innovative changes made to Indian cricket.

Taking to X, Shah wrote, “The @BCCIWomen’s march towards its first @cricketworldcup has been nothing short of spectacular. While the grit, resolve, and skills of the Indian team have inspired the whole nation, we must acknowledge the role of key policy decisions taken by the @BCCI — increased investment, pay parity with male cricketers, overhaul of the coaching staff, and big-match temperament nurtured under the @wplt20 spotlight. Congratulations to Harmanpreet Kaur and the entire Indian squad for this historic achievement!”

Arun Dhumal, the chairman of the Indian Premier League, declared that India’s first Women’s World Cup victory marks a “red-letter day” for women’s cricket domestically. He likened the historic victory to the 1983 World Cup victory of the Indian men’s team, which encouraged others to take up the sport.

“It’s a red-letter day for Indian women’s cricket. What the men’s team achieved in 1983, the Indian women have recreated today in Mumbai. This historic triumph will give a tremendous boost to women’s cricket in the country, and I’m confident our game will now reach new heights,” Dhumal told.

Sachin Tendulkar, a legendary cricketer, congratulated the Indian women’s cricket team on their decisive victory in the World Cup.

Tendulkar took to X to express his gratitude for the squad in particular, writing, “1983 inspired an entire generation to dream big and chase those dreams. Today, our Women’s Cricket Team has done something truly special. They have inspired countless young girls across the country to pick up a bat and ball, take the field and believe that they too can lift that trophy one day. This is a defining moment in the journey of Indian women’s cricket. Well done, Team India. You’ve made the whole nation proud.”

Virat Kohli, the former captain of India, praised the Indian women’s cricket team profusely and said, “Inspiration for generations to come, you’ve made every Indian proud with your fearless cricket and belief throughout. You guys deserve all the accolades and enjoy the moment to the fullest. Well done Harman and the team. Jai Hind.”

Gautam Gambhir, the head coach of the Indian men’s squad, and Suryakumar Yadav, the team’s T20I captain, posted their warmest regards on X.

“You have not just created history, you’ve created a legacy that will inspire generations of girls! #LegendsForever,” wrote Gambhir.

“What a historic moment for Indian cricket. Our Women in Blue have shown the world what passion, perseverance and belief can achieve. Congratulations,” wrote Suryakumar.

As BCCI Secretary Devajit Saikia praised the triumph as a “monumental achievement that will take Indian women’s cricket to a new level” and reportedly announced a reward of ₹51 Crore for the players and support staff, celebrations broke out across.

With this victory, India became just the third nation to win both the men’s and women’s ODI World Cups, behind Australia and England. Additionally, India became one of the select few countries to win the Women’s World Cup—a event that will be remembered for centuries to come.

Brief Scores:

India 298/7 in 50 overs (Shafali Verma 87, Deepti Sharma 54, Richa Ghosh 34; Ayabonga Khaka 3-58) beat
South Africa 246/10 in 45.3 overs (Laura Wolvaardt 101, Annerie Dercksen 35; Deepti Sharma 5-39, Shafali Verma 2-36) by 52 runs.

India defeated defending champions Australia by five wickets in the semifinal at the DY Patil Stadium in Navi Mumbai on Thursday, pulling off one of the biggest comebacks in the history of the ICC Women’s ODI World Cup. They had to chase down a massive 339.

With a total score of 341 for 5, the triumph surpassed the New Zealand men’s 299 for 6 against South Africa in the 2015 semifinal, making it the most successful run chase in the history of both men’s and women’s ODI World Cup knockouts.

This victory ended Australia’s 15-match World Cup winning streak, which dates back to 2022, and propelled India into their third Women’s World Cup final. India had previously advanced to the summit event in 2005 and 2017.

Jemimah Rodrigues (Jem’ of the Game) stole the show this evening with an undefeated 127, her first World Cup century and third ODI century overall. She led the team to a record-breaking victory and anchored India’s chase to perfection after being promoted to number three just minutes before stepping in.

Jemimah formed an incredible 167-run partnership for the third wicket with captain Harmanpreet Kaur, who hit a smooth 89. This partnership is the greatest in Women’s World Cup history against Australia and the best India has ever had in a quarterfinal match.

After a solid start, Australia, who chose to bat first, appeared poised for another outstanding showing as they posted 338. Ashleigh Gardner’s late burst of 63 off 45 balls and Ellyse Perry’s 77 helped to bolster Phoebe Litchfield’s 119, which served as the innings’ anchor.

India’s bowlers put up a valiant fight in spite of the high score, with Nallapureddy Shee Charani taking 2 for 49 and Deepti Sharma taking 2 for 73 to keep the Australians from surpassing 350.

Beyond their previous best of 266 for 8 against Australia in Mackay in 2021, the chase of 341 for 5 was not just the highest in Women’s World Cup history but also the most successful run chase for India in Women’s ODIs.

Additionally, Australia’s record-breaking run came to an end. In Navi Mumbai, India rewrote history as their 15-match World Cup winning streak came to an end. This stretch was only matched once previously, between 1997 and 2000.

As a result, India’s 341 for 5 total now stands as the most successful run chase ever by any team in a men’s or women’s ODI World Cup knockout, surpassing both Australia’s 289 for 4 against New Zealand in the 1996 quarterfinal and New Zealand’s 299 for 6 against South Africa in 2015.

Rodrigues, who won Player of the Match for her undefeated 127, “I want to thank Jesus first. I couldn’t have carried it alone.The past six months have not been easy. I have been crying every day since I was eliminated from this World Cup last year. I was experiencing anxiety. All I needed to do was show up each day, and God saw me through.I knew I was batting at three five minutes prior, It was about bringing India home, not about proving myself. It wasn’t about my fiftieth or my hundred today. The goal was to win for India“.

“Amazing victory for our girls! I’m wishing them luck in the final. The BCCI’s sustained support for women’s cricket promotion and the resolute support of former BCCI Secretary and current ICC Chairman Jay Shah, who saw the potential of women’s cricket in India, are responsible for this win,” IPL chairman Arun Dhumal said.

“The Indian women’s team deserves congratulations for their outstanding victory over Australia, which advanced them to the Women’s World Cup final. Excellent leadership and innings from Harmanpreet Kaur, as well as a fantastic century by Jemimah Rodrigues. It’s a proud moment for Indian cricket.”, BCCI vice-president Rajiv Shukla said on his X post.

Virat Kohli took to social media platform X to applaud the team’s efforts and wrote, “What a victory by our team over a mighty opponent like Australia. A great chase by the girls and a standout performance by Jemimah in a big game. A true display of resilience, belief, and passion. Well done, Team India!”

“Australia soch rahi thi ek aur semi-final hai, aaram se jeeto aur pahuncho Final- hamari ladkiyon ne socha yeh to mauka hai asli dhamaka karne ka! Saare criticism ko dho daala. Kya khel dikhaya. Proud of our women in blue,” Virender Sehwag posted on X.

“A match full of heart, fight and belief. Congratulations to our Indian women’s team for making it to the finals,” Rishabh Pant posted on X.

“Incredible chase by #TeamIndia to knock-out the Aussies and end their win streak. Just the perfect chase against the mightiest of oppositions. Congratulations! “It’s India v Proteas in the #CWC25Final once again. And we will have a new Champion,” Ab de Villiers posted on X.

Brief scores:

Australia 338 all out in 49.5 overs (Phoebe Litchfield 119, Ellyse Perry 77, Ashleigh Gardner 63; N Shree Charani 2-49, Deepti Sharma 2-73) lost to
India 341/5 in 48.3 overs (Jemimah Rodrigues 127 not out, Harmanpreet Kaur 89, Richa Ghosh 26; Kim Garth 2-46, Annabel Sutherland 2-69) by five wickets.

In the first semifinal of the 2025 Women’s ODI World Cup, South Africa defeated England by 125 runs on Wednesday, turning the tables on the same opposition after they were bowled out for 69 against England at the ACA Stadium.

After destroying England with a clinical effort, South Africa advanced to their first-ever Women’s World Cup final. With an incredible 169 off 143 balls, captain Laura Wolvaardt spearheaded the attack and her batting will go down in World Cup legend.

With composure and accuracy, she reached her century off 115 balls before launching a late-innings assault in which she amassed 69 runs off her final 28 deliveries. In addition to being the highest score by a South African in a Women’s ODI World Cup, her innings, which included 20 fours and four sixes, helped the Proteas amass an incredible 319/7.

Marizanne Kapp’s first burst rattled England, who were pursuing a record target, and they were reduced to 1-3. England were bowled out for 194 in 42.3 overs as Marizanne, who had momentarily left the field due to cramping, returned to finish with 5-20 after taking five wickets.

Despite a short glimmer of optimism from Alice Capsey (50) and Nat Sciver-Brunt (64), England never fully bounced back from the early meltdown as they fell victim to South Africa’s unrelenting discipline and scoring pressure. As the ghosts of Bristol 2017 and Christchurch 2022 were buried, it was a night of atonement for South Africa.

Two of the Proteas’ greatest match winners, Marizanne and Laura, stepped up with performances that defined their careers. Now, South Africa can relax and watch Australia and India fight for a spot in the final on Sunday. After forcing Heather Knight to hack on to her stumps without bothering the scorers in a double-wicket maiden over, Marizanne castled Amy Jones through the gate for duck, giving South Africa a great start to their defense.

Laura opened up further by sweeping Sophie for four and then lofting Charlie for six in the midst of all of this, reaching her first World Cup hundred on her 115th delivery. She then flied and lofted Charlie for two fours after heaving and pulling Nat for six and four on successive balls.

After pulling Nat for four and then heaving her for six, Laura continued her assault. Pulling Linsey for six, then slog-sweeping and sweeping her for a hat-trick of fours, she increased her 150. Despite Laura’s miscued loft to long-on off Lauren, her outstanding innings and Chloe and Nadine’s towering shots made sure South Africa reached the 300-mark, with a massive 69 runs coming in the final five overs.

Brief scores:

South Africa 319/7 in 50 overs (Laura Wolvaardt 169, Tazmin Brits 45; Sophie Ecclestone 4-44, Lauren Bell 2-55) beat
England 194 all out in 42.3 overs (Nat Sciver-Brunt 64, Alice Capsey 50; Marizanne Kapp 5-20, Nadine de Klerk 2-24) by 125 runs

The Union government has announced the Rashtriya Vigyan Puraskar 2025, recognising the exemplary achievements of the country’s top scientists and innovators in the fields of science, technology, and innovation.

Vigyan Ratna, Vigyan Shri, Vigyan Yuva – Shanti Swarup Bhatnagar Award, and the Vigyan Team award are the four categories in which the esteemed honor is given out.

The Vigyan Shri honors outstanding achievements in particular domains, while the Vigyan Ratna honors lifetime contributions to science and technology.

The Vigyan Yuva award is given to young scientists under 45 who have shown exceptional accomplishments, while the Vigyan team award honors the joint efforts of teams of researchers or innovators.

These four areas collectively encompass 13 fields, including engineering, medicine, biology, chemistry, physics, and space science.

“The Rashtriya Vigyan Puraskar honors the country’s scientific and technological visionaries with the goal of inspiring the next generation, bolstering the research environment, and quickening India’s ascent to prominence as a global leader in S&T innovation. The Ministry of Science and Technology stated that the honorees would receive separate notifications about the Rashtriya Vigyan Puraskar Award ceremony, which will take place in due time.

Professor Jayant Vishnu Narlikar, a distinguished astrophysicist, received the 2025 Vigyan Ratna award posthumously.

Dr. Gyanendra Pratap Singh (Agricultural Science), Dr. Yusuf Mohammad Seikh (Atomic Energy), Dr. K Thangaraj (Biological Sciences), Jayan N (Space Science and Technology), Professor Mahan Mj (Mathematics and Computer Science), Professor Pradeep Thalappil (Chemistry), Professor Aniruddha Bhalchandra Pandit (Engineering Sciences), and Dr. S Venkata Mohan (Environmental Science) are among the recipients of the Vigyan Shri award.

Vigyan Yuva Shanti Swarup Bhatnagar has chosen fifteen young researchers for the honor. Agricultural scientists Dr. Jagdis Gupta Kapuganti, Dr. Satendra Kumar Mangrauthia, Dr. Debarka Sengupta, Dr. Deepa Agashe, Dr. Dibyendu Das, Dr. Waliur Rahaman, Professor Arkaprava Basu, Professor Sabyasachi Mukherjee, Dr. Sabyasachi Mukherjee, Dr. Shweta Prem Agrawal, Dr. Suresh Kumar, Physics, Surhud Shrikant More, Space Science & Technology, Ankur Garg, and Mohanasankar Sivaprakasam are on the list.

The Aroma Mission team from CSIR was recognized for their contributions to agricultural research with the Vigyan Team award.

Abhay Karandikar, Secretary, Department of Science and Technology, wished all the recipients well and said, “Your exceptional contributions across various fields of science, technology, and innovation exemplify the very best of Indian research and serve as an inspiration to the entire scientific community.”

“The honors embody the attitude of dedication, inventiveness, and curiosity that characterize Indian science. They encourage a new generation of scholars to push the limits of knowledge and innovation in addition to honoring individual brilliance,” he continued on social media site X.

The Principal Scientific Advisor to the Government of India convened a committee of scientific leaders that reviewed nominations that were received through the national awards portal last year.

OpenAI said Tuesday that all Indian users who join up during a special campaign period beginning November 4 will receive free access to ChatGPT Go for a year.

On the same day, OpenAI will celebrate its first DevDay Exchange event in Bengaluru, and this offer is part of that celebration.

OpenAI’s freshly released ChatGPT Go membership plan allows users to access several of the platform’s more sophisticated capabilities, such as longer memory, more image production, higher message limits, and the capacity to upload more files and images.

The most recent GPT-5 model from OpenAI powers all of these capabilities.

In response to user requests for a more cost-effective approach to utilize ChatGPT’s sophisticated technologies, the plan was initially introduced in India in August of this year.

In just one month after its debut, ChatGPT’s paid user base more than doubled in India.

OpenAI enhanced ChatGPT in response to this robust response. Visit about 90 nations globally.

India is one of ChatGPT’s fastest-growing and second-largest markets at the moment.

Every day, millions of people nationwide—including professionals, developers, and students—use ChatGPT to expand their creativity, pick up new skills, and create original projects.

The new offer supports the government’s IndiaAI Mission, which seeks to increase access to artificial intelligence tools and foster creativity throughout the nation, and underscores OpenAI’s ongoing “India-first” strategy.

Additionally, OpenAI is collaborating with government-led projects, educational institutions, and civil society organizations to increase the accessibility and inclusivity of AI tools.

The free 12-month offer will also be available to current ChatGPT Go members in India; further information will be released soon.

The way Indian people utilize ChatGPT Go has inspired the company, according to Nick Turley, Vice President and Head of ChatGPT.

“We’re making ChatGPT Go freely available for a year in advance of our first DevDay Exchange event in India so that more people can easily access and benefit from advanced AI.” We can’t wait to see what incredible things our users will create, discover, and accomplish with these capabilities,” he said.

The Reserve Bank of India (RBI) has rejected Jana Small Finance Bank’s (SFB) application to become a universal bank, the bank announced on Tuesday, stating that it did not meet the necessary qualifying requirements.

Early in current fiscal year (FY26), the bank filed its application after fulfilling a crucial requirement under the RBI’s framework: keeping net non-performing assets (NPAs) below 1% and gross NPAs below 3% for two years in a row.

But according to the central bank, the application was returned because it did not meet other eligibility requirements.

In its stock exchange filing, the lender with its headquarters in Bengaluru stated, “In continuation of our letter dated June 9, we wish to convey that the RBI has returned the application made for Voluntary Transition to Universal Bank due to non-fulfillment of the criteria mentioned in the RBI circular in this regard.”

Shares of Jana SFB dropped 2.14 percent to Rs 446.4 on the BSE after the announcement.

The stock has dropped by Rs 7.05, or 1.55%, over the previous month, but it has gained Rs 9.40, or 2.14 percent, over the last five days.

The shares of Jana SFB have decreased by Rs 68.95, or 13.35%, over the past six months. However, the stock is still up Rs 43.90, or 10.87 percent, year-to-date (YTD).

With 802 branches serving more than 12 million customers in 23 states and two Union Territories, Jana Small Finance Bank was founded in 2018 and is currently the fourth-largest small finance bank in India.

The bank posted a net profit of Rs 75 crore in the second quarter of FY26, bringing its first-half profit to Rs 177 crore.

It had a net interest margin (NIM) of 6.6%, gross non-performing assets (NPAs) of 2.8%, and net NPAs of 0.9%.