UPI Disruption: Major Banks Affected, Users Unable To Send Money
Reports of the glitch started pouring in around 8:30 AM, with nearly 200 complaints logged on Downdetector, a platform that tracks service disruptions. The disruption hit UPI services at several top banks like HDFC, SBI, Bank of Baroda, and Kotak Mahindra, making it difficult for users to carry out transactions.
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Time of India
26 minutes ago
- Time of India
Navi Technologies renamed to Navi
Navi Technologies has announced that it has officially changed its name to Navi , aligned with the company's evolution from a technology-led disruptor to a holistic financial services destination built around the needs of Indian consumers. The rebranding underscores the company's focus to position itself as an integrated, customer-centric institution encompassing lending, insurance, asset management and UPI services, committed to making money simple, seamless and accessible for millions of Indians. 'The new name fits who we are today. Not only are we a technology provider, we are a full-fledged destination for financial services for our customers,' said Sachin Bansal, Founder and Executive Chairman of Navi Group . 'It signals both simplification and scale - two ideas core to our philosophy.' Rajiv Naresh, managing director and chief executive officer of Navi added, 'This change aligns with the company's evolution. While technology remains core to how we build, our focus today is broader. The new name reflects the company we've become: more integrated, more customer-focused, and ready for the next phase of growth.' Navi's offerings are built to serve Indians across every stage of their financial journey whether they're just starting out with digital payments via UPI or planning for long-term goals through investments and insurance. The focus is a unified, seamless experience anchored in transparency, speed, and trust. The name change is also aligned with Navi's longer-term roadmap - continued focus on sustained value creation for its users and stakeholders. Customers and partners will see the change reflected in official communications, app interfaces and brand assets over the coming weeks. The company's operations, leadership, and business priorities remain unchanged.
India.com
26 minutes ago
- India.com
Rs 1027260000000: If India stops importing crude oil from Russia, it will face massive losses due to...,SBI report says Russian oil is...
India-Russia relations- File image New Delhi: In a significant development amid the imposition of increasing tariffs and penalties on India by the US led by President Donald Trump, India's largest bank, the State Bank of India (SBI) has indicated in its report that India's crude oil import bill could increase by USD 9 billion to USD 12 billion, if the country stops buying Russian crude oil. Here are all the details you need to know about how much oil Russia is exporting to India and what has the SBI said on the loss if India stops importing oil from Russia. What happens if India stops oil imports from Russia? As reported by news agency ANI, SBI stated 'if India stopped oil imports from Russia during the rest of FY26, then India's fuel bill might increase by only USD 9 billion'. The report noted that if India halted oil imports from Russia for the rest of FY26, the fuel bill might increase by USD 9 billion in FY26 and USD 11.7 billion (Rs 1027260000000 in INR) in FY27 due to increase in prices. How much oil is India importing from Russia? India substantially increased purchasing of Russian oil since 2022, which was sold at a discount, capped at USD 60 per barrel, to ensure energy security after Western nations imposed sanctions on Moscow and avoided its supplies following the invasion of Ukraine. The ANI report also says that Russia currently accounts for 10 per cent of the global crude supply. If all countries stopped buying from Russia, crude oil prices could rise by around 10 per cent, provided no other countries increase their production. How Russia-Ukraine war impacted oil import from Russia? As a result, Russia's share in India's total oil imports surged from just 1.7 per cent in FY20 to 35.1 per cent in FY25, making Russia India's largest oil supplier. In volume terms, India imported 88 million metric tonnes (MMT) of crude from Russia in FY25, out of its total oil imports of 245 MMT. Before the Ukraine war, Iraq was India's top crude supplier, followed by Saudi Arabia and the United Arab Emirates (UAE). (With inputs from agencies)
Mint
an hour ago
- Mint
Trump tariff impact: How much will India's fuel bill rise if Russian oil imports are stopped? SBI report says THIS
India's crude oil import bill could significantly increase if the country stops importing crude oil from Russia, according to a report by State Bank of India (SBI). If India halted oil imports from Russia for the rest of FY26, the fuel bill might increase by $9 billion in FY26 and $11.7 billion in FY27 due to the increase in prices, ANI reported, citing the SBI study. This report comes amid the US imposing an additional 25% tariff on all Indian goods and penalties for India's purchases from Russia. US President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved. The White House on Wednesday issued an Executive Order imposing an additional 25 percentage points in tariffs on Indian goods, raising the total levy to 50%. The Trump administration cited national security and foreign policy concerns, pointing specifically to India's ongoing imports of Russian oil. India's reliance on Russian crude oil has grown since 2022. Russia's share of India's total oil imports surged from just 1.7 per cent in FY20 to 35.1 per cent in FY25, making Russia its largest oil supplier. This shift was largely driven by the availability of discounted Russian oil, capped at $60 per barrel, a move to ensure energy security, after Western nations imposed sanctions on Moscow and avoided its supplies following the invasion of Ukraine. India imported 88 million metric tonnes (MMT) of crude from Russia in FY25, out of its total oil imports of 245 MMT, the news report said. Prior to the Ukraine war, Iraq was India's top crude supplier, followed by Saudi Arabia and the United Arab Emirates (UAE). "If India stopped oil imports from Russia during the rest of FY26, then India's fuel bill might increase by only USD 9 billion,' SBI stated in the report. This would be a direct consequence of having to buy more expensive oil from other countries. Furthermore, if all countries were to stop buying Russian oil, which accounts for 10 per cent of the world's crude supply, global oil prices could rise by as much as 10 per cent, provided no other countries increase their production. Despite the potential increase in import bill, the SBI report highlighted that India's diversified supply network and established contracts with other oil-producing nations may help cushion the impact. India has diversified its oil sources to about 40 countries, including new suppliers like Guyana, Brazil, and Canada, adding to the country's energy security. Additionally, Indian refiners have annual contracts with its traditional Middle Eastern producers, which allow flexibility to request additional supplies each month, ANI reported. Since the imposition of sanctions on Russia, refiners have also turned to crude suppliers in the United States, West Africa, and Azerbaijan. However, SBI cautions that a rise in global crude prices would still exert upward pressure on India's fuel costs.
