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New Delhi (PTI): The Delhi Police has arrested over 600 people and rounded up more than 8,300 suspects during its Operation CyHawk 4.0, a large-scale crackdown on cybercrime conducted on April 6 and 7, officials said on Wednesday. A senior police officer said the son of a Delhi-based eatery chain owner is also among arrestees. "Due to losses in business, the son of the famous eater chain's owner provided his bank account to move proceeds of cybercrime on a commission basis, where he received a three per cent commission. He shared his bank account user ID and password, and stolen or defrauded money was siphoned through that account. In this case, we have arrested Javed, and further investigation is ongoing," Joint Commissioner of Police (IFSO) Rajneesh Gupta during a press conference said. The officer said the operation targeted the financial backbone and operational ecosystem of organised cybercrime syndicates operating across the capital, marking a shift from reactive policing to proactive dismantling of cyber fraud modules. "A total of 8,371 people were rounded up for questioning and verification during coordinated raids carried out simultaneously across multiple districts. Out of these, 1,429 accused were either arrested or bound down after investigators established strong financial and technical linkages to cyber fraud activities," the officer said. In addition, 2,203 notices were issued to individuals suspected of being part of the backward financial chain associated with such crimes, he added. Police said the operation led to the registration of 499 fresh FIRs against identified cyber fraudsters, significantly expanding the scope of legal action against organised networks. Besides the new cases, investigators were able to make breakthroughs in 324 previously pending cyber fraud cases, with several accused apprehended after linking them to digital and financial evidence gathered during the operation. The crackdown specifically targeted the financial architecture of cybercrime, including mule bank accounts used to siphon and layer defrauded money, agents involved in cash withdrawals, and organised call centres executing various online scams. "As part of the action, several illegal call centres operating in different parts of Delhi were identified and neutralised, thereby halting ongoing frauds involving fake job offers, digital arrest scams, telemarketing fraud, customer-care impersonation," the officer said. During the investigation, police were able to link 3,564 complaints registered on the National Cyber Crime Reporting Portal (NCRP) to identified mule accounts and suspected mobile numbers. "More than Rs 519 crore of defrauded money reported through complaints across the country was traced to bank accounts associated with organised cyber fraud networks," the officer said. He further said raids were conducted at multiple locations resulting in the recovery of a large volume of incriminating digital evidence, including mobile phones, laptops, hard drives, SIM cards, debit and credit cards, as well as financial records and ledgers. The operation was carried out with support from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs, following a nearly month-long intelligence build-up involving hotspot mapping, analysis of suspicious transactions, verification of bank accounts, and correlation of data with complaints from across the country, the officer said. "The real-time analytical support provided by I4C played a crucial role in converting intelligence inputs into actionable enforcement," he added. Delhi Police has also issued a public advisory urging citizens to remain vigilant against online fraud and avoid sharing banking details, OTPs, or personal information with unknown persons. The officer said similar intelligence-driven operations will be conducted at regular intervals to keep cyber criminals under sustained pressure.

By BASSEM MROUE, JON GAMBRELL, SAMY MAGDY and SAM Tehran (AP): Iran, the United States and Israel agreed to a two-week ceasefire in an 11th-hour deal that headed off US President Donald Trump's threat to unleash a bombing campaign to destroy Iranian civilization. But hours after the announcement, Iran and Gulf Arab countries reported new attacks Wednesday. It was not clear if the strikes would scuttle the deal, which US Vice President JD Vance called “fragile.” Even before the new attacks, much about the agreement was unclear as the sides presented vastly different visions of the terms. — Iran said the deal would allow it to formalise its new practice of charging ships passing through the Strait of Hormuz, a crucial transit lane for oil. But the details were not clear, nor was it known whether vessels would feel safe using the channel or whether ship traffic had resumed. It also was unclear whether any other country agreed to this condition. — Pakistan, which helped to mediate the deal, and others said fighting would pause in Lebanon, where Israel has launched a ground invasion against the Iran-backed Hezbollah militant group. Israel said it would not, and strikes hit Beirut on Wednesday. — The fate of Iran's missile and nuclear programs — the elimination of which were major objectives for the US and Israel in going to war — also remained unclear. Trump said the US would work with Iran to remove buried enriched uranium, though Iran did not confirm that. In the streets of Tehran, pro-government demonstrators screamed: “Death to America, death to Israel, death to compromisers!” after the ceasefire announcement and burned American and Israeli flags. The chants underscored the anger animating hard-liners, who have been preparing for what many assumed would be an apocalyptic battle with the United States. Trump warned Tuesday that “a whole civilisation will die tonight,” if a deal wasn't reached. Varying reports of ceasefire's terms Trump initially said Iran proposed a “workable” 10-point plan that could help end the war the US launched with Israel on Feb. 28. But when a version in Farsi emerged that indicated Iran would be allowed to continue enriching uranium — which is key to building a nuclear weapon — Trump called it fraudulent without elaborating. Vance later said the deal was being misrepresented within Iran, though he did not offer details. Iran's demands for ending the war include a withdrawal of US combat forces from the region, the lifting of sanctions, and the release of its frozen assets. In his post Wednesday, Trump said: “We are, and will be, talking Tariff and Sanctions relief with Iran.” It was not clear if other Western nations would agree to that, and the other points are likely nonstarters. United Nations Secretary General Antonio Guterres's personal envoy arrived in Iran for talks on “the way forward.” Pakistan said talks to hammer out a permanent end to the war could begin in Islamabad as soon as Friday. Israel backed the US ceasefire with Iran, but Prime Minister Benjamin Netanyahu said the deal does not cover fighting against Hezbollah. Israeli Chief of Staff Lt. Gen. Eyal Zamir said Israel will continue to “utilise every operational opportunity” to strike Hezbollah. The Israeli military said it struck more than 100 targets within 10 minutes Wednesday across Lebanon, the largest wave of strikes since March 1. Hezbollah has not confirmed if it will abide by the ceasefire, though the group has said it was open to giving mediators a chance to secure an agreement. An official, speaking on condition of anonymity because he was not authorised to comment publicly, said the group would not stop firing at Israel unless Israel agreed to do the same. Iran and Oman will collect shipping fees in Strait of Hormuz While Iran could not match the sophistication of US and Israeli weaponry or their dominance in the air, its ability to control the Strait of Hormuz proved a tremendous strategic advantage. Iranian attacks and threats deterred many commercial ships from passing through the waterway, through which 20 per cent of all traded oil and natural gas passes in peacetime. That roiled the world economy and raised the pressure on Trump both at home and abroad to find a way out of the standoff. The ceasefire may formalise a system of charging fees in the strait that Iran instituted — and give it a new source of revenue. The plan allows for both Iran and Oman to charge ships, according to a regional official who spoke on condition of anonymity to discuss negotiations they were directly involved in. The official said Iran would use the money it raised for reconstruction. That would upend decades of precedent treating the strait as an international waterway that was free to transit and will likely not be acceptable to the Gulf Arab states, which also need to rebuild after repeated Iranian attacks targeting their oil fields. Iranian Foreign Minister Abbas Araghchi said passage through the strait would be allowed under Iranian military management — further clouding the picture of who would be allowed to transit the waterway. News of the ceasefire sent stock markets surging worldwide, and oil prices plunged back toward USD 90 per barrel. Fate of Iran's nuclear and missile programs remains unclear US-Israeli strikes have battered Iran and its leadership, but they have not entirely eliminated the threats posed by Tehran's nuclear program, its ballistic missiles or its support for regional proxies, like Hezbollah. The US and Israel said addressing those threats was a key justification for going to war. Trump said Wednesday that the US would work with Iran to “dig up and remove” enriched uranium that was buried under joint US-Israeli strikes in June. He added that none of the material had been touched since. Any retrieval is expected to be an intensive undertaking. There was no confirmation from Iran on that. Defence Secretary Pete Hegseth told a Pentagon briefing Wednesday that the US would do “something like” last June's joint strikes with Israel on Iranian nuclear sites if the country refuses to surrender its enriched uranium voluntarily. Tehran insisted for years that its nuclear program was peaceful, although it enriched uranium up to 60 per cent purity, a short, technical step from weapons-grade levels. Iran referred to its nuclear program differently in two versions of the ceasefire plan that it released. The version in Farsi included the phrase “acceptance of enrichment” for its nuclear program. That phrase was missing in English versions shared by Iranian diplomats with journalists. Hegseth said the US military has done its part “for now” but stands ready to ensure Iran complies all the ceasefire's terms. Gen. Dan Caine, chairman of the US Joint Chiefs of Staff, said more than 13,000 targets have been struck in Iran, destroying 80 per cent of the country's air defence systems and attacking 90 per cent of its weapons factories. More than 90 per cent of Iran's regular naval fleet has been sunk, “including all major surface combatants” with 150 ships now “at the bottom of the ocean,” Caine told reporters at a Pentagon briefing. Airstrikes reported in the hours after the deal is announced Shortly after the ceasefire announcement, Bahrain, Israel, Kuwait, Saudi Arabia and the United Arab Emirates all issued warnings about incoming missiles from Iran. That fire stopped for a time, then hostilities appeared to restart. An oil refinery on Iran's Lavan Island came under attack, according to Iranian state television. Its report said that firefighters were working to contain the blaze but no one had been hurt. It did not say who launched the attack. The island is home to one of the terminals that Iran uses to export oil and gas. A short time later, the United Arab Emirates' air defences fired at an incoming Iranian missile barrage. Kuwait's military forces, meanwhile, responded to an “extensive wave” of drone attacks. Saudi Arabia said it intercepted nine drones. Kuwaiti authorities said three power and water desalination plants have been severely damaged after 28 Iranian drones were launched on the oil-rich country Wednesday. More than 1,900 people had been killed in Iran as of late March, but the government has not updated the war's toll for days. In Lebanon, where Israel is fighting Iran-backed Hezbollah militants, more than 1,500 people have been killed. and 1 million people have been displaced. Eleven Israeli soldiers have died. In Gulf Arab states and the occupied West Bank, more than two dozen people have died, while 23 have been reported dead in Israel, and 13 US service members have been killed.

Washington (AP): US President Donald Trump in a social media post declared the ceasefire agreement a “big day for World Peace” and that the US “will be helping with the traffic buildup in the Strait of Hormuz.” “There will be lots of positive action!” Trump predicted in his post. “Big money will be made. Iran can start the reconstruction process. We'll be loading up with supplies of all kinds, and just hangin' around' in order to make sure that everything goes well. I feel confident that it will.” Trump's message on his Truth Social website signals Washington's concern about Iran maintaining its chokehold over the narrow mouth of the Persian Gulf, through which 20% of all oil and natural gas passes in peacetime. Another report quoted Trump as saying US will work with Iran to “dig up and remove” its enriched uranium that was buried under joint US-Israeli strikes last summer. The president said on social media that “There will be no enrichment of Uranium” and that none of the material had been touched since the June attacks. Trump had previously said the US would retrieve the deeply buried material, which is expected to be an intensive undertaking, if it struck an agreement with Iran. Trump added: “We are, and will be, talking Tariff and Sanctions relief with Iran.” In a related development, US Defence Secretary Pete Hegseth on Wednesday said the US could strike again if Iran does not hand over enriched uranium. The Pentagon chief did not offer any details about whether Iran had agreed to Trump's statement that the US would work with them to “dig up” the buried material. However, Hegseth said Iran will “give it to us voluntarily,” or the US might do “something like” its strikes last summer with Israel hitting Iran's nuclear sites. “We reserve that opportunity,” Hegseth said.

By YURI KAGEYAMAAP Tokyo (AP): Global shares surged in Wednesday trading, as oil prices plunged after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. France's CAC 40 added nearly 4.0% to 8,223.91 in early trading, while the German DAX edged up 4.7% to 23,996.26. Britain's FTSE 100 gained 2.3% to 10,582.86. U.S. shares were set to drift higher with Dow futures up 2.3% at 47,891.00. S&P 500 futures rose 2.5% to 6,824.00. In Asia, Japan's benchmark Nikkei 225 gained 5.4% to finish at 56,308.42. Australia's S&P/ASX 200 jumped 2.6% to 8,951.80. South Korea's Kospi soared 6.9% to 5,872.34. Hong Kong's Hang Seng surged 3.1% to 25,893.02, while the Shanghai Composite added 2.7% to 3,995.00. Benchmark US crude sank USD16.47 to USD96.48 a barrel. Brent crude, the international standard dropped USD13.79 to USD95.48 a barrel. Natural gas futures declined 5%. The drops reversed some of the rise in oil prices, following the start of the war, which had effectively blocked passage through the strait that's a crucial route for global supplies. “Yet the mood remains one of cautious optimism rather than outright celebration. The ceasefire is only two weeks long, and markets will be watching closely to see whether shipping through the Strait of Hormuz normalises as promised and whether the fragile truce can pave the way for a more durable peace agreement,” said Tim Waterer, chief market analyst at KCM Trade. Late Tuesday, Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets. Iran's foreign minister said passage through the strait would be allowed for the next two weeks under Iranian military management. In currency trading, the US dollar fell to 158.35 Japanese yen from 159.52 yen Wednesday. The euro cost USD1.1671, up from USD1.1597. The dollar usually becomes a safe haven during geopolitical uncertainty, so the ceasefire deal worked to lessen that appeal. But analysts warned against too much optimism. "There is a reason to be optimistic, but it is still too early to tell, because, as you know, after all, it is Trump,” said Takashi Hiroki, chief strategist at MONEX.

New Delhi (PTI): The Supreme Court on Wednesday observed that it has the right and jurisdiction to hold what is a superstitious practice in a religion. This came in response to the Centre's submission that a secular court cannot decide the issue as judges are experts in the field of law, not religion. A nine-judge constitution bench headed by Chief Justice of India Surya Kant is hearing petitions related to discrimination against women at religious places, including the Sabarimala temple in Kerala, and on the ambit and scope of religious freedom practised by multiple faiths. At the outset, Solicitor General Tushar Mehta, appearing for the Centre, asked how the court decides what a superstitious practice is. "Even assuming that there is a superstitious practice," he said, "It is not for the court to determine that it is superstition. Under Article 25(2)(b) of the Constitution, it is for the legislature to step in and enact a reform law." "The legislature can say that a particular practice is superstition and requires reform. There are several such statutes and laws, for the prevention of black magic and other such practices," Mehta told the bench, which also comprised Justices B V Nagarathna, M M Sundresh, Ahsanuddin Amanullah, Aravind Kumar, Augustine George Masih, Prasanna B Varale, R Mahadevan and Joymalya Bagchi. Responding to Mehta's submission, Justice Amanullah said the statement is too simplistic, as the court has the right and the jurisdiction to hold whether something is superstitious. "What will follow is for the legislature to deal with. But, in court, you cannot say that whatever the legislature decides is the last word. That cannot be," he said. Mehta said a secular court cannot decide that a religious practice is mere superstition, because the court may not possess such scholarly competence. "Your Lordships are experts in the field of law, not religion," he said. The solicitor general argued, "Something religious for Nagaland may be a superstition for me. We are in a greatly diverse society. Maharashtra has Black Act. They may say this is the practice prevalent in our area and that's why we protect it under Article 25(2)(b)," Mehta said. Justice Bagchi asked if witchcraft was part of religious practice, would it not be considered superstition? "Your argument is that it is for the legislature to take up and prohibit any practice that promotes it (witchcraft). Let us say the court is approached under Article 32 of the Constitution, saying that a religious practice of witchcraft exists, and the legislature is silent. Can the court not use the 'doctrine of unoccupied field' to give directions to prohibit such a practice, keeping in mind ... health, morality and public order?" Justice Bagchi asked Mehta. The solicitor general replied that judicial review can be done because it falls under 'health, morality and public order', and not because it is superstition. Justice Nagarathna opined that in determining what an essential religious practice is, the court should view it through the lens of the philosophy of that particular religion. "You cannot apply (the views of) some other religion and say this is not essential religious practice. The approach of the court is to apply the philosophy of that religion, subject to health, morality and public order," Justice Nagarathna said. The hearing is underway. In September 2018, a five-judge Constitution bench, by a 4:1 majority verdict, had lifted the ban that prevented women between the ages of 10 and 50 from entering the Sabarimala Ayyappa temple in Kerala, and held that the centuries-old Hindu religious practice was illegal and unconstitutional. Later, on November 14, 2019, another five-judge bench headed by the then CJI Ranjan Gogoi, by a majority of 3:2, referred the issue of discrimination against women at various places of worship to a larger bench. The bench had then framed broad issues on freedom across religions, saying they cannot be decided without any facts of the particular case.

New Delhi (PTI): India on Wednesday welcomed a two-week ceasefire between the US and Iran, calling for "de-escalation, dialogue, and diplomacy" to ensure lasting peace in West Asia. "We welcome the ceasefire reached and hope that it will lead to lasting peace in West Asia. As we have continuously advocated earlier, de-escalation, dialogue and diplomacy are essential to bring an early end to the ongoing conflict," the Ministry of External Affairs (MEA) said. "The conflict has already caused immense suffering to people and disrupted global energy supply and trade networks. We expect that unimpeded freedom of navigation and global flow of commerce would prevail through the Strait of Hormuz," it said. Iran and the US have agreed on a conditional ceasefire that includes the opening of the Strait of Hormuz for shipping.

New Delhi (PTI): The NCERT has reconstituted its curriculum committee after being rapped by the Supreme Court over a section on "Corruption in Judiciary" in the now-withdrawn Class 8 Social Science textbook, officials said on Wednesday. The high-powered, 20-member National Syllabus and Teaching Learning Material Committee (NSTC) of the National Council of Educational Research and Training (NCERT) includes IIT Madras Director V Kamakoti; Indian Council of Historical Research Chairman Raghuvendra Tanwar; former Vice-Chancellor of the National Law School of India University R Venkata Rao; and Amarendra Prasad Behera, Joint Director-in-Charge, Central Institute of Educational Technology, NCERT. Earlier, the panel had 22 members. Following Supreme Court orders, three members have been removed from the NSTC. These are Michel Danino, former guest professor at IIT Gandhinagar; M D Srinivas, chairman of the Centre for Policy Studies, Chennai; and the late Bibek Debroy, former chairman of the Prime Minister's Economic Advisory Council. "Reconstitution of NSTC has been undertaken to strengthen it through necessary updates," a senior official said. The committee is empowered to develop school syllabi and teaching-learning material, including textbooks for Grades 3 to 12, and if required, to appropriately revise the existing textbooks of Grades 1 and 2 to ensure a smooth transition from Grade 2 to 3. In February, the Supreme Court had taken up suo motu cognisance of the Class 8 Social Science textbook, which discussed a section on "Corruption in Judiciary". The court later imposed a "blanket ban" on the use of physical or online copies of the said textbook.

Dubai (PTI): India on Wednesday advised its nationals in Iran to “expeditiously exit” the country using routes suggested by its mission in Tehran in light of the recent developments. In an advisory, the Indian embassy in Tehran also reiterated that there should be “no attempt to approach any international land border without prior consultation and coordination with the Embassy.” “In continuation of the advisory of 07 April 2026, and in light of recent developments, Indian nationals still in Iran are strongly advised to expeditiously exit Iran, in coordination with the Embassy and using the routes suggested by the Embassy,” the Indian mission said in a post on X. The embassy also provided emergency contact numbers (+989128109115; +989128109102; +989128109109, and +989932179359) and email (cons.tehran@mea.gov.in) for those in need. The advisory came hours after the US and Iran agreed on a conditional two-week ceasefire that included the opening of the Strait of Hormuz for shipping. According to official data, around 9,000 Indians, including students, were in Iran when the conflict began on February 28. Nearly 1,800 Indians have returned to India so far. The US and Israel jointly attacked Iran on February 28, killing Iranian Supreme Leader Ayatollah Ali Khamenei and several top commanders. The retaliation by the Islamic Republic extended the war to the entire Gulf region.

New Delhi (PTI): The government has envisioned design and development of an unmanned combat search and rescue aircraft -- a runway-independent UAV -- for the IAF that can be used in missions to rescue aircrew without risking piloted aircraft, according to officials. The indigenous autonomous system, as planned, should also be a platform which can be deployed to ferry logistic material and other supplies in forward areas and inhospitable terrains, including snow-bound heights, where conventional helicopters struggle, they said. The project, envisioned under Defence Acquisition Procedure (DAP) 2020, has been "approved in principle", a senior official said. The move also aims to boost the country's 'Atmanirbharta' in the defence sector and strengthen the combat readiness of the Indian Air Force, another official, aware of the project, said. Under the proposed project, a "runway-independent UAV" (unmanned aerial vehicle -- combat search and rescue (CSAR) drone -- is to be designed and developed that "can go into operations, and rescue aircrew without risking manned aircraft," the official added. The project is structured under 'Make-I' category, wherein the government supports 70 per cent of development costs while Indian vendors cover the remaining 30 per cent, they said. After successful development, procurement will follow the 'Buy (Indian-IDDM)' route, ensuring at least 50 per cent indigenous content in material, components, and software, the officials said. IDDM stands for Indigenously Designed Developed and Manufactured. As per the specifications for the planned platform, it should be able to operate from the sea level to 16,000 ft (with 20,000 ft if desirable), and have a radius of action of at least 200 km with 45 minutes loiter time, the officials said. It should be able to carry at least 400 kg, including four passengers and stretchers. The runway-independent UAV should have the ability to "auto-takeoff, navigate, and land, with capability to search, locate, and land using integrated Emergency Locator Transmitter (ELT)," the officials said. The platform should be able to launch from unprepared surfaces, and fly in Global Navigation Satellite System (GNSS)-denied conditions, they said. These specifications project the "CSAR drone" as one of the most advanced indigenous UAVs in India’s defence ecosystem, "combining AI-driven autonomy, all-weather resilience, and combat-oriented utility," the senior official said. Indian vendors with experience in aviation-related MRO (maintenance, repair and overhaul), UAV manufacturing, and defence quality assurance stand to gain, they said. The CSAR drone will need "rigorous military airworthiness validation," the senior official said. The 'Make-I' mechanism is for Indian defence start-ups and MSMEs. It allows private firms to lead the design, development, and manufacture of a system, while the IAF acts as a strategic partner through funding, feedback, and eventual procurement, the officials said. The CSAR drone project will add to India’s growing fleet of indigenous defence drones, reduce foreign dependence, and create high-tech jobs in design, testing, and UAV manufacturing, they said.

New Delhi (PTI): The Delhi High Court on Wednesday dismissed a petition by alleged middleman Christian Michel James in the Rs 3,600-crore AgustaWestland VVIP chopper scam case seeking his release from jail. A bench of Justices Navin Chawla and Ravinder Dudeja said there was no merit in the petition by the British national, who was extradited from Dubai in December 2018. A detailed copy of the verdict is awaited. In his petition, James assailed a provision of the India-UAE extradition treaty. He also challenged a trial court order of August 7, 2025 by which his application under Section 436A of the Code of Criminal Procedure (CrPC) for his release from jail was rejected. James challenged Article 17 of the treaty, signed in 1999, which allows the requesting state (in this case India) to prosecute extradited persons not only for the specific offence for which extradition was done, but also for connected offences. It was contended that an extradited person can be prosecuted only for the offences for which extradition took place, and not for connected offences. After his extradition, James was arrested by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). James also submitted that he completed seven years in jail on December 4, 2025 and has, therefore, already undergone the maximum sentence possible for the offences for which he was extradited, rendering his continued detention in India illegal. James is among the three alleged middlemen being probed in the case, and the other two are Guido Haschke and Carlo Gerosa. He was granted bail by the Supreme Court in the CBI case in February 2025. The high court granted him bail in the ED case in March that year. James, however, continues to be in jail as he was unable to fulfil the bail conditions. A trial court directed James to furnish a personal bond of Rs 5 lakh and a cash surety of the same amount to secure his release in the CBI case. In the ED case, the high court asked him to furnish a personal bond of Rs 5 lakh and a cash surety of Rs 10 lakh. The high court also clarified that James could be released without depositing the passport, which has expired “immediately”. The authorities concerned were asked to deposit the fresh passport, whenever ready, with the trial court directly, it added. The high court also asked the Foreigners Regional Registration Office (FRRO) to ensure that James does not leave the country. The CBI, in its charge sheet, has alleged an estimated loss of 398.21 million euros (about Rs 2,666 crore) to the exchequer due to the deal that was signed on February 8, 2010, for the supply of VVIP choppers worth 556.26 million euros. The ED, in its charge sheet filed against James in June 2016, alleged that he had received 30 million euros (about Rs 225 crore) from AgustaWestland.

Mumbai (PTI): The Reserve Bank did not come across any governance or conduct-related issues during supervisory inspection of HDFC Bank, Governor Sanjay Malhotra said on Wednesday. Responding to a question at the post-monetary policy press conference on sudden resignation of HDFC Bank Chairman Atanu Chakraborty and subsequent fall in its share price, Malhotra said RBI had also seen minutes of meetings of the lender, and the RBI did not find any thing of material concern. He said the RBI in its press release on March 19 too had said there were no material concerns on record as regards the bank's conduct or governance. "HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team. Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance," the RBI said in its press release. Chakraborty had resigned on March 18. Malhotra also asserted that India's banking system is "very resilient, safe, and strong". He said there is no systemic risks with regard to profitability and health of banks amid the West Asia conflict. To another question, the Governor indicated that the low interest rates regime may continue for long. He also said measures recently taken by the RBI to check volatility of rupee will not remain forever.

New Delhi (PTI): Crude oil prices nosedived by 18 per cent to Rs 8,775 per barrel in futures trade on Wednesday, after the US and Iran agreed to a two-week ceasefire and the reopening of Strait of Hormuz, triggering heavy selling by traders as the geopolitical risk premium evaporated. Snapping a three-day rally, crude oil futures for April delivery opened lower by 6 per cent to Rs 10,029 per barrel, its lower circuit limit, on the Multi Commodity Exchange (MCX). Later, the contract extended losses, tumbling by Rs 1,894, or 17.75 per cent, to Rs 8,775 per barrel from previous close of Rs 10,669 per barrel. On Tuesday, it gained nearly 4 per cent to hit a record high of Rs 10,990 per barrel. Similarly, crude oil for May delivery also slumped by Rs 1,413, or 15 per cent, to Rs 8,012 per barrel, amid aggressive unwinding of long positions by investors as easing tensions in West Asia reduced fears of supply disruptions. The contract had climbed nearly 3 per cent to touch a lifetime high of Rs 9,560 per barrel on Tuesday before settling at Rs 9,425 per barrel on the MCX. The retreat came after a blistering rally in crude oil driven by escalating tensions in West Asia. From its record highs, the April contract rallied 80 per cent from Rs 6,106 per barrel recorded on February 27, 2026. The May delivery also jumped 56 per cent from Rs 6,128 per barrel during the same period. Global crude oil markets mirrored the selloff, with prices slipping below the USD 100 a barrel in Asian trading hours on Wednesday following the ceasefire announcement, which is expected to restore supply flows through the Strait of Hormuz, a critical transit route for nearly one-fifth of energy shipments. West Texas Intermediate (WTI) crude futures for May delivery plummeted USD 16.28, or 14.41 per cent, to USD 96.67 per barrel. In intraday trade, it tanked by USD 21.9, or 19.4 per cent, to hit a low of USD 91.05 per barrel on the NYMEX. "WTI crude futures plunged more than 15 per cent to below USD 95 per barrel on Wednesday after US President Donald Trump delayed his threat to attack Iranian civilian infrastructure by two-weeks in what he described as a 'double-sided ceasefire,' contingent on Iran reopening the Strait of Hormuz," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said. Brent oil futures for the June contract also dropped sharply, falling USD 14.31, or 13.10 per cent, to USD 94.96 per barrel. In the intraday session, it plunged USD 19.26, or 17.62 per cent, to hit a low of USD 90.01 per barrel. Trump also said Washington had received a 10-point proposal from Iran, that he described as a "workable basis for negotiations." Meanwhile, Tehran agreed to reopen the Strait of Hormuz for two weeks provided all hostilities halt, with transit coordinated through Iran's Armed Forces. According to reports, Israel has also agreed to the temporary ceasefire. The near-closure of the vital waterway through which about 20 per cent of global oil flows, has roiled energy markets and heightened risks of rising inflation and a global economic slowdown, Trivedi said. Despite the sharp fall, oil prices remain elevated. During the conflict in West Asia, WTI crude jumped by USD 50.74, or 76 per cent, from USD 66.89 per barrel recorded on February 27, 2026, while Brent gained USD 39.51, or nearly 55 per cent from USD 72.29 per barrel during the same period. Viram Shah, Co-Founder and CEO, Vested Finance, said, "Despite crude prices falling back below USD 100, refined fuel supply chains and shipping confidence are expected to take weeks, if not months, to normalise.” He said this episode reinforces how quickly geopolitics can override fundamentals, with oil moving from USD 80 levels to well above USD 120 and then correcting sharply within weeks as the Strait of Hormuz disruption unfolded and partially reversed. "The current market move is less about a structural improvement and more about unwinding extreme risk positioning, and the key from here will be whether the ceasefire evolves into a more durable agreement. "Until then, markets are likely to remain event-driven, with the potential for equally sharp repricing across oil, inflation expectations, and risk assets if tensions escalate again," Shah added.