@dugalira
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Financial Journalist. Views and tweets are entirely personal. Present: India Financial News Editor @Reuters. Past: BQ Prime, Mint, NDTV
Mumbai, India
Joined April 2012
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Ira Dugal retweeted
Some #beagles are born with Resting Beagle Face; others develop a permanently grumpy expression after their staff fail to provide the standard of treatment this noble breed deserves. #beaglefacts
📷 @dugalira / Twitter
Some interesting (and potentially debatable) changes coming up in the government's labour data.
reuters.com/world/india/indi…
Ira Dugal retweeted
Yes Bank unlikely to pay AT1 bond coupons this year despite bond holders demand.
Reuters @GopikaGopa and @jaysh88 report
reuters.com/world/india/yes-…
Ira Dugal retweeted
Animal welfare group People for Animals has strongly criticised the Centre’s draft 2026 laboratory animal rules, alleging they weaken central oversight by allowing institutions to self-approve mild and moderate experiments on larger animals. indianexpress.com/article/in…
This is horrible:
"The draft would allow institutional ethics committees to approve experiments classified as mild or moderate on larger animals, including dogs, horses, pigs, and cattle, without prior approval from the central Committee for Control and Supervision of Experiments on Animals (CCSEA)"
Please sign this petition against the proposed new animal testing norms: c.org/JJrtBcy7rx
Why is #KolaBeagle angry? Not merely because humans are trying to take back a stolen sock. But also because her fellow-beagle is in a cage and she has heard that beagles, which are tested, tortured and experimented on in labs worldwide because they are good-natured and "perfectly sized for humans to hold and control while experimenting", may go through more of this again in India.
The Govt of India's Animal Husbandry Department, has published Draft Rules that put the lives of beagles and other animals at risk, pushing India back into the 50s.
The October 2026 "Prevention of Cruelty to Animals (Control and Supervision of Experiment, Breeding and Trading of Laboratory Animals) Rules, 2026" weakens oversight and endangers laboratory and stray animals. severe. It shifts oversight so that a facility's own "animal ethics committee" can approve mild and moderate tests and experiments on animals, rather than requiring centralized clearance.
Pls sign Freagles of India's petition: c.org/xPZvgw7wHF
@Min_FAHD @Dept_of_AHD @AwbiBallabhgarh @PetaIndia @pfaindia @FIAPOIndia @dugalira @GulPanag @Bharatitis
Ira Dugal retweeted
Why is #KolaBeagle angry? Not merely because humans are trying to take back a stolen sock. But also because her fellow-beagle is in a cage and she has heard that beagles, which are tested, tortured and experimented on in labs worldwide because they are good-natured and "perfectly sized for humans to hold and control while experimenting", may go through more of this again in India.
The Govt of India's Animal Husbandry Department, has published Draft Rules that put the lives of beagles and other animals at risk, pushing India back into the 50s.
The October 2026 "Prevention of Cruelty to Animals (Control and Supervision of Experiment, Breeding and Trading of Laboratory Animals) Rules, 2026" weakens oversight and endangers laboratory and stray animals. severe. It shifts oversight so that a facility's own "animal ethics committee" can approve mild and moderate tests and experiments on animals, rather than requiring centralized clearance.
Pls sign Freagles of India's petition: c.org/xPZvgw7wHF
@Min_FAHD @Dept_of_AHD @AwbiBallabhgarh @PetaIndia @pfaindia @FIAPOIndia @dugalira @GulPanag @Bharatitis
Yes Bank unlikely to pay AT1 bond coupons this year despite bond holders demand.
Reuters @GopikaGopa and @jaysh88 report
reuters.com/world/india/yes-…
Ira Dugal retweeted
SCOOP: Major U.S. banks are detecting unauthorized third-party AI agents inside customer accounts, including some attempting to take actions that appear to be independent of user instructions, sources told Axios.
The findings have alarmed banking executives, who are racing to restrict access to their systems as AI moves at a velocity faster than financial institutions can respond, multiple industry and bank executives told Axios.
Several banks are now preparing for worst-case and even “day after” scenarios, including how to rapidly secure or restore customer accounts if things go wrong, the people said.
Several bank executives told Axios they're struggling to distinguish between human users and AI agents. One executive said banks also struggle to determine whether agents are authorized by customers or potentially operating without their permission, more akin to rogue agent behavior.
Read my latest for Axios here: axios.com/2026/10/22/ai-agen…
Think today’s MPC minutes fall in the - I’m not a hawk, I’m not a dove, I’m an owl category.
There is concern evident on inflation, particularly from the RBI deputy governor and executive director Indranil Bhattacharyya.
“I feel it is better to set aside the 'cautiousness bias' and act in a pre-emptive manner at this juncture rather than wait and watch,” Bhattacharyya said.
But there is also caution from the external members, including Saugata Bhattacharya who said: “…too rapid a policy rate adjustment risks constricting growth”.
reuters.com/world/india/indi…
Top Indian non-bank lenders flag early signs of stress in loans against gold reuters.com/world/india/indi…
Ira Dugal retweeted
If the previous wave of foreign banks building out India franchises went badly wrong, the new wave is more about ‘buy, don’t build.’
That doesn’t assure success though.
Will the new wave of foreign bank investments lead to a meaningful share of India banking in the hands of foreign owned / controlled enterprises? That’s what we should be watching for after the big wave of foreign investment in Indian financials.
This week’s India File:
reuters.com/world/india/fore…
Fabulous opportunity to attend and host a panel on financial stability at a time when risks to it come from a myriad of factors - stretched global fiscal policy and bond yields to AI investment, cyber risk and fractured geopolitics!
#RBI SAMVAD2026 | Day 2
Setting the context for the Panel Discussion on Financial Stability, Dr Poonam Gupta, Deputy Governor, RBI noted that financial stability has emerged as a policy objective in its own right, and policy lens has moved from individual institutions to the system as a whole, covering not only banks but also non-banks.
Panelists Mr. Ajay Seth, Chairman, IRDAI, Ms. Yangchen Tshogyel, Governor, Royal Monetary Authority, Bhutan, Dr Athanasios Vamvakidis from the IMF and Mr. Paul Jackson from Invesco noted that there was a need to stay alert as crises were now coming quicker and were more intense. Lessons from past crises regarding ill-effects of financial reengineering should not be forgotten even as we continue to encourage innovation in the financial sector while risks posed by climate change, increasing role of non-bank financial intermediaries and fintechs, and the present non-collaborative phase of geo-politics should be adequately factored in. Gaps in data sharing and concerns arising out of increasing use of AI agents should be addressed and care taken to build resilience not only in balance sheets of banks but also in those of corporates and households.
If the previous wave of foreign banks building out India franchises went badly wrong, the new wave is more about ‘buy, don’t build.’
That doesn’t assure success though.
Will the new wave of foreign bank investments lead to a meaningful share of India banking in the hands of foreign owned / controlled enterprises? That’s what we should be watching for after the big wave of foreign investment in Indian financials.
This week’s India File:
reuters.com/world/india/fore…
Yes Bank Q2 profit rises but AT1 ruling not booked as further appeal weighed reuters.com/world/india/yes-…
Ira Dugal retweeted
India's RBI has spent half of $140 billion FX capital haul in rupee defence, bankers estimate reut.rs/4yj4wN9 reut.rs/4yj4wN9
Ira Dugal retweeted
@dugalira Widening the corridor has the intention of not banks borrowing at MSF rates. They seldom or rarely do or will do. The primary idea is to push the WACR higher and the MSF rate itself becomes the operating rate. And if the corridor is widened, you can increase the repo rate by only 25 basis points, but the impact could be of say 50,75 or even higher depending on how much the corridor is widened.This is the most effective weapon of pushing rates higher as investors demand risk premium in times of uncertainty and will propel capital inflows.
Much has been written on rate defence of rupee, but it may not take the kind of form it did in 2013.
Through the recent rate hike and tighter liquidity, RBI has already added rates to the rupee defence.
And it could further this by considering a front loading of hikes if inflation warrants. Markets are already building that in.
The FX defence toolkit is now fully operational and running thin.
I write with Reuters Dharamraj Dhutia.
Read here: reuters.com/world/india/indi…
