NEWS POINT | PAGE 20 COMPANIES | PAGE 4 For OpenAI's Devanathan, local markets hold the key BACK PAGE | PAGE 20 JioMart,Ajio lose users as rivals expand active bases BENGALURU, THURSDAY, SEPTEMBER 3, 2026 BookMyShowtobring BTStoIndianextMarch FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 118, 54 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 76,570.35 ▼ 373.93 NIFTY: 23,914.45 ▼ 141.35 NIKKEI 225: 64,325.64 ▼ 1,889.70 HANG SENG: 25,311.21 ▼ 18.52 `/$: 94.98 ▼ 0.03 `/€: 109.90 ▲ 0.18 BRENT: $94.05 ▼ $0.60 GOLD: `1,50,124 ▼ `2,672 INFLOWSMORETHANDOUBLEINLAST10DAYS Chandra FCNR(B)oom@$127bn ● Total flows IN THE NEWS ECONOMY PAGE 2 GOR PITCHES FOR FRICTION-LESS INDIA-USTRADE SERGIO GOR, THE US Ambassador to India, on Wednesday said that as both countries work through the details of their trade relationship, they should aim to create an environment where American suppliers and technology can freely access the Indian market, and Indian firms can compete fairly in the US market, reports fe Bureau. » INSIDE « DON’TEXPECTMAJOR REVISIONTO Q1 GDP DATA: MOSPI SECRETARY PAGE 2 TECHINTEACHING:THELAST CHALKBOARDPROFESSOR? WRITESATANUBISWASPAGE 8 under special swap windows cross $136 bn KSHIPRA PETKAR Mumbai, September 2 A LATE RUSH for the Reserve Bank of India’s special forex swap window has pushed mobilisation through foreign currency non-resident, or FCNR(B) deposits, to $127.22 billionbyAugust31–wellabove the earlier estimates. Overall, the total foreign currency mobilisation was a staggering $136.37 billion, according to provisional data bythe RBI. FE was the first paper to report that collections through FCNR (B) has crossed $100 billion onWednesday. FCNR(B) deposits did most oftheheavyliftinginthelast10 days as well. They jumped by $61.8 billion in the final 10 days, from $65.4 billion on August21to$127.22billionon August 31. Continued on Page 6 »INSIDE« ICICI GETS $17.9 BN UNDER FCNR(B) SWAP FACILITY P6 NEARLY $53 BN ROUTED VIA GIFT CITY P6 EDITORIAL: PROBLEM OFPLENTY P8 WINDFALL GAINS Forex inflows ($ bn) Total: 136.37 OFCBs 5.26 FCNR(B) Source: RBI ECBs 3.89 127.22 RBI Governor Sanjay Malhotra with US Federal Reserve Chair Kevin Warsh on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in the US PTI Bankingliquidityhits4-yrhighof`7.7Lcr CHRISTINA TITUS & KSHIPRA PETKAR Mumbai, September 2 BANKING SYSTEM LIQUIDITY surged to a four-year high of `7.7 lakh crore on Tuesday, driven largely by foreign currency inflows through FCNR(B) deposits, prompting the Reserve Bank of India (RBI) to step up liquidity absorption operations. System liquidity averaged `3.67 lakh crore in August, more than three times the `1.07 lakh crore recorded in July,according to RBI data. The sharp rise in surplus liquidity is expected to help banks replace highcost deposits and certificates of deposit (CDs), lowering their cost of funds and potentially supporting net interest margins. The RBI has already intensified liquidity absorption. Over the past two days, the central bank conducted variable rate reverse repo (VRRR) auctions aggregating `15 lakh crore and received bids worth `8.34 lakh crore. On Wednesday, the RBI conducted an overnight VRRR auction and received bids worth `4.6 lakh crore against the notified amount of `5 lakh crore. “After accounting for taxrelated outflows,system liquiditycould reach around `5 lakh crore by September. Continued on Page 6 contests NCLTorder VIVEAT SUSAN PINTO Mumbai, September 2 ZEE TV FOUNDER and Essel Group Chairman Subhash Chandra on Wednesday challenged the National Company Law Tribunal’s (NCLT) decision to constitute a fivemember bench to hear his personal insolvency case, questioning the tribunal’s power to do so. Appearing before the National Company Law Appellate Tribunal (NCLAT), senior advocate Sasmit Patra, representing Chandra, argued that the NCLT lacked statutory authoritytoformsuchabench. The larger bench was constituted after a two-member NCLT bench delivered a split verdict. Nilesh Sharma, appointed as the third member to resolve the difference, subsequently passed an order that was stayed by the fivemember bench on Tuesday. The NCLT has also restrainedChandrafromalienating his assets. The proceedings relate to personal guarantees given by Chandra for borrowings by Essel Group entities.The case involves admitted creditor claims of about `22,006 crore and a proposed repayment plan of around `6.5 crore. Chandra’s counsel stressed that no final order approving the plan has been passed. Continued on Page 11 BENGALURU FMmeetsIMF,WorldBankchiefs FINANCE MINISTER NIRMALA Sitharaman met IMF MD Kristalina Georgieva and World BankPresidentAjayBangaonthe sidelines of the G20 Finance MinistersandCentralBankGovernorsmeetinginAsheville(US), discussingIndia’sgrowth,global economic outlook and development priorities. Sitharaman’s meetingwithGeorgievafocused on the global economic outlook, India’s evolving growth trajectory and the structural shifts underway in the Indian economy.InhermeetingwithBanga, Sitharaman appreciated the WorldBank’scontinuedengagement with India and acknowledged the speedy processing of $1.5billioninDevelopmentPolicyFinancing. PAGE 3 US stays top LNG, LPG supplier THE UNITED STATES remained India’s biggest individual supplier of both LNG and LPG inAugust,accounting for nearly 35% of LNG and 50% of LPG imports but traditionalGulfsuppliersarebeginningtoregainground,particularlyincooking-gasshipments, accordingtoKplerdata,reports SauravAnand.Indiaimported 858,500 tonne of LNG from the US in August, an 18.6% month-on-month increase from 723,800 tonne in July. ThatgavetheUSa34.8%share of India’s total LNG imports of 2.46 million tonne during the month. Combined supplies from the Qatar, Oman and the UAE,meanwhile,stoodatabout 769,100 tonne. PAGE 2