India’s government is proposing a 0.4% merchant discount rate (MDR) on UPI merchant payments above Rs 2,000, which could generate Rs 15,000 crore a year. That revenue would be less than 4% of the net profits of all listed commercial banks in India in FY26. It would also amount to 7% of the combined net profits of State Bank of India, HDFC Bank and ICICI Bank. Payments above Rs 2,000 make up 4% of UPI merchant transactions by volume but account for 67% of the total value.

Iran is holding funeral prayers in Qom for slain Supreme Leader Ayatollah Ali Khamenei and members of his family, as an oil tanker was set on fire after being struck by an unknown projectile in the Strait of Hormuz. The UK’s maritime agency said the tanker was hit off Oman’s coast and that no casualties have been reported. The report also listed city-wise Indian gold rates, including 24-carat gold at Rs 14,526 per 10g in Mumbai, and said geopolitical tensions have lifted safe-haven demand for the metal.

India’s federal government has issued an emergency directive asking Apple and Google to remove three battery-management apps—BAT-BMS, Lossigy and Epoch Li-ion—from their app stores, after the apps were allegedly misused to remotely hijack battery systems in Delhi’s electric rickshaws. The move follows reports of drivers’ vehicles being forcibly shut down via Bluetooth and then held for ransom to restart. The incidents have prompted a joint probe by Delhi’s transport department and police, and have put renewed scrutiny on how platforms vet third-party app security, according to the directive.

The US and Iran have signed a Pakistan-mediated memorandum that reopens shipping through the Strait of Hormuz, offering 60 days of toll-free passage before insurance and service charges are introduced. Iran has also set up the Persian Gulf Strait Authority (PGSA), requiring vessels to submit an online transit request at least 48 hours in advance. The strait carries about 20% of global oil and LNG flows, and India routes 65–70% of its crude oil imports through it. Markets remain unsure about supply stability, and oil prices have not fallen significantly.

Accenture issued a weaker revenue growth forecast, fueling worries that global corporate technology spending is slowing and sending Indian IT shares down 8% in a single session. Separately, Amazon said it is exploring selling its in-house Trainium AI chips to third parties. The move would position Amazon as a direct challenger to Nvidia in the AI infrastructure market.

The Strait of Hormuz has been declared reopened after a memorandum of understanding was signed, but restoring real oil flows could take months due to demining, repositioning empty tankers, restarting production and completing long-haul shipments. Global crude inventories have already fallen by 190 million barrels, while the Cushing, Oklahoma hub is nearing its operational stress level and storage sites worldwide are close to critical thresholds. The International Energy Agency estimates it would take about a year to replace 1.15 billion barrels of lost oil even with an additional 5 million barrels of production, and analysts warn the physical supply gap could keep prices rising through the summer despite market optimism.

The Federal Reserve’s latest projections lifted the median policy-rate estimate for end-2026 to 3.8%, with nine officials penciling in at least one hike this year and markets pricing 72% odds of a move by October. Short-term U.S. Treasury yields climbed to a 16-month high and the dollar strengthened. The report says a higher-rate backdrop typically weighs on emerging-market assets and notes that surging crude oil—once as high as $125 a barrel—has already battered Indian equities. It adds that oil has eased on expectations of a U.S.–Iran peace deal, but a more hawkish Fed undermines the pricing base for commodities.

A health report said a 42-year-old gym-goer developed fatigue, brain fog and recurring infections after long-term excessive use of zinc supplements, with symptoms lasting more than six months. The report warned that too much zinc can be toxic and can interfere with the absorption of other minerals. While the case is anecdotal, it highlights potential safety risks tied to zinc supplements. It could also add marginal pressure to end-user demand for zinc as a bulk commodity by shaping consumer behavior and drawing regulatory attention.

India’s government said it will gradually roll back emergency fuel controls introduced during the West Asia supply crunch, including gas allocation priorities, cuts to commercial LPG supplies and longer refill intervals for household cylinders. The move hinges on expectations that shipping through the Strait of Hormuz will normalise and Middle East oil and gas exports will resume. India imports more than 88% of its oil, 60% of its LNG and about 50% of its natural gas, with roughly 40% of crude oil, 60% of LNG and 90% of LPG typically sourced from West Asia. If a peace agreement holds, a large return of Middle East supplies could create a short-term surplus.