Business
Government-backed NS&I facing £3bn bill for four-year overdue digital revamp
The Government-backed NS&I is facing a bill of £3 billion and a four-year delay for its major digital revamp, having “underestimated” the scale of the challenge, the pubic spending watchdog has said.
The savings giant does not have a realistic plan in place and lacks the capability to deliver on its programme, according to the National Audit Office (NAO).
NS&I, which has more than 24 million customers and is backed by the Treasury, kickstarted a digital transformation programme in 2020.
It was hoping to reduce its running costs and modernise its IT systems as part of the plans.
The programme aims to replace its outsourcing arrangement with external supplier Atos, which it has had since 1999.
The arrangement covers most of its operations, including engagement with customers and processing payments.
NS&I said it expects the programme to end when the Atos contract expires in March 2028 – four years later than its original schedule of 2024, the NAO found in its report.
It is also set to go over budget with total costs expected to be £3 billion – up from the £1.7 billion estimated budget in 2020.
Gareth Davies, head of the NAO, said: “NS&I faced complex, long-term technology challenges and saw the ending of the contract with its external supplier as an opportunity to resolve these and transform its business.
“But it underestimated the scale of this challenge and overestimated its ability to deliver its digital transformation programme, which led to significant cost and time increases.”
The NAO said NS&I reset its programme in 2024 and has “made progress by identifying the key issues to address”.
“It must now develop a realistic integrated plan to deliver its new operating model and achieve intended benefits for the business, customers and the taxpayer,” Mr Davies concluded.
NS&I is backed by the Treasury, so money held with it has 100% security.
It raises funds for government by borrowing from individual savers, who invest in products such as premium bonds and ISAs.
A spokesman for NS&I said: “We welcome the NAO’s report and accept its recommendations.
“We are on track to raise £12 billion this year to help support public services across the UK, while maintaining our operational performance and customer satisfaction for 24 million customers.
“Our business transformation programme is key to continuing to deliver cost-effective finance for government, and the services customers want.”
Business
India’s FTA push: Negotiations with EU, US, Oman, New Zealand, & more ongoing; ‘many more wanting us to start,’ says Goyal – The Times of India
Commerce and industry minister Piyush Goyal on Friday outlined India’s ongoing plan to expand its free trade agreement network, saying that discussions are underway with the US, the European Union, New Zealand, Oman, Peru and Chile.Speaking at the CII Partnership Summit 2025, Goyal also highlighted the scope for infrastructure collaboration, stating that the India Trade Promotion Organisation (ITPO) is willing to work with the Andhra Pradesh government to build Andhra Mandapam as a world-class convention facility on the lines of Bharat Mandapam in New Delhi. The minister further added that reducing global trade barriers would contribute to the free movement of goods, services and capital. He noted that India already has free trade agreements in force with the UAE, Australia and the EFTA bloc of four European nations. “We are currently negotiating with the EU, US, Oman, New Zealand, Chile and Peru and many more wanting us to start negotiations,” he said. He further added that the Centre has taken steps to improve ease of doing business, including eliminating nearly 42,000 compliances and scrapping around 1,500 laws.Earlier this week, India successfully concluded the fourth round of negotiations with New Zealand. The two countriesheld discussions over a wide range of priority issues, covering trade in goods and services, economic and technical cooperation, investment, and rules of origin.In October, India and EU engaged in negotiations to finalise a mutually beneficial, balanced and equitable trade agreement. Both sides aim to finalise the agreement by the end of this year.
New Delhi: Anil Ambani offers to appear Virtually before ED in a 15-Year-Old FEMA Case. Reliance Group chairman Anil Ambani has agreed to cooperate with the Enforcement Directorate (ED) and proposed appearing via virtual means after being summoned under the Foreign Exchange Management Act (FEMA). The investigation pertains to alleged fund movements linked to the Jaipur–Reengus Highway Project, where the ED suspects nearly Rs 100 crore were illicitly transferred abroad through hawala channels.
According to a spokesperson for Ambani, the summons relate to a FEMA inquiry and not the Prevention of Money Laundering Act (PMLA) as some media reports have inaccurately suggested. The matter, as per the ED’s own media release dated November 3, 2025, concerns a 15-year-old case dating back to 2010 involving a domestic road contract with no foreign exchange component. The spokesperson emphasized that Ambani served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022, clarifying he had no operational role in the company.
According to Ambani’s side, the matter is linked to the Jaipur-Reengus Highway Project, which was a domestic road construction contract from 2010. The project was under the name of Reliance Infrastructure Ltd and was executed under an EPC contract. It was an Indian project with no involvement of foreign exchange transactions. The company says that the JR Toll Road construction is completely finished and since 2021, it has been with the NHAI. Therefore, there is nothing in that project today that would amount to any foreign exchange regulation violation.
While Ambani has assured full cooperation and offered virtual attendance for questioning, the ED’s investigation continues into the fund movements and the hawala transactions associated with the highway project. The case underscores ongoing scrutiny of past contracts and alleged financial misconduct involving corporate groups in India.
Business
Stock Market Updates: Sensex Falls 400 Points In Pre-Open, Nifty Below 25,800; Bihar Election Results In Focus
Last Updated:
Indian equity benchmark indices, Sensex and Nifty, are poised for a weak start on Friday, mirroring the sharp sell-off seen in global markets
Sensex
Indian equity benchmark indices, the Sensex and Nifty, are poised for a weak start on Friday, mirroring the sharp sell-off seen in global markets. Investor sentiment remains cautious ahead of the Bihar assembly election results, which will be announced today. At 8:45 AM, GIFT Nifty Futures were trading at 25,899.5, down 23.5 points.
Global Cues
Across Asia, markets slipped in early trade after Wall Street closed sharply lower, with technology stocks facing renewed pressure amid uncertainty over potential Federal Reserve rate cuts. Japan’s Nikkei 225 was down 1.5 per cent, South Korea’s KOSPI dropped 2.03 per cent and Hong Kong’s Hang Seng declined 1.23 per cent.
In the US, major indices tumbled on Thursday as AI-linked stocks dragged the broader market amid ongoing valuation concerns. The S&P 500 fell 1.7 per cent, the Nasdaq Composite dropped 2.3 per cent and the Dow Jones Industrial Average declined 1.7 per cent.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
November 14, 2025, 09:13 IST
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India’s FTA push: Negotiations with EU, US, Oman, New Zealand, & more ongoing; ‘many more wanting us to start,’ says Goyal – The Times of India
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