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
No More Mandatory Probate Of Will In Mumbai, Chennai, Kolkata: What Does It Mean For Heirs?
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Probate of wills is no longer mandatory in Mumbai, Chennai and Kolkata after Parliament amended Section 213 of the Indian Succession Act, 1925.
ig Relief For Families: Wills No Longer Need Probate In Mumbai, Chennai, Kolkata
The probate of wills is no longer mandatory now in Mumbai, Chennai and Kolkata. The Indian government has brought amendment into Section 213 of the Indian Succession Act, 1925 under the Repealing and Amending Act, 2025.
Probate is a court’s legal confirmation that a will is valid. It allows the executor to distribute the deceased person’s assets.
Parliament passed the Repealing and Amending Act, 2025, which deletes Section 213, ending the requirement of mandatory probate for wills in Mumbai, Chennai, and Kolkata.
The government argued that the rule was a colonial-era provision, discriminatory, and causing unequal treatment between communities and regions.
What does this mean for heirs now?
Heirs of Mumbai, Chennai and Kolkata can claim property without probate like in other parts of the country. Banks, registrars and authorities may accept the will directly.
The process becomes faster, cheaper and less court-driven.
However, probate is still required in case there is a dispute over the will. The matter then can be proceeded with in the court for resolution.
Why was mandatory probate only for Mumbai, Chennai & Kolkata?
The mandatory probate was applicable only for these three cities, which reflects a remnant of the colonial era. The British created special succession rules only for these cities.
During British rule, Mumbai (Bombay), Chennai (Madras) and Kolkata (Calcutta) had Presidency High Courts.
Muslims and Christians were already exempt from mandatory probate even in these cities. This Section only applied over Hindus, Buddhists, Sikhs, Jains and Parsis.
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December 31, 2025, 13:01 IST
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The Pakistan Stock Exchange (PSX) continued its upward trend on Wednesday, with the benchmark KSE-100 Index crossing over the historic 175,000-point milestone in early trading.
During the trading session, the KSE-100 Index rose by over 700 points, reaching a high of 175,232 points, its highest level ever.
Earlier in the day, the index had climbed 208 points to 174,681.
At the close of trading on Tuesday, the KSE-100 Index had ended at 174,472 points, highlighting the market’s continued bullish momentum as the year comes to a close.
Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation.
Index-heavy stocks, including HUBCO, MARI, POL, PPL, OGDC, PSO, HBL, MEBL and MCB, traded in the green.
Business
Asian stocks today: Markets trade mostly in red on last trading day of 2025; HSI sheds over 200 points, Kospi flat – The Times of India
Asian markets slipped mostly into red on Wednesday, the final trading session of 2025, as investors remained cautious ahead of the New Year holiday and took cues from Wall Street losses.In Hong Kong, HSI slipped over 224 points to 25,630. Nikkai was also trading at a loss, shedding 187 points or 0.3%. Shanghai and Shenzhen were also down 0.07% and 0.67% at 10:35 AM IST. South Korea’s Kospi was also down 6 points to trade at 4,214. With the holiday season keeping participation low, trading volumes across the region remained thin. Commodities offered a steadier picture, with precious metals holding their ground after retreating from record levels seen earlier in the week. The uneven performance followed a muted session in the United States, where major Wall Street indices finished slightly lower on Tuesday. Investor unease over stretched valuations in artificial intelligence (AI)-linked stocks continued to weigh on sentiment. Even so, US markets were still set to deliver solid gains for the full year, a trend mirrored across much of Asia. Regional markets benefited from a combination of easing monetary conditions and a powerful rally in technology shares. In China, fresh official data showed factory activity edged up marginally in December, offering a rare positive signal at the close of an otherwise subdued year for the world’s second-largest economy. A key driver of the year’s global market strength has been the US Federal Reserve’s shift towards monetary easing in the latter half of 2025, alongside a flood of investment into AI-related technologies. Minutes from the Fed’s December policy meeting revealed that most officials consider further interest rate cuts appropriate, provided inflation continues to cool as anticipated. Precious metals have been among the most volatile assets in recent days, lifted by their demand as safe-haven investments amid ongoing geopolitical tensions. Gold and silver both touched record highs last week before pulling back.
No More Mandatory Probate Of Will In Mumbai, Chennai, Kolkata: What Does It Mean For Heirs?
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