Business
‘Pawn in trade negotiation’: China refuses to buy US soybeans; Donald Trump admin plans support for farmers – The Times of India

American farmers are looking at losing billions of dollars as Chinese importers have refused to buy US soybeans due to tensions between the two nations. To ease the blow, US treasury secretary Scott Bessent announced that the government will be rolling out new support measures for the farming sector.Bessent told CNBC that the federal government stands behind the farming community, which backed President Donald Trump in the 2024 election. “We’ve got their backs,” he said.“It’s unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations,” Bessent told Reuters.Trump on Wednesday said that soybeans would be a major topic of discussion when he meets Chinese President Xi Jinping in four weeks.Bessent explained that buying American farm products is part of nearly every recent US trade deal. “So we’re going to see other countries substitute for China,” he said. However, despite efforts by the administration and the soybean industry, no other markets have come close to matching China’s usual purchase volumes. A record harvest has also added pressure on prices.Bessent said he met Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday. He asked farmers to expect “substantial support” to be announced on Tuesday, particularly for soybean growers. “On Tuesday, you’re going to see substantial support for the farmers, and we’re also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need for next planting season,” he said.He added that an in-person meeting between Trump and Xi would help set the direction for future trade.“I think with President Trump’s leadership and his relationship – the respect party chair Xi has for him – that this round, which would be our fifth round of talks, should show a pretty big breakthrough,” Bessent said.
Business
Global recognition: India wins ISSA Award 2025 for social security; coverage jumps from 19% to 64% in a decade – The Times of India

India has been recognised globally for its strides in social protection, becoming the fifth country to win the prestigious International Social Security Association (ISSA) Award for Outstanding Achievement in Social Security.The honour was conferred at the World Social Security Forum (WSSF) in Kuala Lumpur, Malaysia, where Union Labour and Employment Minister Mansukh Mandaviya received the award on behalf of the government, PTI reported.“The award is a testament to the vision of Prime Minister Narendra Modi… empowering the last person in the line, that has shaped our journey towards inclusive and universal social protection,” Mandaviya said.According to the labour ministry, India’s social security coverage expanded sharply to 64.3 per cent in 2025, up from just 19 per cent in 2015. Mandaviya said the government is pursuing comprehensive reforms in policy, process, and technology to deepen social security.The ISSA award, first introduced in 2013, is presented once every three years. Brazil was the inaugural recipient, followed by China in 2016, Rwanda in 2019, and Iceland in 2022.India’s approach, the ministry noted, has moved from fragmented systems to an integrated, lifecycle-based safety net. Examples include PM POSHAN for child nutrition, Janani Suraksha Yojana for safe childbirth, PM-KISAN for farmers, and the National Old Age Pension Scheme for senior citizens.Mandaviya said India is leveraging digital innovation to widen opportunities for income generation and strengthen social protection through financial access, skilling, and self-employment.
Business
UPI transaction in September slip below 2 billlion but daily average up – The Times of India

MUMBAI: UPI (Unified Payments Interface) transactions in September 2025 continued to show strong momentum, with growth evident in both daily transaction counts and values. While the total number of transactions for the month dipped slightly compared to August, the average daily data—adjusted for the shorter 30-day September—indicates a clear upward trend in activity on the platform.UPI processed 19.63 billion transactions in September, marginally lower than the 20.01 billion recorded in August. In value terms, the platform saw Rs 24.90 lakh crore transacted, almost flat compared to Rs 24.85 lakh crore in August. On a month-on-month basis, this translated into a 1.9% decline in volume but a 0.2% increase in value. The fall in aggregate numbers was largely due to September having one fewer day than August, making the daily averages more representative of underlying growth.On an average daily basis, UPI handled 654 million transactions worth Rs 83,000 crore each day in September. This marked a 1.37% increase in daily transaction count compared to August’s 645 million and a sharper 3.54% rise in daily value from Rs 80,160 crore. The stronger rise in value relative to volume indicates a growth in average ticket size, with users transacting higher amounts per payment in September. July’s daily averages were lower at 628 million transactions and Rs 80,900 crore, showing a clear three-month progression.The year-on-year picture remains more robust. September’s total transaction volume was 31% higher than the same month last year, while August had posted 34% growth. In value terms, both August and September registered 21% growth over their respective 2024 levels. These double-digit gains underscore the platform’s continued expansion and deepening integration into everyday payments.
Business
No More 1–2 Day Wait: Cheques To Clear Within Hours From October 4

Last Updated:
RBI launches continuous clearing and settlement for CTS-enabled cheques from October 04, enabling same-day clearance nationwide.

rom Tomorrow, Cheques Won’t Take 1–2 Days—Funds to Reflect in Hours
In a major overhaul, the Reserve Bank of India (RBI) is going away from the existing batch-processing model (which takes up to two working days). A new framework known as a continuous clearing and settlement on realization framework will become effective from tomorrow, October 04. It is Phase 2 of the major overhaul of the cheque clearing system across the country, which is divided in 2 phases.
The Continuous Clearing and Settlement on Realisation will ensure cheque clearance within a few hours, reduce settlement risks and improve efficiency and customer experience.
Instead of fixed-batch cycles, the cheques will be scanned, presented and cleared in real-time processing during business hours (10:00 Am to 4:00 PM).
This will help customers to get funds through cheques on the same day, typically within hours, reducing the typical 1–2 day wait. Note that this applies to all CTS-enabled cheques across India. There are no changes to physical cheque issuance rules.
Process Flow:
- Presenting banks scan and send cheque images/MICR data to the clearing house immediately upon receipt.
- The clearing house forwards these to drawee banks (the paying bank) in real-time.
- Drawee banks provide positive (honour) or negative (dishonour) confirmation.
- Settlements occur hourly until the end of the confirmation session (7:00 PM).
- Once settled, presenting banks must credit funds to customers’ accounts within one hour, subject to standard safeguards.
Phase 2 To Bring T+3 Settlement
Phase 2, which is expected to be implemented from January 03, 2026 onwards, will expedite the process faster. Phase 2 will introduce T+3 clearance hours (item expiry time), which means cheques presented 10:00–11:00 AM must be confirmed by 2:00 PM; unconfirmed ones are deemed approved at expiry.
This mechanism sets a strict timeline for drawee banks (the bank on which the cheque is drawn) to confirm whether a cheque is honoured or dishonoured, ensuring faster cheque clearance within hours on the same day.
T+3 refers to a time-bound process where a cheque presented to the clearing house must be confirmed (either honoured or dishonoured) by the drawee bank within three hours from the time of its presentation.

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 03, 2025, 14:42 IST
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