NEW DELHI: India on Wednesday successfully carried out a salvo launch of two indigenously developed Pralay missiles in quick succession from the same launcher off the coast of Odisha, marking a key milestone in user evaluation trials. According to a statement from the defence ministry, the tests were conducted at around 10.30 am near the Integrated Test Range at Chandipur.Both missiles followed their intended trajectories and met all flight objectives. Tracking sensors deployed by the Integrated Test Range confirmed the performance, while telemetry systems installed on a ship positioned near the impact points verified the terminal events. The launch demonstrated the missile system’s operational reliability and readiness.Pralay is a solid propellant, quasi-ballistic missile developed indigenously with advanced guidance and navigation systems to ensure high precision. It is capable of carrying different types of warheads and striking a range of targets, the defence ministry said.The missile has been developed by the Research Centre Imarat in Hyderabad, working with several other DRDO laboratories and Indian industry partners. Bharat Dynamics Limited and Bharat Electronics Limited acted as the development-cum-production partners and integrated the systems for the tests. Senior DRDO scientists, representatives from the Indian Air Force and the Indian Army, and industry officials were present during the trials.Defence minister Rajnath Singh praised DRDO, the armed forces, defence public sector undertakings and industry for the successful launch. He said the completion of the salvo launch established the reliability of the Pralay missile system, according to news agency ANI.DRDO chairman and secretary, department of defence R&D, Samir V Kamat also congratulated the teams involved. He said the successful flight tests indicate that the missile system is nearing induction into the armed forces, as per ANI.The test-firing further strengthened India’s missile capabilities, with both missiles achieving all planned objectives during the user evaluation phase.

Russia’s defence ministry has released night-time footage it says shows the wreckage of a Ukrainian drone shot down near one of President Vladimir Putin’s residences in north-west Russia, reigniting tensions at a delicate moment in peace talks over the war in Ukraine. Moscow described the alleged incident as a “terrorist act” and a “personal attack” on Putin, a claim Kyiv has firmly rejected as fabricated.The video, published on Wednesday, shows a damaged unmanned aerial vehicle lying in snow in a wooded area. The defence ministry said the drone was intercepted during a “mass launch” targeting Putin’s residence in the Novgorod region on the night of December 28–29. According to Russian officials, 91 drones were launched, all of which were intercepted by air defences. The ministry said the drone carried a six-kilogram explosive charge, but added that the residence itself was not damaged.The ministry said the alleged attack was “targeted, carefully planned and carried out in stages.” Moscow has not disclosed where Putin was at the time, citing security concerns. His residences are typically kept secret, though investigations by opposition figures in the past have pointed to a heavily protected lakeside compound in the region.

Ukraine and allies dismiss claim as fabrication

Ukraine has categorically denied any involvement, with President Volodymyr Zelenskyy calling the allegation “a complete fabrication” designed to manipulate ongoing diplomatic efforts. Kyiv said there was no plausible evidence to support Moscow’s version of events and accused Russia of laying the groundwork for further attacks on Ukrainian cities, including Kyiv.“Our negotiating team connected with the American team, went through the details, and we understand that it’s fake,” Zelenskyy told journalists, urging international partners to independently verify the claim. Ukraine’s foreign minister, Andrii Sybiha, said Russia was spreading falsehoods to undermine efforts towards a lasting peace.Notably, Russian officials have said no further evidence would be provided. Kremlin spokesperson Dmitry Peskov said there was no need for proof since all drones were allegedly destroyed. I

Trump reacts

The allegation has landed amid renewed diplomatic activity, shortly after Zelenskyy met US President Donald Trump in Florida. Trump said Putin personally informed him of the alleged attack and criticised Kyiv, saying it was “not the right time” for such actions. Asked whether the incident could have been fabricated, Trump appeared uncertain but said Putin had insisted it happened.The reported attack comes as Trump has claimed a peace deal is “95% done”, while Ukraine says it has agreed to most elements of a US-drafted plan. Russia, however, has signalled it may now “revise” its negotiating position, with foreign minister Sergei Lavrov saying retaliatory targets in Ukraine had already been selected.

MUMBAI: Fino Payments Bank, promoted by Fino PayTech, received in-principle approval from the Reserve Bank of India (RBI) in early December 2025 to transition into a small finance bank, enabling lending operations after restructuring. Fino PayTech’s major shareholders are Bharat Petroleum, ICICI Bank group, Blackstone and Intel Capital. In an interview with TOI, Rishi Gupta, MD & CEO, Fino PB speaks about the roadmap for the transition.What kind of advantage do you get in forming a small finance bank because of your legacy as a payments bank?Unlike most SFBs, which emerged a decade ago from microfinance and carry that structure, our model starts digital-first and transaction-led, with liabilities at its core. Scale is the initial advantage: over 20 lakh merchants and 1.6 crore customers form a ready base, with 60 lakh customers active on UPI, allowing deposits and loans to be layered onto existing payment relationships.Deposits exceed Rs 3,000 crore, parked in-house and with partner banks at under 2% cost. Raising Rs 600–800 crore annually at low cost supports a stable CASA and cheaper funding. Distribution provides the edge. A nationwide merchant network doubles as both lead generator and borrower pool, turning payments rails into credit channels.Timing strengthens the case. With AI at the threshold of banking, it can improve onboarding, call-centre operations, fraud control, and process efficiency. The next pivot is secured lending, run on a low-fixed-cost, low-paper model. Payments remain the engine, with over Rs 1,700 crore flowing through transactions and set to continue under the SFB.Where will you invest to facilitate this transformation into an SFB?Spending will largely be on technology. In Jan, we are migrating our core banking system from FIS to Finacle, while hollowing out the core. Heavy digital investment over the past two–three years continues. The build stays light. Plans call for 100+ branches and 100+ asset centres over three years under a hub-and-spoke model.The aim is to keep fixed costs low, avoiding a branch-heavy reset. Asset centres will manage merchants and loans, while branches gather liabilities. The model remains merchant-first, targeting the middle of the pyramid through a tech-led merchant network rather than a universal-bank sprawl. Nationwide last-mile reach allows customers to move from small-value accounts to higher balances, alongside small-ticket credit such as micro loans, two-wheelers, and affordable housing. CapEx remains disciplined, with IT spending of about Rs 100–150 crore over the next two–three years.What products will you offer on the lending side?The focus will be on secured credit, where technology sharpens risk filters but touch-and-feel remains the cornerstone. We will start with affordable housing for the core customer, add micro loans against property, small-ticket merchant/MSME loans, and gold loans. Personal loans will be offered selectively, using customer and merchant data to price risk.Roughly 35–40% of merchants already borrow elsewhere; the effort is to migrate them onto our platform. Merchants are incentivised to provide better leads.We will eventually introduce secured credit cards, with limits linked to deposits, likely a year or two from now. Co-branded cards are not part of the current plan, though not ruled out. Insurance and mutual fund distribution will also be added.What kind of hiring do you plan?We will hire selectively, adding 500–600 staff over two–three years across corporate and field roles to open branches, asset centres, and strengthen headquarters. We start from scale: Rs 1,700 crore in revenue, 3,000 employees, and offices across states and districts. Much of the infrastructure already exists, reducing build-out time and cost. The real edge is liabilities. In banking, deposits decide winners.What kind of culture do you want to establish in the bank?We have evolved from a business correspondent to a payments bank to an SFB, led by a team with five–seven years of tenure that built the payments platform. Our DNA is merchant-led, anchored in personal connect, local trust, and last-mile reach. That focus remains.Equally important is digital connect. Customers are moving online; so are we, expanding UPI and allied lines. The DTP model—digital, distribution, partnerships—continues to drive growth, backed by 250+ partnerships. What worked for the payments bank carries into the SFB.Do you see becoming a universal bank at some point?Yes, that is an ambition. We became a payments bank in 2015 and received the SFB licence in 2025. If operations go well and execution is strong, there is no reason not to aim for a universal bank licence by around 2035. The rules allow an application after five years of operations. The transition framework is already set out in policy. If the conditions are met, there is no reason not to apply.What will be the impact of transformation spending on the bottom line? Do you plan to raise capital?We will remain profitable. Costs will rise in the first year or two as systems are built and staff hired, but revenues will follow. This is a two–three year play, not a quarter-by-quarter exercise. There is no likelihood of a loss. We made Rs 108 crore in profit last year and expect to remain profitable, even if incremental costs trim margins in the short term.Capital is not a constraint. We are above regulatory thresholds, and our initial two–three year plan does not require fresh capital. We are not looking to raise funds in the next financial year. That could change only if a clear growth opportunity or prudential need emerges. For now, capital is adequate.What will happen to the business correspondent division now that you will be competing with banks you provide BC services to?The business correspondent (BC) business has multiple options. It could be hived off into a group company or sold, either now or later. No decision is imminent, and all options remain open. The BC business contributes about Rs 140–150 crore, or roughly 8% of revenue, so any change would not materially affect the overall business.Under regulations, an SFB cannot house a BC arm or act as a corporate BC for another bank. That structure works for a payments bank but not within an SFB. If the BC business is carved out as a separate company, it can be appointed as the bank’s corporate BC. Merchants are independent entrepreneurs, often running kirana or other local shops, operating on fixed and commission-based arrangements. About 2,000 people manage the merchant network.

Veteran pacer Mohammed Shami is firmly in contention for a return to international cricket, with India’s three-match ODI series against New Zealand scheduled to begin on January 11, 2026. After months on the sidelines following injury, Shami’s impressive domestic performances have caught the attention of selectors, especially with Jasprit Bumrah set to be rested for the series.

India’s selection panel is closely monitoring Shami’s fitness, but the early signs suggest the experienced seamer could be entrusted with leading the pace attack in the ODIs. The move is also seen as part of a broader roadmap towards the 2027 ODI World Cup, where experience is expected to play a crucial role.

Domestic performances strengthen Mohammed Shami’s case

Shami has made a compelling statement through his performances in domestic cricket across formats. Representing Bengal, he has picked up 17 wickets in six recent limited-overs matches. This includes six wickets in three Vijay Hazare Trophy games, highlighted by a tidy spell of 3 for 40 against Chandigarh. In the Syed Mushtaq Ali Trophy, he added another 11 wickets, showing consistency and control in the shorter format.

His red-ball form has been equally impressive. Shami claimed 20 wickets in just four Ranji Trophy matches, underlining that his rhythm and stamina have returned following injury concerns. Notably, his last appearance for India came in the Champions Trophy final in March 2025, where he finished as joint-highest wicket-taker with nine scalps, reinforcing his pedigree on the big stage.

Also READ: Rishabh Pant vs Ishan Kishan – Selectors rethink about backup wicketkeeper for New Zealand ODIs

Selectors set to prioritise experience over youth

According to multiple reports, the Board of Control for Cricket in India (BCCI) have confirmed that Shami “is not out of reckoning,” stressing that fitness remains the only box to tick. One of the BCCI officials noted that the Bengal pacer is “looking good for the New Zealand One-Day series” and hinted that his selection should not come as a surprise.

With Bumrah rested for the ODIs to manage his workload ahead of T20I series and the T20 World Cup 2026, the selectors are keen to rely on Shami’s experience rather than blooding younger options such as Harshit Rana or Prasidh Krishna. The belief is that Shami’s calm presence and tactical awareness can anchor a relatively transitional ODI unit.

If recalled, Shami is expected to spearhead the pace attack alongside Arshdeep Singh, forming a balanced combination of experience and youth. The ODI series will be played on January 11 in Vadodara, January 14 in Rajkot and January 18 in Indore, offering Shami ample opportunity to re-establish himself in the 50-over setup.

Also READ: R Ashwin, Darren Lehmann and others send best wishes as Damien Martyn fights with meningitis

Australia’s Usman Khawaja (AP Photo/James Elsby)

Former England captain Michael Vaughan has said Usman Khawaja should take control of his own future and decide for himself when to walk away from Test cricket, with the fifth Ashes Test at the Sydney Cricket Ground looming as a possible farewell.“There comes a point where you can’t let other people decide your destiny,” Vaughan said. “I would say to Usman, ‘Don’t let them decide. You decide your destiny.’ When someone has played for as long as he has, you’ve got to let the player make that call.” Vaughan was quoted as saying by The Sydney Morning Herald on Wednesday. Khawaja is set to play his 88th Test when Australia face England at the SCG from January 4. Having turned 39 during the third Test in Adelaide, his future has become a major talking point, even though he has looked comfortable since moving into the middle order. “Usman has had an incredible career,” Vaughan said. “Not many players get the chance to say goodbye on their own terms, at their own venue. If he doesn’t do that, he runs the risk of his career ending in a way he doesn’t control.” Vaughan felt the setting could hardly be more fitting if Khawaja does choose to step away. “I can’t think of a better way to say goodbye than at your home ground, in an Ashes series,” he said. “If Uzzie still has the energy and really wants to fight on, I can see that happening. But leaving in Sydney in an Ashes series sounds pretty good to me.” He also pointed to the broader transition Australia are facing. “The likes of Matt Renshaw, Nathan McSweeney, Campbell Kellaway and Ollie Peake are the players we’ve got to start bringing into the Australian side over the next year or so,” Vaughan said. Turning to England, Vaughan said the SCG Test carries major significance for the touring side and its leadership group. “For the future, and for this management in particular, they need to win a strong game of cricket here,” he said. “Not a two dayer. They need a proper week.” Vaughan believes Ben Stokes and Brendon McCullum are likely to continue, but warned the result in Sydney will matter. “I’m pretty sure Ben and Baz will carry on, but they need a good week for that to be absolutely rock solid,” he said. “There’s a huge appetite within the group to keep Brendon on, but if they get pummelled in Sydney, there have to be some honest conversations.” He added that constant changes would not help English cricket, but denial would be dangerous. “Chopping and changing isn’t necessarily the right thing,” Vaughan said. “But they’ve got to accept they got a lot wrong on this tour. If they think they were just unlucky or things didn’t go their way, then we’ve got a problem going forward.” Vaughan signed off by stressing the need for growth within the team. “The key is maturity,” he said. “That’s where this team can be a lot better, in how they play and how they talk. If they can accept that, I’ve got no problem with the management staying the same.”

MUMBAI: Central Railway marked 2025 as a milestone year, combining heritage, performance and forward-looking transformation across its network. The year also commemorated 100 years of electrification, recalling the first electric train run from Victoria Terminus (now Chhatrapati Shivaji Maharaj Terminus) to Coorla (now Kurla) on the Harbour Line in 1925, a defining moment that began a century of modern rail progress in the region, said CR Chief Spokesperson Swapnil Nila.Passenger services and operational performance remained strong throughout the year. “Central Railway carried over 1,500 million passengers and recorded total revenue exceeding Rs 16,110 crore from passenger, coaching and other earnings. Freight operations also maintained momentum with 73.37 million tonnes of loading, supporting industry and supply chains across Maharashtra and beyond,” he said.During 2025, Central Railway commissioned 21 escalators and 23 lifts at various stations, improving ease of movement for senior citizens, women, children and passengers with reduced mobility. Suburban connectivity was strengthened with 10 additional services between Nerul/Belapur and Uran. 2 new suburban stations, Targhar and Gavan, were commissioned on the same route, improving access for growing residential and industrial areas and enhancing connectivity towards the upcoming Navi Mumbai International Airport.To reduce queues and simplify ticketing, Mobile UTS Sahayaks were introduced at CSMT, enabling on-the-spot ticket issuance through handheld devices with both cash and digital payment options. Enforcement drives also reinforced fare compliance, detecting 37.55 lakh cases of unauthorised or ticketless travel and realising Rs 216.6 crore in penalties.In safety and technology, Central Railway became the first zonal railway to complete KAVACH loco trials across all 5 divisions within 6 months, supported by extensive staff training and planned network-wide deployment. Additional innovations included a senior-citizen-friendly EMU compartment, Optical Ground Wire communication, and in-house solutions for monsoon resilience and real-time water-level monitoring in passenger coaches.Sustainability also progressed through Open Access power procurement, enabling greener and more cost-effective electricity sourcing aligned with Indian Railways’ net-zero 2030 mission. Cultural and community engagement featured celebrations of the 150th anniversary of “Vande Mataram” at CSMT, all-women crew operations on International Women’s Day, a World Heritage Day exhibition, and Station Mahotsavs at 15 stations. Passenger welfare remained central, with RPF rescuing 1,499 children under Operation Nanhe Farishte and saving 69 lives under Operation Jeevan Rakshak.

Republic Day 2026 parade: Camels, ponies and dogs to march on Kartavya Path; Army’s four-legged warriors make historic debut

NEW DELHI: India’s Republic Day parade in 2026 will feature a rare and striking spectacle, with an animal contingent of the Indian Army marching along Kartavya Path for the first time, highlighting their vital role in military operations across extreme terrains. According to news agency ANI, a specially curated animal contingent of the Army’s Remount & Veterinary Corps (RVC) will take part in the parade, showcasing endurance, sacrifice and India’s unique high-altitude defence capability.The contingent will include two Bactrian camels, four Zanskar ponies, four raptors, ten Indian-breed Army dogs and six conventional military dogs currently in service. Together, they reflect the Indian Army’s blend of tradition, innovation and growing focus on self-reliance.Leading the column will be the Bactrian camels, recently inducted for deployment in Ladakh’s cold desert regions. Adapted to freezing temperatures, low oxygen levels and altitudes above 15,000 feet, these camels can carry loads of up to 250 kg and travel long distances with minimal water and feed. Their induction has strengthened logistics and patrol capabilities along the Line of Actual Control, especially in sandy stretches and steep terrain.Marching alongside them will be the Zanskar ponies, an indigenous mountain breed from Ladakh. Despite their small size, these ponies can carry 40 to 60 kg at extreme altitudes and temperatures that can fall to minus 40 degrees Celsius. Since being inducted in 2020, they have operated in some of the toughest locations, including the Siachen Glacier, and are used for logistics and mounted patrols covering long distances.The formation will also feature four raptors, used by the Army for bird-strike control and surveillance, highlighting the innovative use of natural abilities for operational safety.Another key highlight will be the Army dogs, often referred to as the Army’s “silent warriors”. Trained at the RVC Centre and College in Meerut, they support counter-terrorism operations, explosive detection, tracking, guarding and disaster response. Many have earned gallantry awards for acts of bravery.As part of the Atmanirbhar Bharat and Make in India push, the Army has increasingly inducted indigenous dog breeds such as Mudhol Hound, Rampur Hound, Chippiparai, Kombai and Rajapalayam. Their presence on Kartavya Path will underline India’s drive for self-reliance in defence.