A Sovereign Gold Bond (SGB) bought eight years ago has turned a Rs 1 lakh investment into more than Rs 4.4 lakh, after the Reserve Bank of India announced the final redemption price for the 2017-18 Series-X tranche. The RBI said in its statement dated 3 December 2025 that this series will mature on Thursday, marking exactly eight years from its issue date.This particular tranche had remained open for subscription between 27 and 29 November 2017, with settlement taking place on 4 December that year. The central bank reiterated that, under the Government of India’s notification dated 6 October 2017, these bonds are repayable after eight years, making 4 December 2025 the official redemption date.The RBI has fixed the final payout at Rs 12,820 per unit, a figure calculated using the simple average of the closing prices of 999-purity gold for the three business days immediately before redemption. The India Bullion and Jewellers Association (IBJA) recorded gold prices at Rs 12,821 per gram on 1 December, Rs 12,759 on 2 December, and Rs 12,880 on 3 December 2025, producing an average of Rs 12,820.When the bonds were originally issued, the ministry of finance had priced them at Rs 2,961 per gram, with an online discounted rate of Rs 2,911. Based on this, the absolute return—without including interest—comes to Rs 9,909 per unit (Rs 12,820 minus Rs 2,911). In percentage terms, this works out to roughly 340.3%, delivering a substantial gain for long-term investors.Alongside capital appreciation, SGB holders have also earned a 2.5% annual interest, paid by the government. The scheme, managed by the RBI, is designed as a digital or paper-based alternative to holding physical gold, removing concerns around purity and storage while offering the added benefit of interest income. Investors can also redeem their bonds early after five years, but only on interest payment dates. The bonds remain tradable, can be transferred, and may be used as collateral for loans.The RBI has clarified that investors will receive a maturity intimation one month before the payout date. On maturity day, the redemption amount will be credited directly to the bank account registered in the investor’s records. As per ET, anyone who has changed their bank details, email address or other contact information must inform their bank, SHCIL or post office in advance to avoid delays.

IndiGo CEO Pieter Elbers has written to employees acknowledging the severe disruptions that have hit the airline in recent days, conceding that IndiGo “could not live up to the promise” of providing a good travel experience to passengers. The carrier has seen more than 300 flight cancellations on Thursday alone, with scores of services delayed as operational challenges mounted.

In the internal message, Elbers said the past few days had been “difficult for many of our IndiGo customers and colleagues”, noting that the airline serves close to 3.8 lakh customers daily but had failed to meet expectations.“We could not live up to that promise these past days and we have publicly apologised for that,” he said.Elbers attributed the crisis to a mix of “minor technology glitches, schedule changes, adverse weather conditions, heightened congestion in the aviation ecosystem, and the implementation of the newly released FDTL norms”, which “compounded negatively to create a cascading impact on our operations”. He expressed gratitude to pilots, cabin crew, engineers, OCC, customer support, digital teams and airport staff who have been working “tirelessly to manage the situation, minimise the impact, and restore stability as quickly as possible”.As per PTI, IndiGo’s on-time performance had plunged to 19.7 per cent on December 3, underlining the scale of the disruption. Elbers told staff that given the size and complexity of IndiGo’s network, disruptions “grow large immediately” and require interventions at multiple levels. “Our immediate goal is to normalise our operations and bring punctuality back on track in the coming days, which is not an easy target,” he wrote.The DGCA has summoned IndiGo’s senior management to explain the unprecedented nationwide disruptions and present a corrective plan. The airline has already initiated “calibrated adjustments” to its schedules for the next 48 hours to stabilise operations, according to its official statement.Elbers, in his letter, urged employees to come together as one team, recalling how IndiGo recently completed the upgrade of 200 A320 aircraft within 24 hours. “I am confident we all can deal with this challenge too… Together, as one team, we will overcome this challenge and emerge even stronger,” he said.

Defence minister Rajnath Singh with Russian defence minister Andrei Belousov (Image credits: ANI)

NEW DELHI: India on Thursday sent out a strong signal about the continuity of its partnership with Russia, with defence minister Rajnath Singh emphasising that bilateral defence cooperation remains steady “despite the geopolitical uncertainty.” His remarks came at the 22nd India-Russia Inter-Governmental Commission on Military & Military Technical Cooperation (IRIGC-M&MTC) meeting in New Delhi, held just hours before Russian President Vladimir Putin arrives for the 23rd Annual Summit.

Singh described Russia as a “time-tested, special privileged, and strategic partner” and noted that defence ties have grown consistently since the signing of the 2000 Declaration of the India-Russia Strategic Partnership. “I thank you very much for coming all the way to India to discuss and promote bilateral defence cooperation between our countries… It is good that despite the geopolitical uncertainty, our India-Russia defence cooperation is moving at a healthy pace,” he said, as quoted by ANI.He highlighted “outcome-oriented exchanges” between military personnel and experts and also pointed to wider economic engagement.“We welcome the successful holding of the 26th meeting of the India-Russia Working Group on Trade and Economic Cooperation in Moscow last month, and the commencement of negotiations for a Free Trade Agreement with the Russia-led Eurasian Economic Union,” Singh said. He added, “We were also eagerly awaiting the visit of His Excellency, Vladimir Putin… which has been fulfilled today.”

Russian defence minister Andrei Belousov, co-chairing the meeting with Singh, echoed the sentiment of long-standing partnership.Belousov also noted the extent of military cooperation. “Russia actively cooperates in full scale with India in formation of the new outlook of the Army, Air Force, and the Navy. And using this opportunity, let me congratulate you, the command, and all Indian sailors with the National Navy Day,” he said.On the work of the joint commission, he added, “Distinguished Minister, the intergovernmental commission on military and military-technical cooperation brings the huge dedication in taking part in taking effective and mutually beneficial decisions in the military domain.”

Setting the stage for PM Modi–Putin summit

Earlier in the day, Singh and Belousov laid a wreath at the National War Memorial, and the Russian minister inspected the Tri-Service Guard of Honour. Belousov was received at Air Force Station Palam by Minister of State for Defence Sanjay Seth, with Chief of Defence Staff General Anil Chauhan also present.Russian President Vladimir Putin is set to arrive in India on Thursday evening for his first visit in four years, beginning the trip with a private dinner hosted by PM Modi. The two leaders have spoken by phone five times in 2024 and last met in person on the sidelines of the SCO Summit in Tianjin.Putin’s arrival marks his first trip to India since 2021 and his first since the Ukraine conflict began in 2022.His return to New Delhi comes as the India–Russia partnership continues to adjust to shifting global dynamics, balancing long-standing defence ties with cooperation in technology, energy transition, education, and workforce mobility.

How Republicans are coming after Pete HegsethPete Hegseth entered Donald Trump’s second administration as one of its most trusted loyalists — a Fox News star turned defence secretary who promised to bring ideological clarity, forceful military action and a Trump-first worldview to the Pentagon. Ten months later, the Republican establishment that backed him is now turning on him.The reason is not a policy disagreement or a partisan fight. It is a lethal operation in Latin America, a second strike that killed two survivors, and a growing belief among Republicans that the Pentagon under Hegseth has become secretive, erratic, and unwilling to answer basic questions. What began as frustration inside classified briefings has escalated into the most serious internal revolt of Trump’s second term.Here’s what is driving the backlash.

The boat strike that triggered the revolt

Everything changed after a US strike on 2 September against a suspected drug-smuggling vessel. The first missile killed most of the people onboard. Two survived, clinging to wreckage. Minutes later, a second strike killed them too.Republican lawmakers expected clear answers about why the second strike was authorised and whether it complied with the law of armed conflict. Instead, Pentagon officials arrived without lawyers, could not explain the legal framework, and struggled to describe even the basic decision chain behind the mission.For many Republicans, the absence of transparency was more alarming than the operation itself. The sentiment leaving the room was blunt: “We can’t get straight answers from our own defence secretary.”

Why Republicans say their patience has run out

Hegseth’s problems did not begin with the boat strike. For months, Republicans on key committees have complained privately that he has:

The September operation simply turned long-standing irritation into open confrontation. Senior Republicans who once defended Hegseth now say confidence in his leadership has eroded. Others refuse to say publicly whether they still back him — a Washington signal that support is slipping.The pattern they see is not one bad call, but a defence secretary who treats Congress as optional.

The Bradley question and its political danger

The spotlight now extends to Adm Frank Bradley, the commander who oversaw the operation. He is expected to argue that the survivors remained legitimate targets and could have retrieved narcotics floating in the water or alerted accomplices.Republicans want to know whether Bradley acted independently or followed a verbal directive to ensure “no survivors.” They are demanding full surveillance video and communication logs to determine precisely what happened — and whether the Pentagon’s public explanations match the footage.If inconsistencies emerge, the political damage will expand from Bradley to Hegseth, and from Hegseth to the White House.

A wider pattern making Republicans uneasy

Beyond the boat strike and the transparency issues, Hegseth has alarmed Republicans with several decisions:

Each episode strained Republican confidence. Combined, they created a perception that the Pentagon is operating without guardrails.The boat strike became the moment Republicans decided that silence carried its own political risks.

Why Republicans are coming after him now

The backlash is driven by three urgent concerns:Legal exposureIf the second strike is ultimately judged unlawful, Congress cannot appear to have ignored it. Some Republicans want to be seen as correcting, not enabling, the Pentagon.Operational credibilityA defence secretary who cannot explain a major mission weakens support for ongoing operations across Latin America and elsewhere.Political insulationRepublicans know the fallout could extend to Trump himself. Distancing early is a standard Washington survival tactic. This is why even usually loyal lawmakers are sharpening their tone.

What happens next

Republican-led committees are preparing deeper inquiries, more hearings, and broader evidence requests. If the surveillance footage contradicts public statements, the consequences could rapidly escalate.Hegseth may survive, but his authority has already been weakened. For the first time in Trump’s second term, Republicans are signalling that a cabinet official may be expendable — even one who entered office as a MAGA favourite.The message from Capitol Hill is clear: the Pentagon cannot run on loyalty alone.