India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
CHENNAI: Asserting that a person with poor or no financial discipline cannot be trusted with public money, Madras high court confirmed State Bank of India's decision cancelling the appointment of a circle-based officer (CBO) due to a poor Cibil score."...the bank took a prudent decision that candidates with a history of default in repayment of loans and adverse Cibil reports were ineligible. The probable rationale behind the criteria may be that in the banking business employees deal with public money and, therefore, financial discipline needs to be strictly maintained," Justice N Mala said.Further, there must be efficiency in handling public money and, obviously, a person with poor or no financial discipline cannot be trusted with public money, she added.The court's observations came while dismissing a plea moved by P Karthikeyan challenging the SBI order dated April 9, 2021 cancelling his appointment as CBO.According to the petitioner, on the date of notification of the recruitment, he did not have dues or an adverse report in repayment of loans/credit card as he had cleared all loans. He was not declared a defaulter by the Cibil report, or by any other agency, and therefore the order cancelling his appointment as a defaulter was illegal and liable to be set aside, his counsel said.Opposing the plea, SBI submitted that one stipulated eligibility criteria was that candidates with records of default in repayment of loans, adverse reports by Cibil or other external agencies were not eligible for appointment. Since the petitioner gave a false declaration, his appointment was cancelled, SBI counsel C Mohan said. The petitioner's Cibil report revealed an adverse credit history in repayment of loans and credit card usage, and therefore the petitioner was found ineligible under Clause 1(E) of the eligibility criteria, he added. Concurring with the submissions, the court dismissed the petition.
Adani Group's listed stocks, which at one point saw as much as $34 billion wiped off their market value, meanwhile recovered ground as some partners and investors rallied behind it. State Bank of India will not stop lending to ongoing Adani projects that are nearing completion, two sources told Reuters, but will exercise caution when disbursing loans to ensure all terms and conditions are being met. Bank of India, Union Bank, ICICI Bank, Canara Bank, IDBI Bank and RBL Bank, which have relatively smaller exposures to the Adani Group, are undertaking similar exercises, sources said. A regulat ...Read More >
Air India launched a Black Friday Sale with discounts up to 20% on domestic flights and up to 12% on international flights to various destinations. The sale is available through the airline's website and mobile apps. Additional savings are possible with waived convenience fees and specific payment methods. The airline continues offering student and senior citizen discounts.Air India on Friday launched a limited-time Black Friday Sale offering discounts of up to 20 per cent off base fares for domestic flights within India. The Tata-owned airlines will also offer up to 12 per cent off base fares ...Read More >
Oppo recently announced its latest flagship smartphones, the Find X8 and Find X8 Pro, in India. Starting today, both handsets are available for purchase via online and offline platforms. In addition to this, Oppo is also offering additional bank discounts, easy no-cost EMI options and other benefits on the purchase. Oppo Find X8 and Find X8 Pro: Price and availability Oppo Find X8 is available in two variants. The 12GB + 256GB variant costs Rs 69,999, and the 16GB + 512GB variant costs Rs 79,999. The Oppo Find X8 Pro, on the other hand, is available in a single 16GB + 512GB variant and it ...Read More >
NEW DELHI: Indian equities surged sharply after the Reserve Bank of India (RBI) delivered a larger-than-expected 50 basis points repo rate cut, reducing it to 5.5% in today's Monetary Policy Committee (MPC) meeting. The move, led by Governor Sanjay Malhotra, exceeded market expectations of a modest 25 basis points cut, thus fueling a broad-based rally. The BSE Sensex zoomed by about 800 points to trade above 82,200 level while the NSE Nifty surge more than 250 points to trade around 25,000 level as of 12.15 pm. Stocks in the rate-sensitive sectors like realty, banking, NFBC and auto counters ...Read More >
Mumbai: Even as mis-selling of insurance plans by banks has drawn scrutiny, the sector regulator doesn't want to manage distribution channels and seeks to focus on customer awareness to check the malpractice. "It's not necessary that every mis-selling is mis-selling, it's also about the customers' understanding of the product," said Swaminathan S Iyer, member (life), Insurance Regulatory and Development Authority of India on the sidelines of an event on Wednesday. "Once you drive home that your understanding is different from what the product is...then I think the absolute number on mis-selli ...Read More >
New Delhi: Good news for bank customers! Several major public sector banks in India have scrapped the requirement to maintain an Average Monthly Balance (AMB) in savings accounts. This move comes as a big relief for account holders, especially those struggling to meet the minimum balance rules. Average Monthly Balance (AMB) is the average amount you need to keep in your savings or current account every month. Banks calculate this at the end of each month. If your balance falls below the required AMB, the bank may charge a penalty. The exact penalty depends on the type of account you have. He ...Read More >
CHENNAI: Indian equity markets experienced a significant rally today, spurred by the Reserve Bank of India's (RBI) unexpected policy measures aimed at stimulating economic growth. The RBI slashed the key repo rate by 50 basis points and reduced the Cash Reserve Ratio (CRR) by 100 basis points, injecting approximately ₹2.5 lakh crore into the banking system. This aggressive easing, coupled with a shift in the RBI's policy stance from 'accommodative' to 'neutral', boosted investor sentiment across sectors. The apex bank's bold policy actions have injected liquidity and optimism into the markets ...Read More >
New Delhi [India], June 8 (ANI): External Affairs Minister S. Jaishankar will undertake an official visit to France, the European Union (EU), and Belgium from June 8 to 14, 2025, the Ministry of External Affairs announced in a press release on Sunday. The visit marks a significant step in further strengthening India's strategic partnerships with Europe. The EAM will first travel to Paris and Marseille, France, where he will hold bilateral discussions with the Minister for Europe and Foreign Affairs of France, Jean Noel Barrot. Also Read | Indian Citizen Dies in UAE: Civil Engineer Issac Paul ...Read More >
VISAKHAPATNAM: Energy Minister Gottipati Ravi Kumar inaugurated Andhra Pradesh's first Super ECBC (Energy Conservation Building Code) compliant building at Sagar Nagar in Visakhapatnam on Friday. Terming it a landmark in sustainable infrastructure, he emphasised the government's commitment to energy efficiency and green design in public facilities. The facility will serve as a national-level training hub for power sector staff. He urged power utilities to expedite 20 lakh rooftop solar connections, targeting 10,000 in each Assembly segment. He reaffirmed nine-hour uninterrupted power for agri ...Read More >
MUMBAI : In the face of decadal-low savings rates, state-run banks are hoping that dropping charges for not maintaining a minimum balance will help hold customers' interest in bank deposits. The decision, said two bankers close to the matter, follows a regulatory push to address customer grievances, as well as internal surveys that estimated limited revenue loss if such minimum balances are not maintained. "The Reserve Bank of India wanted us to look into complaints, and this was one of the major areas. We therefore decided to stop minimum balance charges," said the first of the two bankers, ...Read More >
MUMBAI: The Indian equity indices opened lower on Friday as heavyweights like Axis Bank and Bharti Airtel were among the top losers in the BSE benchmark. At 9.25 am, Sensex was down 171 points or 0.21 per cent at 82, 087 and Nifty was down 35 points or 0.14 per cent at 25, 075. In the Sensex pack, M&M, Tata Steel, Power Grid, L&T, UltraTech Cement, Infosys, Tata Motors, BEL, NTPC, TCS, Trent and Maruti Suzuki were top gainers. Axis Bank, Bharti Airtel, Kotak Mahindra Bank, Tech Mahindra , HDFC Bank, Eternal (Zomato), HUL, Sun Pharma, Bajaj Finance, ICICI Bank, Titan and Bajaj Finserv ...Read More >
Mumbai: The board of IndusInd Bank has shortlisted three candidates for the role of managing director and chief executive officer - Rajiv Anand, deputy managing director at Axis Bank; Rahul Shukla, group head of commercial and rural banking at HDFC Bank; and Anup Saha, managing director of Bajaj Finance. With the Reserve Bank of India's June 30 deadline nearing, the board is unlikely to consider more contenders, people aware of the development said. The RBI had asked the board to submit three names by the end of this month. IndusInd Bank chairman Sunil Mehta had earlier told analysts that th ...Read More >
Mumbai: The Nifty PSU Bank Index jumped more than 2.5% Monday after the finance ministry urged these lenders to offer more credit and monetise subsidiaries through IPOs and stake sales. They bucked the declines in the rest of the banking space. The Nifty PSU Bank Index gained 2.7%, while the Bank Nifty and benchmark Nifty lost 0.2% and 0.5%, respectively. All 12 stocks in the PSU Bank index closed higher. Bank of Maharashtra soared 5.3% while Punjab National Bank and Bank of Baroda rallied 3.9% and 3% respectively. Union Bank, Canara Bank, UCO Bank and Indian Bank gained over 2.5% each. Anal ...Read More >
New Delhi: Boasting of digital growth in India's largest public sector bank State Bank of India (SBI), Union finance minister on Tuesday said that digital transformation undertaken by SBI in the last decade has been immensely beneficial to its customers. Congratulating SBI on completing 70 years of service to the nation, she expressed hope that the bank will continue to innovate and empower as India continues its journey towards 'Viksit Bharat' by 2047. "With over 23,000 branches, 78,000 customer service points (CSPs) and 64,000 ATMs, SBI's footprint today is formidable and it is truly the ba ...Read More >
NewsVoir Pune (Maharashtra) [India], July 7: For today's go-getters and ambitious entrepreneurs and businesses, accessing quick business finance just got a lot more rewarding. Bajaj Finance Limited has launched 'Loan Utsav', a limited-time festive campaign designed to empower business owners with loans up to Rs. 80 lakh -- and exciting rewards like cashback up to Rs. 3,000 and brand vouchers to go with it. The Loan Utsav offer is valid from June 20, 2025, to July 31, 2025, and is available exclusively through the Bajaj Finserv App. The rewards are limited to the first 200 successful business ...Read More >
New Delhi, Jun 8 (PTI) Aam Aadmi Party's Rajya Sabha MP Sanjay Singh and Delhi unit chief Saurabh Bharadwaj on Sunday visited the demolition site of the Madrasi Camp slum cluster, where they met with displaced residents, and intensified their attack on the BJP over the recent eviction drive. They alleged that Prime Minister Modi's promise to slum dwellers of 'jahan jhuggi wahan makan' - house at the site of their hutment - has "proved to be hollow like many others". There was no immediate response available from the BJP or the Delhi government over the accusations. The Madrasi Camp -- a jhu ...Read More >
Mumbai, Jul 4 (PTI) Benchmark indices Sensex and Nifty ended higher on Friday in a highly volatile trade amid a buying rush in banking and other bellwether stocks on the back of a rally in the US markets. After oscillating between highs and lows in intra-day trade, the 30-share BSE Sensex ended 193.42 points or 0.23 per cent higher at 83,432.89. During the day, it hit a high of 83,477.86 and a low of 83,015.83, gyrating 462.03 points. The 50-share NSE Nifty inched up by 55.70 points or 0.22 per cent to 25,461. From the Sensex firms, Bajaj Finance, Infosys, Hindustan Unilever, ICICI Bank, HC ...Read More >
New Delhi [India], July 9 (ANI): Indian banks witnessed significant gains in market capitalisation during the April-June quarter of 2025, driven by falling interest rates and increased liquidity, which collectively attracted investor confidence. According to S&P Global Market Intelligence data, 18 of the top 20 Indian lenders, including the nation's three largest, saw their market cap rise.HDFC Bank Ltd., India's largest bank by market cap, registered a strong 9.70 per cent increase in its market capitalisation. Its private sector counterpart, ICICI Bank Ltd., also posted a healthy gain of 7.4 ...Read More >
Mumbai, Jul 18: Benchmark Sensex tanked 501 points while Nifty closed below the 25,000 mark on Friday due to selling in banking shares after muted quarterly earnings and foreign fund outflows. Falling for the second straight day, the 30-share BSE Sensex declined by 501.51 points or 0.61 per cent to settle at 81,757.73. During the day, it shed 651.11 points or 0.79 per cent to hit a low of 81,608.13. The 50-share NSE Nifty dropped 143.05 points or 0.57 per cent to close at a month's low of 24,968.40. Analysts said investors turned cautious over banking stocks in response to Axis Bank's lates ...Read More >
Mumbai: A RBI report has suggested that all banks should bring down their lending rates for speedy transmission of the policy rate, which was lowered by 50 basis points earlier this month.An article published in the Reserve Bank's June Bulletin stressed that the financial conditionsremained conducive to facilitating an efficient transmission of rate cuts. Most of the banks have already passed on the rate cuts announced in February and April to their customers.It may be mentioned here that several large banks, including SBI, Bank of Baroda, and HDFC Bank, have already passed on the benchmark l ...Read More >
Kargil , Jul 2: Pursuant to putting in place a comprehensive legal framework to ensure fair, inclusive, and transparent recruitment to public services, the Administration of the Union Territory of Ladakh has initiated a large-scale recruitment drive for 359 Gazetted posts through the Union Public Service Commission (UPSC). This marks the first-ever recruitment of Gazetted posts through UPSC since the formation of the Union Territory, officials said. This follows the establishment of a unique and dedicated legal framework specifically designed for Ladakh. The framework ensures maximum local re ...Read More >
Mumbai, Jul 17 (PTI) Axis Bank on Thursday reported a 3 per cent dip in its June quarter consolidated net profit at Rs 6,243.72 crore, impacted by the implementation of changes in non-performing assets and loan upgrade policy. On a standalone basis, the third largest private sector lender's net profit declined to Rs 5,806 crore from the year-ago period's Rs 6,034 crore, but was down sharply when compared with the quarter ago period's Rs 7,117 crore. The bank's core income showed low growth in the reporting period, but it was a Rs 614 crore hit brought about by what it called it a "technical ...Read More >
Jammu- Jammu and Kashmir Chief Minister Omar Abdullah on Thursday reviewed the ongoing restoration work of the historic Mubarak Mandi complex, which was the power centre of the Dogra kings in Jammu, and stressed on enhancing its heritage appeal. The Mubarak Mandi Complex is one of Jammu's most significant architectural heritage sites and is envisioned as a comprehensive cultural centre, housing museums, conference venues and heritage hospitality services. Accompanied by Advisor Nasir Aslam Wani and MLA Yudhvir Sethi during the visit, the chief minister was briefed in detail on the multi-phas ...Read More >
New Delhi [India], June 7 (ANI): Lending rates are expected to fall by around 30 basis points (bps) following the recent policy rate cut, according to a report by the State Bank of India (SBI). The report highlighted that the immediate impact will be seen on loans linked to the external benchmark lending rate (EBLR), which make up about 60 per cent of the loan book of All Scheduled Commercial Banks (ASCBs). SBI said 'The steep cut on policy rates is expected to pass on to the EBLR linked loan book immediately with ASCB share of 60 per cent. Thus immediate impact on average lending rate could ...Read More >
Hyderabad: Chief Minister A Revanth Reddy on Thursday warned educational institutions that cases would be booked against them if drugs were found in their premises. The CM announced that the state's Anti-Narcotics Bureau would henceforth be known as Elite Action Group for Drug Law Enforcement (EAGLE) and was tasked with curbing the menace of narcotics in the state. Speaking at an event marking the International Day Against Drug Abuse and Illicit Trafficking 2025 at Shilpakala Vedika here, Reddy placed an onus on educational institutions to ensure their campuses were free of drugs. "It is the ...Read More >
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The Rajasthan Staff Selection Board (RSSB) has begun the registration process for the recruitment of Village Development Officers (VDOs). For the post, a total of 850 vacancies have been announced, allocating 683 posts to non-scheduled areas and 167 to scheduled areas. Candidates can visit the official website, rssb.rajasthan.gov.in, by July 18, 2025, to apply for the post. The application fee for the exam has been fixed at Rs 600 for candidates coming under the General and OBC (creamy layer) categories, while those coming under the non-creamy layer OBC, MBC, EWS, SC, and ST categories of Raj ...Read More >
Hyderabad, July 6 (Maxim News): In a major boost to employment opportunities in the banking sector, public sector banks (PSBs) are set to recruit around 50,000 personnel during the current financial year (FY2025), according to data compiled from various banks. The move is aimed at supporting expanding business operations, enhancing customer services, and strengthening digital and physical infrastructure. The State Bank of India (SBI), the country's largest lender, is leading the hiring wave with plans to employ nearly 20,000 people in FY2025. This includes both probationary officers and speci ...Read More >
Jammu, Jul 18 (PTI) Senior officials of the Jammu and Kashmir government reviewed the arrangements for the smooth conduct of the 13-day-long Budha Amarnath pilgrimage in Poonch district that will begin on July 28. Deputy Inspector General of Police Tejinder Singh reviewed security in Poonch and stressed ensuring the safety of the devotees. "The first batch will depart from the Bhagwati Nagar basecamp in Jammu on July 28, moving towards the Mandi tehsil in Poonch in a regulated convoy amid full security arrangements," a spokesperson said. Jammu Divisional Commissioner Ramesh Kumar and Inspec ...Read More >
NEW DELHI: India's new approach to treat any act of terror as an act of war has added a new dimension to the Navy's operational outlook after the conduct of Operation Sindoor against Pakistan, Admiral Dinesh K Tripathi said Friday."We must be prepared for this new normal," the Navy chief said at an investiture ceremony here. Over 35 Indian warships and submarines led by aircraft carrier INS Vikrant, with its MiG-29K fighters, were forward deployed in a dissuasive deterrent posture against Pakistan in the northern Arabian Sea last month."Our ships, submarines and aircraft were operationally rea ...Read More >
New Delhi, June 30 (SocialNews.XYZ) The financialization of household savings in India has gained significant momentum as equities as percentage of household savings in the country has increased from 2.5 per cent in FY20 to 5.1 per cent in FY24, an SBI Research report said on Monday. The Indian credit market is witnessing some structural shifts with headline bank credit growth. Thus, arithmetic average possibly hiding more things than it reveals, the report mentioned. In future, sources of credit origination through bank deposits (primarily household savings in bank deposits) needs to be kee ...Read More >