General Awareness

BUSINESS AND ECONOMY - June 2018

Jun 2018

Dec 18, 2025

Google launches RuPay-based credit card in India with Axis Bank

Google has launched its first-ever credit card globally, debuting in India as a co-branded RuPay card issued in partnership with Axis Bank. The card can be linked to users’ UPI accounts for merchant payments, extending Google’s payments ecosystem beyond wallets into a line of credit. The issuer promises instant cashbacks or rewards at the point of use, a departure from the common practice of posting rewards at cycle end. The RuPay-UPI arrangement relies on the National Payments Corporation of India network; Mastercard and Visa cards cannot be linked to UPI. This move highlights India’s push toward interoperable digital payments within a growing credit market.

Google launches RuPay-based credit card in India with Axis Bank.
Card linked to UPI for merchant payments; instant rewards at use.
RuPay-UPI network is run by NPCI; Mastercard/Visa cannot link to UPI.
Signifies expansion of India’s interoperable digital payments ecosystem.

JP Morgan to build Asia's largest GCC in Mumbai

American banking giant JP Morgan will establish Asia’s largest Global Capability Centre at Powai, Mumbai, occupying about 2 million square feet and becoming the largest such facility in Asia when completed in 2029. The centre is expected to house up to 30,000 employees and will reinforce JP Morgan’s BFSI footprint in India. Over the past two years, the firm has taken nearly 1 million square feet in India, underscoring India’s role as a strategic technology and operations hub for global finance. The Powai GCC will operate as a central hub for technology, risk, operations, and client services. This investment signals growing Indian confidence in JP Morgan’s long-term India strategy.

JP Morgan to establish Asia’s largest GCC at Powai, Mumbai.
Size: about 2 million square feet; up to 30,000 employees.
Completion targeted for 2029; strengthens India as a BFSI hub.
Firm has expanded India footprint by nearly 1 million sq ft recently.

Dec 17, 2025

IDFC FIRST Bank launches Global Savings Account in USD and EUR for NRIs

IDFC FIRST Bank launched the IDFC FIRST Global Savings Account in USD and EUR, offered through GIFT City, Gujarat, for Non-Resident Indians. The account targets internationally mobile customers who want to hold, save, and remit funds in foreign currency without conversion risks or cross-border banking friction. The product aims to simplify foreign currency holdings and reduce costs associated with currency exchange. The Global Savings Account complements IDFC FIRST Bank’s existing NRI services and seeks to attract clients with a diversified currency portfolio and streamlined remittance options.

Global Savings Account available in USD and EUR.
Distributed via GIFT City, Gujarat for NRIs.
No currency conversion risks; reduced cross-border friction.
Targets internationally mobile customers with foreign currency needs.
Adds to IDFC FIRST Bank’s existing NRI offerings.

Uttar Pradesh tops India in crypto investment in 2025

Uttar Pradesh has emerged as India’s top state for cryptocurrency adoption in 2025, leading in total invested value according to CoinSwitch’s India’s Crypto Portfolio 2025 report. UP accounted for 13 per cent of India’s total crypto invested value, the highest share among states. It was followed by Maharashtra at 12.1 per cent and Karnataka at 7.9 per cent. The report notes a shift in digital asset activity, with smaller cities and non-metro regions driving growth beyond traditional financial hubs. The data illustrate a broadening base of crypto participation, widening geographic spread across the country.

UP leads with 13% of India’s total crypto invested value in 2025.
Maharashtra 12.1%, Karnataka 7.9% follow.
Growth driven by non-metro regions and smaller cities.
Source: CoinSwitch, India’s Crypto Portfolio 2025.
Indicates broader geographic participation in crypto markets.

Dec 16, 2025

SBI Appoints Ravi Ranjan as Managing Director

State Bank of India appointed Ravi Ranjan as its Managing Director with effect from December 15, 2025.
The appointment was notified by the Department of Financial Services under the Ministry of Finance through a government notification.
Before his appointment as Managing Director, Ranjan served as deputy managing director for Global Markets for over a year and earlier headed the Corporate Accounts Group. He has also held several senior leadership roles within the bank, including chief general manager of SBI's Chennai Circle, which covers Tamil Nadu and Puducherry.

Innoviti Recognised as Hurun India Unicorn & Future Unicorn CE‑Cat

Innoviti Technologies, a payments-focused SaaS platform, was recognised by ASK Private Wealth and Hurun India as a Cheetah in the 2025 Unicorn & Future Unicorn Index. Innoviti’s Unipay platform powers top retailers by providing end-to-end payment governance from billing to collections. The award highlights rapid growth and strong revenue models, signaling potential unicorn status in the near term. Industry observers expect continued product expansion and strategic partnerships that could accelerate Innoviti’s scale in India’s expanding digital payments ecosystem.

Innoviti named a Cheetah in Hurun India Unicorn & Future Unicorn 2025.
Unipay powers major retailers with end-to-end payment governance.
Boosts expectations for unicorn status and growth.
Signals momentum in India’s digital payments sector.

RBI Clears HDFC Bank to Buy Up to 9.5% in IndusInd Bank

The Reserve Bank of India has approved HDFC Bank’s plan to acquire up to 9.5 percent of IndusInd Bank, granting the Mumbai lender a significant stake in the private lender. The RBI’s approval, issued on 15 December 2025, allows HDFC Bank to become a substantial shareholder in IndusInd Bank, which has faced governance and financial challenges in recent months. The regulator requires completion of the acquisition within one year from the approval date; failure to do so would cancel the permission. The move signals sector consolidation and could influence private-sector lending dynamics in India.

RBI approves HDFC Bank’s acquisition of up to 9.5% stake in IndusInd Bank.
Approval date: 15 December 2025; one-year completion window.
IndusInd has faced governance/financial challenges recently.
Outcome may affect private banking sector competition.

PayPal Seeks Utah Bank Charter to Expand Small-Business Lending

PayPal Holdings Inc has filed to become a bank in the United States, aiming to leverage a regulatory environment more open to fintechs entering traditional banking. The company submitted applications to the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions to form a Utah-chartered industrial loan company. If approved, PayPal Bank would strengthen the group’s ability to extend small-business lending, complementing its payments network. PayPal notes it has provided access to more than $30 billion in loans and capital since 2013 and argues a bank charter could accelerate lending to merchants while ensuring robust risk controls.

PayPal applied to FDIC and Utah DFIs to form Utah-chartered industrial loan company (ILC).
Approval would enable PayPal Bank to expand small-business lending.
PayPal reports over $30 billion in loans/capital since 2013.
Regulatory scrutiny and risk-management requirements would apply.

Dec 15, 2025

PNB Housing Finance Appoints Ajai Kumar Shukla as New MD & CEO

PNB Housing Finance appointed Ajai Kumar Shukla as Managing Director and Chief Executive Officer for a five-year term.
Shukla's appointment came after the exit of former CEO Girish Kousgi, who resigned in October to take up a leadership role at IIFL Home Finance.
Shukla brings over 30 years of experience in housing and mortgage finance.

Cabinet approves Foreign Direct Investment in insurance to 100%

The Union Cabinet approved raising foreign direct investment in the insurance sector to 100 percent. The Insurance Laws (Amendment) Bill 2025, expected in Parliament during the ongoing Winter Session, seeks to deepen market penetration and stimulate growth and competition. It is among 13 legislations listed for the session. The move could expand foreign participation and enable larger capital inflows, potentially affecting pricing, product choices, and consumer protection in India’s insurance markets.

FDI cap in insurance raised to 100%
Insurance Laws (Amendment) Bill 2025 in Winter Session
Part of 13 legislations listed for the session
Potential impact on penetration and competition
Regulatory and consumer protection considerations

Rupee hits record low; RBI intervention seen limiting losses

The Indian rupee weakened to a fresh record low near 90.65 against the U.S. dollar on 15 December 2025, as foreign outflows persisted and trade talks with the United States remained unsettled. Traders expect Reserve Bank of India (RBI) interventions to curb losses, though the currency may stay under pressure in the near term. Markets also anticipate updates on the November trade deficit and external sector data. The slide echoes regional currency weakness and could influence near‑term government policy and investor sentiment regarding Indian assets.

Rupee hits new low around 90.65/$ on 15 Dec 2025
RBI interventions expected to limit losses
Trade talks and external variables influence sentiment

Lakshadweep hosts first investors’ meet to unlock fisheries and aquaculture potential

Lakshadweep hosted its first investors’ meet focused on fisheries and aquaculture, held at Bangaram Island. The event, led by the Centre and Lakshadweep administration, aimed to attract private investment for sustainable marine sectors and bolster the blue economy. Official estimates envisage proposals worth around Rs 519 crore. Stakeholders from across the country explored opportunities in fisheries, aquaculture, processing, and value addition. The meet showcased the islands’ potential for eco‑tourism and sustainable development, with a view to generating employment and improving local livelihoods while preserving ecological balance.

First investors’ meet in Lakshadweep
Focus: fisheries and aquaculture; blue economy
Investments proposed around Rs 519 crore
Organised by Centre and Lakshadweep administration
Aims: private investment, job creation, eco-tourism

BSE and DoP sign MoU to expand mutual fund access across India

The Bombay Stock Exchange (BSE) and the Department of Posts (DoP) signed a Memorandum of Understanding to enable mutual fund distribution through India's vast postal network. DoP runs over 1.64 lakh post offices, enabling wide reach, investor education, and trust in mutual funds. BSE’s StAR MF platform will integrate with DoP channels to widen access, especially in rural and semi-urban areas. The MoU was signed in Delhi by BSE MD & CEO Sundararaman Ramamurthy and DoP General Manager Manisha Bansal Badal, with attendance from senior officials. The agreement aims to deepen financial inclusion and broaden product visibility.

MoU between BSE and Department of Posts
DoP network: 1.64 lakh post offices
Objective: last‑mile mutual fund distribution
Integration via BSE’s StAR MF platform
Signatories: Ramamurthy and Badal

Dec 14, 2025

Bank of Baroda Recognised as 'Best Bank in India' by the Banker

Bank of Baroda (BoB) was honoured as the 'Best Bank in India' at the Bank of the Year Awards 2025 – Asia-Pacific, organised by The Banker magazine, a respected publication of the Financial Times. This recognition highlights the bank's rapid transformation, innovative banking services, and its expanding role in strengthening India's financial ecosystem.
One of the major reasons for BoB's recognition is its successful rollout of phygital branches—a blend of physical and digital banking.

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