India Sees Rs 492 Billion Debt Sale by States and PSUs in a Single Day
Indian markets faced a heavy debt supply on Tuesday as states and state-owned entities planned to raise 492 billion rupees in a single-day debt sale. The issue targets include 332 billion rupees from states, 60 billion from Power Finance Corporation, and 100 billion from Bank of India through infrastructure bonds. Market participants cited a demand-supply mismatch as fixed-income yields rose following an RBI rate cut earlier in December. Analysts warned about the challenge of absorbing such a large float amid ongoing investor caution and rising redemptions in the next financial year. The move signals a higher-than-usual debt supply cycle as the government seeks funding for infrastructure and development programs.
States and PSUs plan 492 billion rupees in one-day debt sale.
Major contributors: 332b (states), 60b (Power Finance Corp), 100b (Bank of India).
Yields have risen due to supply surge; RBI policy stance weighs in.
Indicates elevated funding needs for infrastructure.
Oman Launches First Polymer One-Rial Banknote
Oman has introduced its first polymer one-rial banknote, signaling a shift in currency design and security standards. Issued by the Central Bank of Oman, the polymer note will enter circulation from 11 January 2026 and will circulate alongside existing paper-based notes as legal tender. The move underscores a push toward more durable currency and enhanced security features, reducing wear and counterfeiting risk. The transition will be managed to ensure a smooth exchange of old and new notes, with both notes remaining valid until a full phase-out, if any, is announced by monetary authorities.
Central Bank of Oman issues first polymer one-rial note.
Circulation begins January 11, 2026; coexists with paper notes.
Polymer design enhances durability and security.
Ambuja Cements Board Approves ACC and Orient Cement Amalgamation
The board of Ambuja Cements, a member of the Adani group, approved the amalgamation of its subsidiaries ACC Ltd and Orient Cement with the parent company to create a pan-India cement powerhouse. The merger is intended to unlock operational efficiencies by standardising manufacturing and logistics, and by enabling efficient capital deployment across the enlarged network. The consolidation aims to simplify the network, branding, and sales-promotion spends, leading to cost rationalisation. Management expects margin enhancement of at least Rs 100 per metric tonne as a result of the integration, along with elimination of structural duplication and faster, more agile decision-making. Regulatory clearances and detailed integration planning will follow the board’s approval.
Ambuja Cements to amalgamate ACC Ltd and Orient Cement with itself.
Objective: pan-India cement powerhouse with improved logistics and manufacturing efficiency.
Cost rationalisation through branding and promotions optimization.
Projected margin uplift of at least Rs 100 per metric tonne.
Reduction of duplicated structures and faster decision-making expected.
Dec 21, 2025
Finance Ministry Unveils New Logo for Regional Rural Banks (21)
To strengthening rural banking in India the Ministry of Finance has unveiled a new common logo for Regional Rural Banks (RRBs). The move is aimed at creating a single and unified brand identity for RRBs across the country, following a major consolidation exercise under the principle of "One State One RRB." The announcement reflects the government's broader effort to modernise rural banking institutions, enhance public trust, and improve the visibility of RRBs as key drivers of financial inclusion and rural development.
Reflecting themes of progress and growth, in rural and remote areas, the logo reinforces the values embodied by RRBs. These include:
Upward Arrow (Symbol of Progress): Represents growth, development and advancement in rural economies.
Hands (Symbol of Nurturing): Conveys care, support and a helping hand to rural communities.
Flame (Symbol of Enlightenment): Signifies warmth, knowledge and empowering rural populations.
The colours of the RRB logo have been so chosen to convey the objectives of the RRBs. Dark blue signifies finance and trust, while green signifies life and growth, reflecting their mission to serve rural India.
SEBI Allows Zero-Coupon Bonds to Be Issued in Smaller Denominations
The Securities and Exchange Board of India (Sebi) has allowed zero-coupon bonds to be issued in reduced denominations of ₹10,000 by modifying the conditions under which issuers can lower the face value of non-convertible debt securities and non-convertible redeemable preference shares (NCRPS) issued through private placement.
Dec 20, 2025
RBI MPC Minutes Point to More Rate Cuts in 2026
The Monetary Policy Committee's December 2025 minutes indicate scope for further policy easing in 2026 due to a slowing economy and subdued inflation. The central bank had cut the repo rate by 25 basis points to 5.25% in December 2025, bringing the total easing to 125 basis points for the year. GDP growth projection for FY2026 was raised to 7.3% from 6.8%, with H1 2026 growth expected to be around 6.7–6.8%. The committee maintained a neutral stance, while one member urged a more accommodative policy. External risks, including U.S. tariffs, remain a consideration.
MPC December 2025 minutes hint at further cuts in 2026.
Repo rate lowered to 5.25% in December 2025; 125 bps in 2025.
FY2026 GDP growth projected at 7.3%; H1 around 6.7–6.8%.
Neutral stance; one member favored more accommodation.
Hurun Rich List 2025: Deepinder Goyal Tops India’s Self-Made Entrepreneurs
The Hurun Rich List 2025 ranks India’s wealthiest self-made entrepreneurs, with Deepinder Goyal, founder and chief executive of Eternal (formerly Zomato), topping the list. Goyal overtakes Radhakishan Damani of DMart, highlighting the growing influence of digital startups. The top three are completed by Rahul Bhatia and Rakesh Gangwal of InterGlobe Aviation, whose company is valued at about ₹2.2 lakh crore. Several well-known startup founders from Razorpay, Zerodha, and Dream11 dropped out of the top ten, reflecting ongoing valuation volatility in India’s startup ecosystem and shifting wealth dynamics amid rapid tech-led growth.
Deepinder Goyal tops Hurun Rich List 2025 among self-made Indians.
Goyal leads ahead of Radhakishan Damani of DMart.
InterGlobe Aviation founders Rahul Bhatia and Rakesh Gangwal among the top three.
Several startup founders from Razorpay, Zerodha, and Dream11 dropped out of top ten.
Shashwat Sharma Named Airtel India MD & CEO; Gopal Vittal to Executive Vice Chairman
Bharti Airtel announced a leadership transition with Shashwat Sharma named Managing Director and Chief Executive Officer of Airtel India, effective 1 January 2026. The appointment, approved by the Airtel board, marks a key step in succession planning and strategic restructuring at the senior management level. Sharma will lead Airtel India's operations, product strategy, and market execution across the consumer and enterprise segments. Gopal Vittal, currently Vice Chairman and Managing Director, will become Executive Vice Chairman, and will continue as a whole-time director for five years from January 2026, subject to shareholder approval. The changes aim to ensure leadership continuity while sharpening focus on long‑term strategy and governance.
Shashwat Sharma appointed MD & CEO of Airtel India, effective January 1, 2026.
Approval by Airtel board signals formal succession planning.
Gopal Vittal moves to Executive Vice Chairman role; retains as whole-time director for five years.
Transition subj. to shareholder approval; emphasis on long-term strategy and governance.
Dec 19, 2025
Reliance Consumer Products buys majority stake in Udhaiyams Agro Foods
Reliance Consumer Products Limited acquired a majority stake in Tamil Nadu‑based Udhaiyams Agro Foods Private Limited for an undisclosed sum. The previous promoters, S. Sudhakar and S. Dinakar, will hold minority stakes post‑transaction. The deal expands Reliance’s FMCG footprint in southern India, diversifying supply chains and consumer reach. Officials did not disclose the transaction value, but the acquisition aligns with Reliance’s strategy to scale agrifood brands through consolidated ownership and expanded distribution networks across Tamil Nadu and neighboring states.
Air India wins Best Domestic Airline at Travel + Leisure Awards 2025
Air India was named Best Domestic Airline at Travel + Leisure India and South Asia’s Best Awards 2025 for the second consecutive year. The award reflects passenger feedback gathered through reader votes, emphasizing comfort, service quality, and reliability. The recognition comes as Indian travelers increasingly value consistent service across routes. Air India’s ongoing modernization program and fleet upgrades have contributed to improved passenger experiences. The award highlights consumer trust and strengthens Air India’s brand as it expands its domestic network and international partnerships.
Award: Best Domestic Airline, Travel + Leisure Best Awards 2025
Method: reader votes
Significance: second consecutive win
Context: emphasis on comfort and service quality
Impact: strengthens Air India’s domestic and international brand
Amazon Pay rolls out biometric authentication for UPI payments in India
Amazon Pay has launched biometric authentication for UPI transactions in India, enabling users to approve payments with a fingerprint or facial recognition rather than a PIN. The feature applies to UPI payments initiated via Amazon Pay for purchases and P2P transfers up to ₹5,000. The security design relies on device-level biometric verification, with a PIN fallback if authentication fails. Early user feedback shows strong acceptance, with over 90 percent of customers opting to use biometrics for eligible peer‑to‑peer UPI transactions. For higher value transfers beyond ₹5,000, users will continue to enter their UPI PIN. The rollout strengthens Amazon’s position in India's digital payments space.
Biometric authentication added for UPI via Amazon Pay
Valid for transactions up to ₹5,000; higher amounts require PIN
Over 90% adoption among eligible P2P UPI transactions
Device-level biometrics; PIN as fallback
Expands presence in India's digital payments market
TikTok seals joint venture deal to resolve U.S. market access concerns
ByteDance’s TikTok has signed binding agreements with U.S. and global investors to operate its U.S. business through a joint venture, in a move aimed at addressing national security concerns and ending a threat of a forced sale. The JV will be equally owned by a group of investors, including Oracle, Silver Lake, and MGX. The deal is expected to close on 22 January 2026, subject to regulatory approvals. The arrangement positions TikTok to resume broad market access in the United States while maintaining a controlled ownership structure.
JV partners: Oracle, Silver Lake, MGX
Ownership: 50/50 between investors and ByteDance (JV)
Goal: resolve U.S. market access and security concerns
Closure target: 22 January 2026
Impact: potential return to broad U.S. operations
Tamil Nadu inks MoU with Schneider Electric for ₹718 crore expansion
The Tamil Nadu government and Schneider Electric signed a memorandum of understanding on 18 December 2025 to expand manufacturing units in Chennai and Coimbatore and establish a new unit in Hosur, at a total project cost of ₹718 crore. The agreement was signed in the presence of Chief Minister M.K. Stalin at the Secretariat in Chennai. Industries Minister T.R.B. Rajaa and Chief Secretary N. Muruganandam attended the event. The expansion and new unit are expected to generate over 600 jobs, enhancing the state’s electrical and energy management manufacturing capabilities and supporting Tamil Nadu’s industrial growth trajectory.
MoU signed on 18 December 2025
Projects: expand Chennai/Coimbatore units; new Hosur unit
Total cost: ₹718 crore
Expected jobs: 600+
Attendees: CM Stalin, Industries Minister, Chief Secretary
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.
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