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BUSINESS AND ECONOMY - July 2023

Jul 2023

Nov 30, 2025

TCS Signs 5-year Deal with SAP to Modernise Cloud and AI Operations

Tata Consultancy Services (TCS) signed a five-year deal with SAP to modernise the German software company's enterprise-wide cloud and generative AI operations, one of the high-profile examples of an internal technology overhaul of a major software vendor.
As part of the deal, TCS will help SAP streamline its complex IT landscape, enable seamless IT operations, and strengthen AI-led capabilities. The collaboration will deliver faster development cycles, lower total cost of ownership, and greater alignment between IT and business goals.

Nov 29, 2025

Tata Realty, DBS Bank India Sign Rs. 1,280 crore Green Loan for Intellion Park

Tata Realty & Infrastructure (Tata Realty) and DBS Bank India signed a Rs. 1,280 crore green loan facility. The facility has been availed by a special purpose vehicle of Tata Realty to fund the development of the project Intellion Park in Gurugram.
Intellion Park is a grade-A, 2.1 million-square-foot campus comprising four towers under Tata Realty's Intellion brand. The funding is said to support the sustainable commercial real estate development of the project.

Nepal Issues Rs. 100 Bank Note with Revised Map Comprising Disputed Areas

Nepal's central bank issued new Rs. 100 denomination bank notes that have a revised map of the country, including the controversial Kalapani, Lipulekh and Limpiyadhura territories, termed as artificial enlargement by India.
The new note from the Nepal Rastra Bank (NRB) bears the signature of previous Governor Maha Prasad Adhikari.
Clarifying the matter regarding the updated version of map, an NRB spokesperson said that the map is already there in the old Rs. 100 bank note and it has been revised as per the government's decision.
Among various denominations of bank notes such as Rs. 10, Rs. 50, Rs. 500, and Rs. 1,000, only the bank note with Rs. 100 denomination bears the map of Nepal, others do not, he clarified.

Nov 28, 2025

CBDT Unveils 'NUDGE' Campaign: A Push for Voluntary Tax Compliance

The Central Board of Direct Taxes (CBDT) launched a new taxpayer outreach campaign named 'NUDGE', short for Non-intrusive Usage of Data to Guide and Enable, to encourage voluntary compliance in income tax reporting. This campaign specifically urges individuals to review and revise their income tax returns (ITRs), especially focusing on Schedule FA (Foreign Assets) and Foreign Source Income (FSI) disclosures.
The move comes amid heightened global scrutiny on cross-border transactions and foreign asset reporting, aligning India with international standards of financial transparency.
The NUDGE campaign, starting immediately, is a data-backed, non-intrusive compliance initiative that will leverage pre-identified information to remind taxpayers of potential mismatches or omissions in their filed returns. The CBDT will reach out to taxpayers via SMS and email alerts, urging them to voluntarily verify, revise, or correct their returns by the end of the following month.

PUMA Appoints Ramprasad Sridharan as New Managing Director for India

PUMA, one of the world's leading sportswear brands, announced the appointment of Ramprasad Sridharan as the new Managing Director for its India operations, effective December 2025. With this leadership transition, PUMA aims to strengthen its market position and accelerate brand and digital transformation across India.
Sridharan will report directly to Matthias Bäumer, PUMA's Chief Commercial Officer. He succeeds Karthik Balagopalan, who stepped down to pursue new opportunities outside the company.
Ramprasad Sridharan brings with him over 25 years of experience in the retail and brand management sector. Known for his sharp strategic acumen and growth-focused leadership, he has held high-impact roles across Asia Pacific.

Nov 27, 2025

BHIM Launches Full Delegation Feature for UPI Circle to Net more Users

The NPCI BHIM Services Limited (NBSL) announced the introduction of UPI Circle Full Delegation on the BHIM Payments App, allowing primary users to authorise their trusted contacts to make UPI payments on their behalf of up to Rs. 15,000. The move is expected to be a game-changer for senior citizens who have their own bank accounts but often hesitate from making digital payments and young adults who can manage their daily or educational expenses with safe, parent-controlled access.
With UPI Circle Full Delegation, a primary user can authorise a secondary user to start and complete UPI payments directly from the primary user's account. The primary user can set a monthly spending limit of up to Rs. 15,000 and choose an expiry duration of up to 5 years.

PM Inaugurates First Global Aircraft Engine MRO Facility in Hyderabad

Prime Minister Narendra Modi inaugurated India's first global-level aircraft engine Maintenance, Repair, and Overhaul (MRO) facility in Hyderabad. Developed by Safran, a French aerospace giant, the facility — known as Safran Aircraft Engine Services India (SAESI) — marks a significant milestone in India's aviation sector.
SAESI has been established with an initial investment of Rs. 1,300 crore, located in the GMR Aerospace and Industrial Park – SEZ near Rajiv Gandhi International Airport.
The facility will cater to LEAP engines — the world's most widely used aircraft engines powering Airbus A320neo and Boeing 737 MAX. This is the first time a global engine OEM has set up deep-level servicing in India.

SEBI Proposes Changes to Basic Services Demat Accounts Norms

In a move to fine-tune regulations that promote retail investor participation in India's capital markets, the Securities and Exchange Board of India (SEBI) proposed a key revision to the framework governing Basic Services Demat Accounts (BSDA). In a draft circular released, SEBI suggested that zero-coupon, zero-principal (ZCZP) bonds should be excluded from the valuation of securities used to determine BSDA eligibility. This development comes as part of a broader review of BSDA norms, aimed at aligning the eligibility criteria with the evolving nature of financial instruments and improving the focus on genuine small investors.
A Basic Services Demat Account (BSDA) is a simplified demat account facility introduced by SEBI in 2012. It is designed to reduce the cost burden on small and first-time investors by capping annual maintenance charges based on the value of securities held.

Nov 26, 2025

Government Appoints New Executive Directors in Multiple Banks

In a significant move, the Government of India appointed five new Executive Directors (EDs) across leading Public Sector Banks (PSBs) to strengthen the management and operational leadership. The appointments took effect on November 24, 2025, and each is set for a three-year tenure.
Sunil Kumar Chugh previously Chief General Manager (CGM) at Punjab National Bank, Chugh was appointed as ED at Canara Bank. He brings a wealth of experience in banking operations, compliance, and financial management.
Amresh Prasad also a CGM at Punjab National Bank, Prasad will now serve as ED at Union Bank of India, enhancing the leadership bench at one of India's key state-run banks.
Prabhat Kiran who was serving as CGM in Canara Bank, has been elevated to Executive Director at Bank of Maharashtra, bringing deep insight from his previous roles in credit and corporate banking.
Mini TM, CGM at Bank of Baroda, has been appointed as ED at Indian Bank. With decades of experience in branch operations and retail banking, she is expected to add value to Indian Bank's transformation strategy.
Amit Kumar Srivastava, who was the Group Chief Risk Officer at PNB, has now been promoted as Executive Director in the same bank. His background in risk and compliance aligns well with the growing importance of prudent risk governance in banking.

AU Small Finance Bank Strengthens Board with 2 New Independent Directors

AU Small Finance Bank strengthened its board with the appointment of two new independent directors and the reappointment of an existing one.
The bank appointed N. S. Venkatesh and Satyajit Dwivedi as non-executive independent directors for a three-year term, and reappointed Malini Thadani for a second three-year term, subject to shareholder approval.
Venkatesh, a chartered accountant with over four decades of experience, has held leadership roles at IDBI, the Association of Mutual Funds in India (AMFI) and Lakshmi Vilas Bank. Dwivedi brings more than 35 years of experience in development finance, agriculture, microfinance and rural banking. He has held senior roles at NABARD, Nabkisan Finance and the National Centre for Financial Education.

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