General Awareness

BUSINESS AND ECONOMY - August 2023

Aug 2023

May 05, 2026

NSE launches Electronic Gold Receipts to modernize gold trading

The National Stock Exchange (NSE) has launched Electronic Gold Receipts (EGRs) as a market instrument for gold trading in India. EGRs are electronic records that represent ownership of gold stored in a vault or approved depository, backed by physical gold. They are tradable on recognized stock exchanges and linked to vaulting, assaying, and settlement mechanisms under a regulated framework. EGRs enable dematerialised gold holdings and form part of a broader gold market framework alongside physical gold, gold ETFs, and sovereign gold bonds. The move aims to increase transparency, standardisation, and liquidity in India's gold market.

EGRs are electronic ownership records of gold.
Backed by physical gold; tradable on exchanges.
Part of India's broader gold market reforms.
Linked to vaulting, assay, and settlement processes.
Aims to improve transparency and liquidity.

India allows 100% FDI in insurance sector under automatic route

The government notified amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 on 2 May 2026, enabling 100% foreign direct investment in Indian insurance companies and intermediaries via the automatic route. This liberalisation eliminates the need for prior government approval, while maintaining regulatory oversight to ensure transparency and stability. The move is part of a broader strategy to deepen India’s financial openness, attract capital and expertise, and boost product and service quality in the insurance sector. Officials emphasise that strengthened regulation will accompany greater foreign participation and competition across insurers and intermediaries.

FDI up to 100% allowed in insurance sector under automatic route
Amendments dated 2 May 2026 to FEMA Non-debt Instruments Rules 2019
No prior government approval required for eligible investments
Regulatory oversight retained to ensure transparency and stability
Aims to attract capital, expertise and boost sector competitiveness

Bengaluru tops Savills’ global fastest-growing cities ranking through 2035

Bengaluru has been ranked the world’s fastest-growing major city through 2035 in Savills’ Growth Hubs Index, part of its Resilient Cities program. The index evaluated 245 cities globally on projected GDP growth, personal wealth, demographics, inward migration, and high-income households. Asia-Pacific cities accounted for about three-quarters of the top 50, reflecting rising demand across housing, office space, and transport infrastructure. India features several top-20 cities, underscoring the country’s rapid urban and economic expansion. Bengaluru’s top ranking is attributed to its talent pool, global capability centres, and role as a technology and innovation hub.

Bengaluru named world’s fastest-growing major city to 2035
Savills Growth Hubs Index evaluated 245 cities
Top factors: GDP growth, wealth, demographics, migration, high-income households
Asia-Pacific cities dominate top rankings
India has multiple top-20 cities; Bengaluru highlights tech strength

May 04, 2026

Rohit Jain appointed RBI Deputy Governor

The Appointments Committee of the Cabinet has approved Rohit Jain as Deputy Governor of the Reserve Bank of India. He will serve a three‑year term from the date of joining on or after 3 May 2026, succeeding T. Rabi Sankar whose extended tenure ended in 2025. Jain presently serves as RBI Executive Director, a position he has held since December 2020. With almost three decades in the central bank, his portfolios have included banking supervision, financial regulation, and institutional oversight. The appointment reinforces leadership continuity at the RBI and supports ongoing work across monetary policy, financial stability, and payment systems.

Rohit Jain appointed RBI Deputy Governor by the ACC.
Term: three years from joining on/after 3 May 2026.
Succeeds T. Rabi Sankar; Sankar’s tenure ended after extensions.
Jain has been RBI Executive Director since December 2020.
Focus areas include banking supervision and financial regulation.

May 02, 2026

QS MBA Rankings 2026: IIM Bengaluru Tops India

The QS Executive MBA Rankings 2026 place IIM Bengaluru as the highest-ranked Indian business school, maintaining leadership in executive education despite a slight dip in its global position. The institute stands as the only Indian school in the global Top 100. In India, IIM Bengaluru also leads the Indian EMBA standings, supported by strong employer reputation and career outcomes. Other Indian institutions featured include ISB, IIM Kozhikode, IIM Indore, IMT Ghaziabad, Woxsen School of Business, and IIM Ranchi, reflecting a robust Indian presence in global executive education and diversified leadership pathways.

QS Executive MBA Rankings 2026: IIM Bengaluru tops India.
IIM Bengaluru remains the sole Indian school in the global Top 100 (EMBA).
Leadership supported by employer reputation and career outcomes.
Other Indian institutions in rankings include ISB, IIM Kozhikode, IIM Indore, IMT Ghaziabad, Woxsen, IIM Ranchi.

India Hits All‑Time Peak Electricity Demand of 256.1 GW in April 2026

New and Renewable Energy Minister Pralhad Joshi reported that India reached an all‑time peak electricity demand of 256.1 GW in April 2026, with solar contributing about 21 percent of peak supply. The milestone underscores a structural shift toward renewable energy, which supported around 57 GW at peak and roughly 81 GW during midday. The development reflects growing demand in a developing economy and signals a move toward cleaner energy mix, improving energy security. The statement illustrates the ongoing transition to renewables while balancing grid reliability amidst rising consumption.

India’s April 2026 peak electricity demand reached 256.1 GW.
Solar contributed ~57 GW at peak; ~81 GW at midday.
Renewables form a growing share of the energy mix, enhancing energy security.
Minister Joshi linked milestone to structural shift in energy provisioning.
signals ongoing transition toward cleaner energy.

May 01, 2026

IPPB launches SHG Savings Account to boost financial inclusion

India Post Payments Bank announced the launch of a Self Help Group Savings Account to advance financial inclusion for women‑led SHGs. Features include no minimum initial deposit, no monthly average balance requirement, a cap of two lakh rupees on balance, and no account closure or QR card issuance charges. IPPB’s managing director said the product will help SHGs participate more actively in the formal financial system and support sustainable livelihoods. The SHG account aims to simplify banking for rural groups, improve transparency in payments, and integrate women entrepreneurs into broader economic activity.

Product: SHG Savings Account
No minimum deposit; no MAB requirement
Balance cap: two lakh rupees
No account closure charges; no QR card charges
Aims: financial inclusion for women SHGs
Expected impact: formal financial participation and transparency

Apr 29, 2026

Suresh Sethi named Visa Group Country Manager for India and South Asia

Visa Inc. appointed Suresh Sethi as Group Country Manager for India and South Asia. The new role is based in Mumbai and covers operations across India, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan. The appointment aims to accelerate digital payments expansion and fintech innovation in the region, leveraging Sethi’s experience in public digital infrastructure and financial technology. He will report to the Regional President for Asia Pacific. The move aligns with efforts to boost financial inclusion, strengthen payments ecosystems and support private‑public collaborations across the region.

Suresh Sethi named Visa Group Country Manager
Based in Mumbai; oversees India and South Asia
Regions include India, Bangladesh, Sri Lanka, Nepal, Maldives, Bhutan
Aims to accelerate digital payments and fintech growth
Reports to Asia Pacific Regional President

MobiKwik gets RBI NBFC licence; to expand lending

One MobiKwik Systems received Reserve Bank of India approval for a non‑banking financial company (NBFC) licence. The RBI clearance enables direct lending and the launch of a dedicated lending arm, MobiKwik Financial Services Private Limited (MFSPL). The development marks a shift from payments to a broader financial services platform and is expected to expand its credit offerings for consumers and merchants. Regulators see the move as strengthening the fintech ecosystem, with MobiKwik planning new lending products and partnerships in 2026, subject to regulatory norms and consumer protection standards.

RBI approves MobiKwik NBFC licence
Formation of MobiKwik Financial Services Private Limited
Direct lending capability enabled
Strategic shift from payments to broader finance
Regulatory and consumer protection considerations

India–New Zealand Free Trade Agreement signed at Bharat Mandapam

India and New Zealand signed the India–New Zealand Free Trade Agreement at Bharat Mandapam, New Delhi. The signing was led by Union Commerce Minister Piyush Goyal and NZ Trade Minister Todd McClay. The FTA aims to deepen bilateral trade, investment and governance openness. Key terms include zero‑duty access for a large majority of Indian exports to New Zealand, expanded market access for NZ goods, and enhanced service sector opportunities across 118 sectors. The pact also introduces a visa pathway for 5,000 Indian professionals to stay up to three years, reflecting a broader push to expand mobility and skilled work across the region.

India–New Zealand FTA signed in New Delhi
Zero‑duty access for many Indian exports to NZ
70% tariff lines opened; sensitive sectors protected
Services market access across 118 sectors
Visa pathway for 5,000 Indian professionals (up to 3 years)

PhonePe first UPI app to cross 10 billion monthly transactions (March 2026)

PhonePe reportedly became the first Unified Payments Interface (UPI) app to cross 10 billion monthly transactions in March 2026. The milestone reflects rapid growth of digital payments in India and the rising adoption of UPI across merchants and consumers. Market analysts note the trend strengthens financial inclusion, supports e‑commerce, and raises the importance of secure, scalable payment rails. Regulators and industry players continue to monitor transaction costs, data privacy and user protection as digital wallets compete for market share in a maturing payments ecosystem.

PhonePe crosses 10 billion monthly UPI transactions in March 2026
Indicator of rapid digital payments growth
Impacts include financial inclusion and e‑commerce support
Regulatory focus on costs, privacy and security
Signifies rising competition in the UPI space

VJaitra Air Mobility, Jio-bp sign MoU to build electric and hydrogen air taxi infrastructure in I...

VJaitra Air Mobility, based in Noida, has entered a partnership with Jio-bp to develop electric and hydrogen-powered air taxi infrastructure in India. The memorandum of understanding aims to accelerate sustainable urban air mobility by integrating charging and refuelling systems into existing networks. Under the agreement, Jio-bp will design networks for electric charging and hydrogen refuelling and integrate vertiports with its fuel-station network to create a seamless ecosystem for electric vertical take-off and landing aircraft. The plan targets longer-range, zero-emission urban air taxis and envisions scalable deployment nationwide. The collaboration supports India's push for green mobility and indigenous aviation capabilities, aligning with national energy and transport goals.

MoU between Noida-based VJaitra Air Mobility and Jio-bp to develop air taxi infrastructure.
Focus on electric charging and hydrogen refuelling networks with vertiport integration.
Aims to create a nationwide, seamless ecosystem for VTOL aircraft.
Targets longer-range, zero-emission urban air taxis and scalable deployment.
Supports India’s green mobility and indigenous aviation initiatives.

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