Citibank Appoints JPMorgan Veteran as Asia Pacific Co-head
US-based Citibank on Wednesday said it has appointed Kaustubh Kulkarni as co-head of its investment banking coverage for Japan, Asia North and Australia, and Asia South. Kulkarni will serve alongside Jan Metzger, who is the head of Asia Pacific Banking, Capital Markets and Advisory.
He will join in December, subject to necessary approvals, and will be based in Singapore.
Prior to this, Kulkarni was with JP Morgan as the US-based bank's senior country officer for India and vice chair of Asia Pacific region.
UPI Limit Increased to Rs. 10 Lakh for Select Transactions
Starting September 15, 2025, the National Payments Corporation of India (NPCI) will implement revised UPI transaction limits for specific high-value payment categories.
The per-transaction limit has been increased to Rs. 5 lakh, and the 24-hour aggregate limit raised to Rs. 10 lakh for several services, including insurance, capital markets, government tax payments, and credit card payments—a significant step in expanding UPI's role in India's digital financial ecosystem.
India-EFTA Trade Pact to Begin October 1, 2025
India's free trade agreement (FTA) with the European Free Trade Association (EFTA) bloc will officially come into force on October 1, 2025. The deal not only promises major economic benefits but also, for the first time in India's trade history, introduces legally binding sustainability provisions covering environment, labour, and human rights.
Sep 05, 2025
Maharashtra Approves Longer Working Hours in Private Sector
The Maharashtra cabinet, led by Chief Minister Devendra Fadnavis, has approved amendments to labour laws that will increase the maximum daily working hours for private sector employees. This decision, aimed at attracting investments, creating jobs, and protecting workers' rights, aligns Maharashtra with states such as Karnataka, Tamil Nadu, Telangana, Uttar Pradesh, and Tripura, which have already adopted similar reforms.
Department for Promotion of Industry and Internal Trade (DPIIT) and ICICI Bank Join Hands to Boos...
In a significant move to nurture the startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with ICICI Bank to extend targeted support to DPIIT-recognised startups across India. The partnership, formalized in September 2025, is hosted under the Startup India initiative and is designed to offer startups a structured engagement programme involving accelerator access, mentorship, pilot opportunities, and ecosystem integration.
Under this MoU, ICICI Bank will launch a comprehensive Startup Engagement Programme that will be hosted on the Startup India portal. The programme will be aligned with Startup India's broader communication and outreach efforts to ensure widespread visibility and participation.
Union Cabinet Approves Scheme to Promote Critical Mineral Recycling in Country
The Union Cabinet, chaired by Prime Minister Narendra Modi approved a Rs. 1,500 crore Incentive Scheme to develop recycling capacity in the country for the separation and production of critical minerals from secondary sources.
This scheme is part of the National Critical Mineral Mission (NCMM), which is aimed at building the domestic capacity of and supply chain resilience in critical minerals.
The Scheme will have a tenure of six years from FY 2025-26 to FY 2030-31.
Sep 04, 2025
Govt. Launches First Biofoundry Network with 21 Facilities across India
Science and Technology Minister Jitendra Singh unveiled India's first Biofoundry Network, a pan-India initiative comprising 21 bio-enabler facilities aimed at accelerating biomanufacturing, reducing import dependence, fostering start-up growth and creating jobs.
The initiative aligns with the country's ambition of building a $300 billion bioeconomy by 2030, up from $165 billion in 2024.
The launch, led by the Department of Biotechnology (DBT) and the Biotechnology Industry Research Assistance Council (BIRAC), coincided with the first anniversary of the BioE3 Policy — Biotechnology for Environment, Economy and Employment.
Semicon India 2025 at Yashobhoomi
Prime Minister Narendra Modi inaugurated Semicon India – 2025 (the 4th edition) at Yashobhoomi in New Delhi. The three-day Conference focused on advancing a robust, resilient, and sustainable semiconductor ecosystem in the country. It featured sessions on the progress of the Semicon India Programme, smart manufacturing, innovations in Research and Development and artificial intelligence, investment opportunities, state-level policy implementation, among others. The Prime Minister also participated in the CEOs' roundtable.
Over 20 thousand attendees, including more than two thousand 500 delegates from over 48 countries, participated in the conference. It also included six countries' round table discussions, country pavilions and dedicated pavilions for workforce development and start-ups, among others.
Tata Electronics and C-DAC sign MoU to Boost Domestic Semiconductor Design, IP Ecosystem
Tata Electronics and Centre for Development of Advanced Computing (C-DAC), a premier R&D organisation of the Ministry of Electronics and Information Technology (MeitY), signed a Memorandum of Understanding (MoU) to advance the development of indigenous electronics and semiconductor solutions, including the Design IP ecosystem.
The agreement marks a significant step forward for Tata Electronics and C-DAC in jointly building indigenous semiconductor design capabilities, thus strengthening the foundation for India's technological sovereignty.
The MoU was signed by Randhir Thakur, CEO and Managing Director, Tata Electronics, and E. Magesh, Director General, C-DAC, in the august presence of Minister of Information & Broadcasting, Railways, and Electronics & Information Technology, Ashwini Vaishnaw, at SEMICON India 2025 being held at Yashobhoomi, New Delhi.
GST 2.0: Council Approves Two-slab Structure
Household items such as hair oil, toilet soap bars, shampoos, toothbrushes, etc. will cost less, while the tax on personal health and life insurance will be brought down to nil with the Goods and Services Tax (GST) Council approving a complete overhaul of the GST regime.
In its 56th meeting, the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved limiting slabs to 5 per cent and 18 per cent, effective from September 22.
The new structure will replace the existing four-tier system. However, there is a special 40 per cent rate on luxury and "sin" goods.
Sep 03, 2025
Former DEA Secretary Ajay Seth Takes Charge as IRDAI Chairman
Ajay Seth assumed charge as Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
The central government had appointed Seth, former secretary of the Department of Economic Affairs (DEA), as chairman, after the three-year tenure of Debasish Panda ended in March 2025. Seth is a 1987-batch IAS officer from the Karnataka cadre.
The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, approved Seth's appointment for a period of three years, or until he attains the age of 65, or until further orders, whichever is earlier.
Apple Opens its First Retail Store in South India
Apple opened its first retail store in Bengaluru, marking its debut in South India and the company's third outlet in the country.
Named Apple Hebbal, the store will offer customers the full range of Apple products, services, and support, along with free Today at Apple sessions designed to help users get the most out of their devices.
Apple launched its first India store, Apple BKC, in Mumbai, followed by Apple Saket in Delhi, in addition to its online platform.
RBI Clears Reappointment of R. Gandhi as Yes Bank Chairman till 2027
Private sector lender Yes Bank said that the Reserve Bank approved the reappointment of former RBI Deputy Governor R. Gandhi as non-executive chairman of the bank. R. Gandhi will hold the post till May 13, 2027.
He served as the Deputy Governor of the Reserve Bank of India for three years from 2014 to 2017. He had been a seasoned and accomplished central banker for 37 years.
Nestle appointed Philipp Navratil as the CEO of the company. Navratil's appointment came just a day after Laurent Freixe was fired over his alleged affair with a direct subordinate at the office.
Philipp started his career with Nestle in 2001 as an internal auditor and went on to occupy various commercial positions in Central America. In 2009, he was appointed as the Country Manager for Nestle' Honduras, and in 2013, headed the coffee and beverage business in Mexico. In 2020, he joined Nestle's Coffee strategic business unit and in 2024, he took charge as the CEO of Nestle's Nespresso division.
Swiss food giant Nestlé said dismissed its Chief Executive Officer (CEO) Laurent Freixe.
The maker of Nescafé drinks and Purina pet food said that the dismissal was effective immediately. An investigation found the undisclosed romantic relationship with a direct subordinate violated Nestlé's code of conduct.
Freixe, who had been CEO for a year, will be replaced by Philipp Navratil, a long-time Nestlé executive.
SBI and AFD Sign Euro 100 Million Line of Credit to Boost Green Financing in India
State Bank of India signed a Line of Credit agreement of EUR 100 million with Agence Francaise de Developpement (AFD) at its GIFT City branch.
As per reports, the funds mobilised through this partnership will be utilised in Climate Mitigation Actions aimed at reducing greenhouse gas emissions to slow down global warming and climate adaptation measures designed to adjust systems, practices, and infrastructure to minimise the damage caused by current or anticipated impacts of climate change.
The partnership is a strategic step towards SBI's goal of achieving a green portfolio constituting 7.5-10 per cent of its domestic gross advances by 2030.
Indian Railways & State Bank of India Sign MoU for Enhanced Insurance Benefits to Railway Employees
A Memorandum of Understanding (MoU) was signed between two of India's leading institutions – Indian Railways (IR), and the State Bank of India (SBI), the country's largest public sector bank. The ceremony was honoured in the presence of the Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Ashwini Vaishnaw; the Chairman, Railway Board, Satish Kumar; and the Chairman, SBI, C.S. Setty.
Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI has been significantly enhanced. In case of accidental death, the insurance benefit has been increased to ₹1 crore, compared to the current coverage of ₹1.20 lakh, ₹60,000 and ₹30,000 for Group A, B, and C employees respectively covered under CGEGIS.
India Opens First Mobile Tempered Glass Factory
Union Minister of Electronics and Information Technology Ashwini Vaishnaw inaugurated India's first Tempered Glass Manufacturing Facility for Mobile Devices at Noida, Uttar Pradesh. The facility has been set up by Optiemus Electronics in collaboration with Corning Incorporated, USA, and will produce high-quality tempered glass under the globally recognised brand "Engineered by Corning". The products will be supplied to both domestic and international markets.
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