General Awareness

BUSINESS AND ECONOMY - August 2025

Aug 2025

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.

Buyer: Reliance Consumer Products Limited
Seller: Udhaiyams Agro Foods Private Limited promoters
Stake: majority acquired; promoters retain minority stake
Location: Tamil Nadu
Purpose: expand FMCG footprint and distribution

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.

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.

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