Business

Finance Minister Criticises Sale of Unnecessary Insurance Products by Banks New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday strongly criticised banks for mis-selling financial products, particularly insurance, and said such practices amount to a violation under the Bharatiya Nyaya Sanhita.Addressing reporters after her customary post-Budget interaction with the Central Board of the Reserve Bank of India, Sitharaman said banks must focus on their core responsibilities instead of aggressively selling non-banking products.She expressed concern that banks are devoting excessive time to selling insurance products, often when they are not required. According to her, this issue has persisted partly because it falls...

Merchant Payments Segment Emerges as Key Revenue Driver in Digital Ecosystem Merchant payments are increasingly becoming the most attractive segment within India’s digital payments landscape, with Paytm maintaining a clear edge in revenue intensity and profitability, according to a February 23 report by Bernstein.The brokerage highlighted that merchant acquiring offers structurally stronger monetization compared to consumer payments. This advantage is driven by higher take-rate instruments such as credit cards and online payment gateways, device-led revenue streams, and the ability to cross-sell credit products.In contrast, consumer payments, particularly peer-to-peer UPI transactions, continue to face monetization challenges. Take...

Three MoUs Signed with Universal Success Group on Day One of Singapore Visit Singapore/Lucknow, February 23: On the first day of his Singapore visit, Uttar Pradesh Chief Minister Yogi Adityanath secured three Memoranda of Understanding worth ₹6,650 crore with Universal Success Group, marking a significant push toward infrastructure expansion and employment generation in the state.According to officials, the proposed investments span group housing, a logistics park, and a hyperscale data centre. Together, these projects are expected to create more than 20,000 jobs while strengthening Uttar Pradesh’s industrial base and urban infrastructure.Focus on Policy Stability and Industrial Growth During his interactions with investors, the...

Foreign Media Hails New Delhi Event as Largest AI Summit to Date The India AI Impact Summit 2026, held in New Delhi last week, is being described by foreign media as the most significant artificial intelligence gathering ever hosted in the Global South and the largest AI summit in the world so far.An article published by South Africa’s Independent Online highlighted the event as a turning point in global AI discourse. It noted that this was the first global AI summit of its scale to be organised outside the traditional power centres of the Global North, following earlier events such as the UK AI Safety Summit, the AI Seoul Summit, and the France AI Action Summit.Democratizing AI and Bridging the Global Divide According to the...

Small-Cap Earnings Surge Outpaces Mid and Large Caps in Q3 FY26 Indian companies sustained strong earnings momentum in the third quarter of FY26, with small-cap firms emerging as the clear outperformers, according to a report released by Equirus Securities on Monday.Small-cap companies reported a robust 22% year-on-year rise in earnings, significantly ahead of mid-caps at 15% and large caps at 14%. The data points to a broad-based recovery in corporate profitability across market capitalisation segments, signalling that earnings growth is no longer confined to large companies.Revenue, EBITDA and PAT Beat Expectations Across companies under coverage, revenue expanded 10% year-on-year in Q3 FY26. Operating performance also...

Sri Lanka’s AI Future Linked to Regional Partnership New Delhi, February 23: Sri Lanka’s path to participating in the global artificial intelligence race lies in partnering with a fast-growing nation, with India emerging as the most viable option, according to an article published in the Colombo Telegraph.The article, authored by Dr. W.A. Wijewardena, argues that Sri Lanka is unlikely to align with the two dominant powers in the AI race, the United States and China. Instead, it suggests that Sri Lanka should strategically position itself alongside India, which is described as a rising force in artificial intelligence development.“India is rapidly developing its AI capabilities, and it is likely to become part of a three-member...

New Delhi, February 23: The Reserve Bank of India on Monday clarified that there is no systemic risk to the Indian banking system following the disclosure of a ₹590 crore fraud at the Chandigarh branch of IDFC First Bank. The central bank reiterated that it does not comment on individual banks or regulated entities but confirmed that it is closely monitoring the situation.RBI Monitoring Situation, No Broader Financial Stability Concern Speaking at a joint press conference after the meeting of the central board of directors in the national capital, RBI Governor Sanjay Malhotra addressed concerns surrounding the fraud.Responding to queries regarding the ₹590 crore fraud reported at IDFC First Bank, the governor stated that the...

IDFC First Bank Stock Crashes Following Fraud Revelation New Delhi, February 23: Shares of IDFC First Bank plunged by 20 percent on Monday after the lender disclosed a ₹590 crore fraud involving accounts linked to the Haryana government.The stock tumbled 19.99 percent to ₹66.85 on the BSE, hitting its lower circuit limit as investors reacted sharply to the development.The disclosure came a day after the bank informed exchanges that the fraud had been committed by its employees and others in accounts held by the Haryana government.Haryana Government De-Empanels Two Banks In response to the alleged fraudulent opening of accounts, the Haryana government de-empaneled both IDFC First Bank and AU Small Finance Bank from undertaking any...

The Hartford Launches Global Technology Centre in Hyderabad, Expands AI and Digital Capabilities Telangana IT Minister Inaugurates 160,000 Sq Ft Facility in Financial District Hyderabad, February 23: Telangana IT and Industries Minister D Sridhar Babu on Monday inaugurated the Global Technology Centre of US insurance major The Hartford in Hyderabad, marking the company’s formal entry into India.The 160,000 square feet facility is located in the Financial District of Hyderabad’s IT corridor and represents The Hartford’s first operational presence in the country.Centre to Scale Up to 1,200 Employees According to the state government, the centre is expected to expand to a headcount of nearly 1,200 over the coming years. The facility...

$16.9 Billion Publicly Funded BharatNet to Expand Rural Broadband Nationwide New Delhi, February 23: The amended BharatNet programme, a $16.9 billion initiative equivalent to ₹1,39,000 crore in public funding, is set to bring optical fibre and broadband connectivity to every village across the country, including those in Andhra Pradesh, Communications Minister Jyotiraditya Scindia said on Monday.Describing the initiative as a transformative step, Scindia said the programme aims to democratize technology for every citizen. He noted that technology has enabled talent, ambition, and aspiration to reach the global stage, and the expanded BharatNet will extend similar opportunities to rural India.MoC Signed to Accelerate Amended...

New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday said it is too early to assess the impact of the latest tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the developments.Her remarks come after a series of swift policy moves by US President Donald Trump that have altered the global trade landscape over the weekend.US Tariff Changes Trigger Fresh Trade Uncertainty On Friday, the US Supreme Court ruled against the sweeping import tariffs imposed by the Trump administration on several trade partners. Following the ruling, President Trump imposed a 10 percent tariff on all countries, including India, effective February 24 for a period of 150 days.A day later...

Balrampur Bioyug Wins Green Bioplastic Supply Contract New Delhi, February 23: Leading sugar manufacturer Balrampur Chini Mills Ltd has secured its first large institutional order for green bioplastic products from the Lucknow Cantonment Board, marking a key milestone in its diversification into sustainable materials.The order has been awarded to the company’s PLA division, Balrampur Bioyug, and includes the supply of compostable garbage bags in two sizes, 300 ml PLA bottles, 3D printed PLA compostable pens, and PLA folders. All products are manufactured from renewable, bio based Poly Lactic Acid, a 100 percent compostable material designed to leave no microplastics behind while maintaining a low carbon footprint.PLA Plant in Uttar...

India is set to account for nearly 40 percent of the total Grade A office supply across the Asia Pacific region in 2026, reinforcing its growing dominance in the commercial real estate sector, according to a report released by CBRE South Asia Pvt. Ltd. on Monday.APAC Office Supply to Reach 61.3 Million Sq. Ft. in 2026 The Grade A office supply in the Asia Pacific region is projected to reach a record 61.3 million square feet in 2026. This represents a 10.8 percent increase from 55.3 million square feet expected in 2025.India and mainland China together are likely to contribute more than 75 percent of the total new supply, underscoring the concentration of commercial development in these two major markets.Bengaluru Leads APAC in...

Corporate India is projected to offer an average salary increase of 9.1 per cent in 2026, with Global Capability Centres emerging as the top paymasters, according to the latest “Future of Pay” report by EY India released on Monday.The report signals sustained optimism in compensation trends, even as companies recalibrate talent strategies amid evolving business demands.GCCs to Offer Highest Salary Increments at 10.4% Global Capability Centres, or GCCs, are expected to lead the salary growth cycle with projected increments of 10.4 per cent in 2026. The higher payouts are being driven by strong global demand for digital and technology capabilities, positioning GCCs as key drivers of compensation growth.In comparison, the financial...

Strategic Push to Transform Vizhinjam into a Maritime and Logistics Hub Thiruvananthapuram, February 23: The Kerala government on Monday signed memoranda of understanding with three central public sector companies to implement a ₹2,000 crore logistics master plan at the Vizhinjam International Seaport, marking a major step in strengthening the state’s maritime infrastructure.The agreements were signed at the Legislative Assembly Building in the presence of Chief Minister Pinarayi Vijayan, according to a release from the Chief Minister’s Office.The initiative is positioned as a strategic shift aimed at transforming the port into a comprehensive economic development hub. While the port operates under a Public-Private Partnership...

RBI Assures Stability Amid IDFC First Bank Fraud Case New Delhi, February 23: The Reserve Bank of India has confirmed that it is closely monitoring developments surrounding the ₹590 crore fraud reported by IDFC First Bank, with Governor Sanjay Malhotra stating that there is no systemic issue arising from the incident.Speaking to reporters after the customary post-budget address by Finance Minister Nirmala Sitharaman to the Central Board of Directors of the Reserve Bank of India, Malhotra said, “We are monitoring the situation; there is no systemic issue.”₹590 Crore Fraud Confined to Specific Government Accounts On Sunday, IDFC First Bank disclosed that certain employees and others at a particular branch in Chandigarh had committed a...

The initial public offering of Gaudium IVF and Women Health was fully subscribed on the second day of bidding on Monday, reflecting strong interest from retail and non-institutional investors.According to data available with the NSE at 12:30 hours, the IPO received bids for 2,85,63,948 shares against 1,46,20,340 shares on offer, translating into an overall subscription of 1.95 times.Retail, NII Segments Drive Subscription Momentum The retail individual investors segment was subscribed 2.81 times, while non-institutional investors bid 2.56 times their allotted portion. In contrast, the qualified institutional buyers segment saw limited participation, with just 1 per cent subscription.Earlier, the company had raised ₹49.5 crore from...

Gold Prices Rally Nearly 2% in Domestic Futures Trade New Delhi, February 23: Gold prices surged sharply in futures trading on Monday, tracking strong international trends as renewed global trade concerns pushed investors toward safe haven assets.On the Multi Commodity Exchange, gold futures for April delivery climbed ₹2,946, or 1.88 percent, to ₹1,59,822 per 10 grams. The contract witnessed a trading volume of 7,515 lots, reflecting active participation amid heightened volatility in global markets.The rally comes at a time when geopolitical and trade uncertainties are influencing commodity markets, leading to increased buying interest in bullion.International Gold Prices Mirror Uptrend The domestic surge followed a strong move in...

India’s luxury housing market has entered a new phase in 2025, with Gurugram emerging as the country’s fastest-growing ultra-premium residential hub, according to the latest High-End Luxury Housing Report released on Monday.The report, published by India Sotheby's International Realty and CRE Matrix, shows a sharp acceleration in high-value home sales in the city, marking a significant turning point in its property cycle.Rs 24,120 Crore in Ultra-Premium Transactions Gurugram recorded a transaction value of Rs 24,120 crore in homes priced at Rs 10 crore and above during calendar year 2025.A total of 1,494 ultra-luxury homes were sold in this price bracket, the highest ever recorded in a single year in the city. The scale of...

MCX Crude Oil Prices Decline 1.25% in March Contract New Delhi, February 23: Crude oil prices declined sharply in futures trade on Monday, tracking weak global benchmarks and subdued demand trends.On the Multi Commodity Exchange, crude oil futures for March delivery dropped by ₹76, or 1.25 percent, to ₹5,981 per barrel. The contract recorded a business turnover of 14,454 lots during the session, reflecting active participation despite the price decline.Weak Spot Demand Triggers Profit Booking Market participants attributed the fall in crude oil futures to offloading of positions amid weak demand in the spot market. The selling pressure weighed on prices as traders adjusted their exposure in response to softer consumption trends...