Standard Chartered Bank said that it has appointed PD Singh as its chief executive officer (CEO) for India. The tenure would be effective April 1.
Singh will succeed Zarin Daruwala, who will retire on March 31. Daurwala has been the India CEO of the bank since 2016.
Under her leadership, India became one of the largest markets for the UK-based bank for cross-border solutions in corporate and investment banking, and wealth and affluent in wealth and retail banking.
Singh has over three decades of experience in banking and previously served as the CEO of JP Morgan Chase Bank in India,
where he shaped the bank's corporate banking franchise as a founding member.
Before JP Morgan, Singh was at HSBC, where he spent a decade covering leadership roles across corporate and commercial banking.
Sunil Kaushal- co-head, Corporate & Investment Banking and CEO, ASEAN and South Asia, Standard Chartered Bank.
Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman launched the Mutual Credit Guarantee Scheme for MSMEs (MCGS – MSME) in Mumbai, enabling loans of up to Rs. 100 crore for purchasing machinery and equipment without collateral. This initiative aligns with the Union Budget 2024-25’s focus on supporting micro, small, and medium enterprises,
strengthening their access to finance for expansion and technological upgrades.
During the event, the Finance Minister also virtually inaugurated the first ‘Sachal Aaykar Seva Kendra’ in Mumbai’s Navy Nagar, Colaba. The mobile tax facilitation center, operational on February 18-19, 2025, will enhance digital access to tax services, assist in grievance redressal,
and promote tax awareness among citizens. Additionally, Smt. Sitharaman handed over ceremonial keys to homeowners benefiting from the SWAMIH Investment Fund by SBI Ventures Ltd., reaffirming the government’s commitment to housing and real estate sector support.
In a major step forward for India’s advanced battery manufacturing sector, the Ministry of Heavy Industries (MHI), Government of India, signed a Programme Agreement with Reliance New Energy Battery Limited (a subsidiary of Reliance Industries Limited) under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) on February 17, 2025.
This agreement awards Reliance New Energy Battery Limited a 10 GWh ACC capacity, following a competitive global tender process and makes it eligible to receive incentives under India's Rs. 18,100 crore PLI ACC scheme.
This signing is another critical milestone in the implementation of the technology agnostic PLI Scheme,
on the “National Programme on Advanced Chemistry Cell (ACC) Battery Storage,” approved by the Cabinet in May 2021 with a total outlay of Rs.18,100 crore aimed at achieving a total manufacturing capacity of 50 GWh. With this signing, a cumulative capacity of 40 GWh has been awarded to four selected beneficiary firms out of 50 GWh capacity.
On February 18, 2025, Pradhan Mantri Fasal Bima Yojana marks its nine-year anniversary, celebrating close to a decade of empowering the farmers of India. Launched in 2016 by Prime Minister Shri Narendra Modi, the scheme offers a comprehensive shield against crop losses caused by unpredictable natural hazards.
Crop insurance is an important risk mitigation tool to protect farmers from natural calamities. It aims at providing financial support to farmers suffering crop loss/damage arising out of natural calamities like hailstorm, drought, floods, cyclones, heavy and unseasonal rains, attack of disease and pests etc.
Witnessing the success and potential of the scheme,
the Union Cabinet in January 2025 approved the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with a total budget of Rs. 69,515.71 crore.
Restructured Weather Based Crop Insurance Scheme (RWBCIS) is a weather index-based scheme, which was introduced along with PMFBY.
The basic difference between the PMFBY and RWBCIS is in its methodology for calculation of admissible claims to the farmers.
Over the past nine years, the Pradhan Mantri Fasal Bima Yojana (PMFBY) has transformed Indian agriculture by providing farmers with a comprehensive safety net against crop losses due to natural calamities.
Tata Group Chairman N Chandrasekaran was awarded the Knighthood 'Most Excellent Order of the British Empire', the UK government announced. Chandrasekaran won the civilian award for his services to India and UK business relations.
Chandrasekaran thanked King Charles III after receiving the recognition.
Bharti Enterprises’ Sunil Bharti Mittal has also been conferred Knighthood in the same category.
Knighthood is among the highest civilian awards bestowed by the British sovereign. Foreign nationals receive it as an honorary award.
The other foreign nationals who have been conferred with the British awards in 2024 include former Google CEO and chairman Eric Schmidt,
Ray and Dagmar Dolby Family Fund co-founder Dagmar Dolby, Harvard University Economics Professor Jason Furman and Rajinder Dhatt, founder member, Undivided Indian Ex-Servicemen’s Association, among others.
Chandrasekaran, popularly known as Chandra, was appointed to the top role at Tata Sons in 2017 following the ouster of Cyrus Mistry.
The combined value of India’s top 10 most valuable companies has skyrocketed to Rs 96 lakh crore (approximately $1.1 trillion), surpassing the entire GDP of Saudi Arabia, according to the 2024 Burgundy Private Hurun India 500 report. India's 10 most valuable firms now accounts for nearly one-third of India’s GDP and 30% of the total value of India’s top 500 companies.
Notable contributors to this growth include Bharti Airtel, which has experienced a remarkable 75% growth, adding Rs 4 lakh crore in value. The National Stock Exchange (NSE) also made an impressive leap, more than doubling in value by 201% to reach INR 4.7 lakh crore, setting the highest increase in percentage terms.
The top-ranked company, Reliance Industries, led by Mukesh Ambani, holds its position with a valuation of Rs 17.5 lakh crore, representing a 12% increase from the previous year. Tata Consultancy Services (TCS) follows closely with a market value of Rs 16.1 lakh crore, up 30% from the previous year.
HDFC Bank, Bharti Airtel, and ICICI Bank round out the top five, with Bharti Airtel’s incredible 75% growth propelling it forward.
The 2024 Burgundy Private Hurun India 500, launched by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, ranks India's 500 most valuable companies.
These companies are ranked according to their market capitalization (for listed companies) or valuations (for non-listed companies). To be included in this list, companies must have a minimum value of Rs 9,580 crore (equivalent to $1.1 billion) as of December 13, 2024. The average age of the companies on this list is 43 years.
Notably, 82 companies are newcomers to the list, with startups like Zepto, Physics Wallah, and Oyo making notable gains. Physics Wallah, in particular, has shown exceptional growth, with a 172% increase in value.
The report also highlights a shift in India’s business geography. Haryana has surged ahead, joining the top three states for the first time.
Public sector Indian Overseas Bank has launched Aadhaar-OTP based account opening and API banking facilities coinciding with its 89th Foundation Day Celebrations, a top official said. The initiatives were designed to offer simplified banking services to both individual and corporate customers.
The city-headquartered bank has introduced an Aadhaar OTP based account opening facility, enabling customers to open a savings account effortlessly through the bank website.
Similarly, to aid the growing need for automation in corporate banking, Indian Overseas Bank said it has launched API (Application Programming Interface) Banking service,
in which corporate customers would be able to conduct transactions, and intra-bank transfers directly from their accounting systems in 'real time' basis.
With API Banking, the bank provides a secure gateway, enabling corporates to automate, optimise and enhance financial workflows.
Jio announced the launch of JioTele OS, a next-generation Smart TV operating system crafted for Indian audiences.
JioTele OS aims to transform Indian households with a fast, premium, and content-rich Smart TV platform at an affordable price, as per the company. "Offering AI-powered recommendations, seamless integration of global and regional content,
support for leading apps, and regular updates."
Televisions powered by JioTele OS will be available starting Feb 21, debuting with leading Smart TV brands such as Thomson, Kodak, BPL and JVC. More brands are set to join the lineup in 2025, ensuring a wide range of options for Indian consumers.
SBI Cards and Payment Services on Monday said its board has appointed Salila Pande as the Managing Director & CEO with effect from April 1, 2025. The appointment of Pande, who has been nominated by State Bank of India, will be for a period of two years, SBI Card said.
The board has approved the appointment of Pande pursuant to the superannuation of Abhijit Chakravorty from the services of State Bank of India from March 31, 2025.
Pande is a Chief General Manager at the State Bank of India. She is a career banker and had joined the SBI in 1995 as a probationary officer, and has been with the country's largest banking group since then.
The Lokpal and Lokayuktas Act, 2013, provides for establishment of a body of Lokpal for the Union and Lokayukta for States to inquire into allegations of corruption against certain public functionaries and for matters connected therewith or incidental thereto. This Act, enacted by the Parliament, uses the expression ‘Lokpal’ exclusively for a body established,
by virtue of coming into force of the Act of 2013 vide section 3 thereof, with effect from 16.01.2024.
The Reserve Bank of India had launched the ‘Reserve Bank-Integrated Ombudsman Scheme, 2021’ in 2021 to provide cost-free redressal of customer complaints involving deficiency in services rendered by entities regulated by RBI.
Notably, the Scheme, when translated into Hindi, was read as ‘रिज़र्वबैंक-एकीकृत लोकपाल योजना, 2021’. The usage of the term ‘Lokpal’ (‘लोकपाल’) in the RBI’s Scheme is thus contrary to the provisions of the Lokpal and Lokayuktas Act, 2013, as the term ‘Lokpal’ after coming into force of the Lokpal and Lokayuktas Act, 2013,
means a body established under section 3 of the Act to be called the Lokpal.
The matter was, therefore, taken up with the Reserve Bank of India to take corrective measures and rename the ‘Reserve Bank-Integrated Ombudsman Scheme, 2021’ (‘रिज़र्वबैंक-एकीकृत ओम्बड्समैन योजना, 2021’) forthwith,
including in all the other related official documents concerning its Ombudsman scheme.
It is hereby brought to the notice of all concerned that the Reserve Bank of India has now replaced the word ‘लोकपाल’ with the word 'ओम्बड्समैन’ in the Hindi version of ‘Reserve Bank-Integrated Ombudsman Scheme (RB-IOS), 2021’.
The RB-IOS 2021, in Hindi is now termed as ‘रिज़र्वबैंक-एकीकृत ओम्बड्समैन योजना, 2021’.
Life Insurance Corporation of India (LIC) has launched the "One Man Office" (OMO) service to provide its sales force with a comprehensive digital ecosystem, enabling them to serve policyholders seamlessly. The initiative, which went live on 17 February 2025, aims to enhance efficiency and productivity among LIC agents, development officers, senior business associates,
LIC’s CEO and Managing Director, Siddhartha Mohanty, described the service as a significant step towards promoting life insurance and improving customer service at any time and from any location. He added that the initiative aligns with LIC’s long-term goal of achieving ‘Insurance for All by 2047’.
OMO is designed to facilitate digital policy sales, provide after-sales services, track business performance, and act as a training and knowledge resource for agents. LIC describes it as a mobile digital office that aims to become a single platform for all business and service-related tasks, accessible via mobile phones.
The service is built on LIC’s ANANDA (Atma Nirbhar Agents New Business Digital Application) platform, which helps agents onboard customers. It offers features such as a premium calculator, benefit illustrations, E-NACH registration, change of address requests, online loan applications, renewal premium payments, and claim-related document submissions.
Additionally, it provides access to a knowledge centre, insurance and health-related calculators, an office locator, and NEFT search tools to assist agents in customer interactions.
LIC plans to introduce further features to the application in phases, aiming to adapt to evolving user needs.
India's oil imports from the United States rose sharply in January from December, turning Washington as the fifth largest oil supplier to New Delhi, data obtained from trade sources show.
India shipped in 218,400 barrels per day of oil from the U.S. compared to 70,600 bpd in December, the data showed.
Refiners in India, the world's third biggest oil importer and consumer, are bracing for higher imports of energy from Washington, as New Delhi looks to boost its energy purchases from the U.S. to $25 billion from $15 billion last year.
India's imports from its top oil supplier Russia rose 4.3% last month to 1.58 million barrels per day, per data.
