business news

The Reserve Bank of India (RBI) has taken a significant step by appointing an additional director to the board of Bandhan Bank in response to the private lender's recent performance struggles, leading to a notable drop in profits. This decision, made under the purview of the Banking Regulation Act, reflects the regulatory authority's proactive approach to overseeing bank operations and ensuring stability within the financial sector.

The Centre has commenced the auction of telecom spectrum valued at ₹96,238.45 crore, signaling a significant step in bolstering telecommunications infrastructure in India. The auction, which began on Tuesday, involves a total quantum of 10,522.35 MHz across various bands.

In a significant downsizing move, Bengaluru-based startup ReshaMandi, specializing in silk yarn products, has laid off 80% of its employees after failing to secure Series B funding. This substantial reduction comes after a year of operational downsizing, where the company’s workforce shrank from 500 employees in January 2023 to approximately 100 by the end of the year.

A video showcasing the staggering prices of Indian grocery staples in London has gone viral on Instagram, sparking a flurry of reactions from viewers. The video was posted by Delhi native Chavi Agarwal, who now resides in London and frequently shares her experiences on social media.

Jasveer Singh, co-founder of the Join Hood App, recently caused a stir on social media after sharing a snapshot of his two-month electricity bill, totaling over ₹45,000. The hefty amount not only grabbed the attention of the online community but also left many in disbelief.

Investment banking giant Morgan Stanley has projected a substantial growth in India's infrastructure investments, forecasting a compound annual growth rate (CAGR) of 15.3% over the next five years. This significant increase is expected to result in a cumulative expenditure of $1.45 trillion (₹121.16 lakh crore) by 2028.

In a recent appeal to popular food delivery platforms Swiggy and Zomato, celebrity integrative lifestyle expert Luke Coutinho urged the companies to switch from plastic containers to biodegradable, non-plastic packaging for their food deliveries. Coutinho's request, posted on his Instagram handle, highlights the potential health risks associated with using plastic containers, especially for hot foods.

In an innovative move to enhance user engagement, Zomato CEO Deepinder Goyal has unveiled a new feature on the food delivery platform that allows users to view the live order count across India. Announced on X (formerly known as Twitter), the feature is designed to give customers a real-time glimpse into the platform's bustling activity right after they place their own orders.

In a significant move towards harnessing renewable energy sources, the Union Cabinet has given the green light to a ₹7,453 crore-Viability Gap Funding (VGF) scheme for offshore wind energy projects. This initiative, aimed at promoting sustainable energy practices, includes the installation and commissioning of 1 GW of offshore wind energy projects and the upgradation of two ports to meet logistics requirements.

India has ascended to become the third-largest domestic airline market globally, fueled by a decade of robust growth in its aviation sector. This significant rise, from the fifth position a decade ago, underscores India's rapid development in airline capacity and passenger traffic.