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.